But the GOP candidates so far are giving us only one or the other, says Jed Graham at Investors Business Daily:
“[Romney and Gingrich’s] vastly different proposals for the direction of Social Security — long seen as the third rail of American politics — may be their sharpest policy dispute of all.”
“Romney has proposed erasing the program's financing gap with a hike in the official retirement age and other income-based cuts. Gingrich has expressly disavowed "an austerity path" that cuts Social Security benefits. Instead, he favors reforming the system by allowing people to deposit their 6.2% payroll tax contribution in personal investment accounts.”
You can read the whole article here.
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Let's face it--the USA has gotten itself into a financial quagmire. Even using both approaches, Romney's approach of increasing the retirement age and Gingrich's approach of allowing worker's to privately invest part of their contributions, is not going to solve the issue that the Social Security is already on the verge of bankruptcy. Gingrich's idea should have been implemented long ago and the retirement age should have been increasing with life expectantly. In 1935, Roosevelt promised too much and now we are the paying the price. Because of faulty financial decisions on the part of our leadership, the USA is destined for a financial collapse.
Dan Annweiler
CEO and Editor-in-Chief of Urban Survival Blog
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