From the Center of Retirement Research at Boston College, this White Paper just out says.
"Social Security is a real problem and we need to fix it and that involves pain," says Jeffrey Brown lead author of a paper which seeks to critically examine the "The Top 10 Myths of Social Security Reform."--
A constructive debate about the future of Social Security should accept that a problem exists and focus on alternative methods of restoring long-run, sustainable fiscal balance to the program," he says. "Simply denying that the problem exists will not make it go away.----
"We shouldn't kick the problem down the road for 10 years for others to deal with it nor should we pursue policies that don't fix the problem but appear to," he says. "There are no easy solutions. Someone's ox must be gored. We either need more revenue or to pay less out of the system. People either don't understand that or they choose to ignore it."
According to the White Paper, the top ten myths of social security that should be debunked on both sides of the aisle (full copy here) are:
1. Social Security is financially sound for "decades to come."
2. Economic growth will eliminate the existing problem.
3. Social Security is in "crisis" and will not be there when today's younger workers retire.
4. Personal accounts can save Social Security without benefit cuts or tax increases.
5. Allowing individuals to redirect their contributions from the trust fund to personal accounts will provide a higher rate of return.
6. Personal accounts will worsen Social Security's financial problem.
7. Personal accounts will cause benefit cuts.
8. Personal accounts are risky and the current system is safe.
9. Transitioning to personal accounts is too costly.
10. Social Security reform is bad for the poor / women / minorities.