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Why Reform Social Security?
It's Going Broke. Social Security will begin running payroll tax deficits within 15 years. By 2042, it will be legally and financially unable to pay full promised benefits, resulting in cuts of 25 percent or more.
It's Unfair. Social Security often discriminates against working women, divorcees, African Americans, and younger Americans.
It Hurts Wealth Creation. Asset ownership brings a host of economic and social benefits. Social Security discourages saving by the poor, reduces wealth accumulation, and increases economic inequality.
It's Risky. Workers have no legal right to their benefits, even after a lifetime of contributions. The lack of a legal obligation encourages the government to make promises it cannot keep and to delay action on reform.
