We don’t need a balanced budget that is predicated on doing away with our social safety net. We don’t need a balanced budget amendment, either. I agree that there is a lot of waste and duplication in Social Security, Medicare and Medicaid, and that reforming the system to get rid of the waste and duplication would result in a lot more money being available. I do NOT agree with the chuckleheaded notion that the minute that the three programs are made into Six Sigma versions of themselves and all that extra money is available, that said money needs to immediately be taken out OF the systems and spent. It should, rather, go into the trusts that were set up to handle it where it will earn interest and provide a hedge against the future.
There are other problems with privatization as well that I haven’t heard anybody talking about at all. One of them is the generational one: Who is going to pay for TWO systems while the privatization is being phased in? I’ll tell you who: the younger generation, people in their 40s, early 50s and younger. So, where’s the benefit in making these folks into poverty-stricken peons? The answer is simple: there IS no benefit, either to the folks that are supporting the systems, plural, while impoverishing themselves, or the folks that are already drawing benefits from the systems, plural.