And, actually, if it were managed as designed from the start, it should have worked with next to zero change. Unfortunately, a LONG time ago, the money started being diverted to pay for other government programs, so it stopped being self sustaining. In the long run, it shouldn't matter what the current ratio of workers to retires is. During the boomers' working years, there should have been a huge surplus that would have gotten us through the bommers' retirement years. However, it was mismanaged. What needs to be done is some ship-righting. Do a little work to get things back on even keel, STOP using the money for anything other than sustaining the system, and the system should then be able to sustain itself into the future.
It's been 70 years. With no change, at full benefits, the system will last for another 40 years. Hardly cause for mass panic and major change. Some small tweaks to shore things up, life goes on. But, of course, Bush can do nothing without resorting to base scare tactics, can he?
And may I just laugh hardily at this line from the transcript?
Quote:
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America's prosperity requires restraining the spending appetite of the federal government.
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Bwahahahah, oh man, that's a good one.