Social Security Privatization

"The absent are never without fault. Nor the present without excuse." Benjamin Franklin

Now for the discussion of Social Security that always gets me in trouble with my father. That is the privatization of the system. I know everyone looks at that and says that it makes no sense for us to be able to invest our monies as we see fit, keep our own money and to leave what is left to our children (being facetious), but does it?

Let us keep the 6.25% Social Security tax and the 1.45% Medicare's Hospital Insurance (HI) and invest it in a 401K type fund, which can be used as a retire find. Increase the maximum income to $250,000 which we are required to contribute to the Social Security fund.

Take the matching funds which are required from businesses and provide those funds to the public funding of the Social Security act. All income should be taxed under Social Security, and any income which is over the $250,000 maximum be placed also into the public monies.

There is too much temptation for politicians when all of the Social Security tax pours into the general fund. Unfortunately for Presidential hopeful Al Gore, there is no lock box, but maybe there aught to be. Instead of placing the monies into the general funds, any unused monies should be placed into Savings Bonds.