Something has to be done.
The problem is that you are always going to have people that don't understand the whole concept of personal responsibility, or, those that understand it, but are not well informed on financial matters. These two sets of people may have a hard time with the program.
One thing I picked up on that I liked, was that it appears under the new plan you are able to leave the money to anyone you want if you should die. THAT is a great idea. I do like the idea of ownership that Bush was talking about last night. Whether or not that will actually be the case is another thing altogether.
The thing is though, regardless of how social security is going to change, people need to not rely on it 100% for retirement or disability. It scares me that so many people do. That's where, for me, the whole idea of personal responsibility comes in. There are too many people in this country that can set aside money for retirement, but don't. There are a lot that think they cannot afford it, so don't even make an effort to put even the tiniest bit away. Of course, I do know there are people that may be so poor that they really cannot set aside money for retirement without taking food from their kids mouths. But under the new plan, if it really will work the way Bush claims, this group of people will have a chance to make major decisions on how their ss money is invested. I have to tell you, I think for some that will bring them a great feeling, and maybe even encourage them to take another look at any employer investment programs that are available to them.
I used to sell insurance and investments about 10 years ago. When I met with clients, I took all their financial data, and presented them with an analysis on where they would be when the retired, or died or were injured...etc. What really scared me was how many clients would say, oh Social Security will take care of me...until they got their ss estimated report.
I guess it just amazes how people in a free market democracy really think the goverment is responsible to take care of them. I am all for helping those that need it. But maybe this whole SS scare and changes will wake up those that don't take personal financial responisbility for their retirement or death.
Just my two cents...