SS Reform Defined

Thomas Sowell has a informative article, Social Insecurity, that may educate some that are not familiar with the current Social Security system or with the "Personal Accounts" the President is advocating. Further, he explains real issues liberals have with Social Security reform.

The biggest difference seems to get the least attention: With private accounts, money is invested in the economy, creating additional wealth, from which pensions can be paid. With Social Security, the money is spent as soon as it gets to Washington.
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Government bonds are not an investment that adds to the country's wealth. They are a claim on future taxpayers. Without those bonds, future taxpayers would still be on the hook to provide the money to cover future Social Security pensions that are not covered by future Social Security taxes. The bonds change nothing.
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But no matter how much money you have paid into Social Security over the years, and no matter what you were promised when you paid it, the government always has the option to pay you back only what future politicians decide they can afford, given all the other things they might prefer to spend the money on.
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Liberals are desperate to keep Social Security the way it is, because that means they can keep spending your money as they see fit and keep you dependent on them. That's what the welfare state is all about. (Read the here)