Top 10 myths about social security
Posted on November 9th, 2004 in General, Social Security by tavaresforby ||
I came across a really good article from the heritage foundation that shows the top 10 myths about the social security reform. This article goes to show that many of these myths look logically correct, but the myths are technically wrong.
Myth #1: We cannot afford to reform Social Security. Establishing a PRA system would cost between $1 trillion and $2 trillion—far more than just continuing the current system.
Fact: In the long run, establishing PRAs would cost about $20 trillion less than funding the current Social Security system.
Myth #2: The Social Security trust fund contains assets that make Social Security secure for the next 40 years.
Fact: The Social Security “trust fund” is essentially a bookkeeping system through which the government lends money to itself.
Myth #3: The Social Security system can be fixed by implementing modest changes, including raising the retirement age, making the wealthy pay Social Security taxes on all of their income, or creating faster economic growth.
Fact: According to the Social Security Administration, the current system will require a total of $27 trillion (in constant 2004 dollars) more revenue than it will receive in taxes over the next 75 years.
Myth #3a: If Congress would stop spending the Social Security surplus and repay the money that it has already spent, Social Security would not need to be fixed.
Fact: Even if it were possible for the federal government to invest the Social Security trust funds, repaying the borrowed money would only delay—not solve—Social Security’s financial problems.
Myth #4: Introducing Social Security personal retirement accounts would result in reduced benefits for existing retirees and those close to retirement.
Fact: For now, Social Security is collecting more than enough money both to pay full benefits to current retirees and those about to retire and to fund PRAs. When extra money is needed for these accounts, it can be found through the same method that is used today to finance Social Security.
Myth #5: Repealing the Bush tax cuts would save Social Security.
Fact: The Bush tax cuts do not directly affect Social Security’s finances. They did not reduce Social Security’s cash flow, and repealing all or part of the tax cuts will not improve Social Security’s financial outlook.
Myth #6: Personal retirement accounts would incur high administrative costs that would eliminate any potential benefits, and the only people who would gain would be the wealthy and Wall Street.
Fact: Developing a simple personal retirement account system with very low administrative costs would be simple.
Myth #7: Unlike stock market investments, today’s Social Security is guaranteed and risk-free.
Fact: The current Social Security system is not risk-free: Future generations may be unwilling to pay the sharply rising costs of the current Social Security system.
Myth #8: Recent volatility in the stock market proves how dangerous PRAs would be.
Fact: PRAs would be invested in more than just stocks. Furthermore, because retirement investing would take place over decades, not just a few years, longer-term gains will more than make up for periods of stock losses.
Myth #9: Lower-income and minority workers are better off with the current Social Security system. The rate of return is not a primary concern because Social Security is essentially an insurance program.
Fact: Personal retirement accounts would allow lower-income and minority workers to earn more on their Social Security investments and could create assets that could be passed on to their families.
Myth #10: Introducing PRAs would reduce Social Security’s disability benefits.
Fact: PRAs could easily be designed to avoid changing disability benefits.
I would like to also add that the current social security reform promises a 2 percent rate return. Since the money from social security is not invested, this means that even if the current social security reform were up to par, we would still run a deficit on the promised 2 percent rate return.
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