Payroll taxes already don't cover Social Security payout

Bill Clinton predicted in 2013 that payroll taxes would not cover SS payout. It's 2010 and it's already happening -- CBO reports it will be $28B in the hole this year.

We either need to cut the benefits, or let people invest themselves. 75 years ago when it was created, 75 years ago, there were more than 40 individuals working for every retiree. Today there are only two or three per retiree and that's not enough to make it work.

While there are ups and downs, wealth is not created from income, it's created with ownership. If you dispute this, you need to open up any economics book and look up what wealth actually is. If people can invest their payments over 45 years of work (the average), the investment will weather any storm.

Economists have proposed roadmaps that allow those under 55 to invest their payments so that those over 55 are protected in the "short-term".

Take a look at what's happening in Chile when they cut loose Social Security from the government in 1980 and let people own their own accounts. The country is flourishing and people's standard of living is increasing greatly, even during this economic downturn.

For the protection of the poor, the US needs to try something new so everyone will be lifted up.