Bob Barr on Social Security
Bob Barr had a nice piece in the Washington Times this morning on the looming problems with the Social Security system. He makes the point that private investment tools have consistently outperformed Social Security in returns.
I agree with Barr wholeheartedly, for the most part, that social security should generally be transformed into private investment funds owned by individuals. The one point where I'll differ with my fellow libertarians is I think there should be some alternative for people that lose everything, including their retirement accounts, later on in their lives.
That can happen through illness or any number of other ways. We lost our retirement accounts to pay for medical expenses. I'm sure it's happened to others. There should be some sort of safety network for those in situations like that.
However, call it what you want, it shouldn't be our current social security system. It should probably be more along the line of some kind of welfare program that is means tested.
Still, I don't understand those from the Left that criticize those from the center, and rightward, who supposedly want to "end social security". If a private company was running an operation along the lines of our current social security system, those same lefties would be screaming for prison time for that company's executives.