Don't meddle with Social Security

Claiming our existing Social Security system is broke and needs fixing, the Bush administration is campaigning hard to allow younger workers a chance to keep their hard-earned money for investing in the private sector.

Bush's plan has proved unpopular not only with politicians in Washington but with the public, too — especially those 65-and-older who might recall the Depression days when Social Security was created.

Some of those older folks can recall the '29 Crash and have their doubts about the stock market. Would the government need to provide a new safety net for young workers who might lose their retirement savings in Wall Street? And how much money will stock brokers siphon off?

Experts agree that Social Security faces financial difficulties, people are living longer and medical costs are soaring, but most believe the danger is several decades away. In any event, diverting payroll deductions from Social Security to the private sector would only hasten Social Security's dilemma.

Polls also show that many people support raising the maximum income level taxed by Social Security or raising the minimum age for receiving retirement benefits. Combined, these changes might stop Social Security from going broke.

The Bush administration's proposal appears so impractical, it seems to be ideologically driven. Absolute faith in free enterprise last time gave us electrical deregulation.

Our advice to young workers is this: Invest wisely in company 401K plans or start your own IRA — but don't meddle with Social Security.