Should Social Security be privatized?

[bphaley]

We could never afford it politically. Every dollar we have paid in has already been spent. Anything not given to retirees has purchased treasury bonds and the proceeds spent as part of the general budget. The lock-box is stuffed full of IOUs that are only supported by the government's ability to raise taxes on future workers. This is a classic Ponzi scheme that is trillions of dollars over-extended. To let people take their money and invest it would force the government to recognize how much over-extended SSA is. John McCain is right that this is an absolute disgrace.