Ross Perot on Social Security Reform

The New York Times Freakonomics blog has a Q&A feature with Ross Perot where the billionaire budget reform answers reader questions on a number of topics, including Social Security reform.

Q. How do you believe Social Security can be reformed (or abolished, if you believe this) to benefit my generation (I'm 17 years old) as well as the current generation?

A. Plans such as Rep. Paul Ryan's (R.-Wis.) "Roadmap for America's Future" contain several ideas for reforming Social Security that deserve serious consideration. The challenge is to preserve the benefits for retired citizens and those nearing retirement age, say 55 and older, while strengthening the retirement benefits for the remaining workers. This would include ensuring the solvency of the Social Security system with changes to the retirement age.

Contrary to conventional wisdom, the current financial crisis offers the perfect time to face this problem. The record deficit spending that has already been approved is sure to place enormous burdens on our children and grandchildren for years to come. Taking steps now to solve the Social Security dilemma (as well as the more pressing problems posed by Medicare and Medicaid) will help to bring clarity to the long-term outlook for our nation's financial future.