[jasongi]

> Closing social security off to new workers doesn't help, because current workers pay the bulk of current benefits

You don't have to reduce the taxes. Just phase out the concept that you are paying into a retirement account and call a tax a tax. That means you don't calculate how much an individual receives based on the amount they input.

In Australia, we started a sovereign wealth fund[1] to cover the future liabilities from existing workers eligible for government defined-benefits pensions and closed them to new members. I guess that wouldn't make a lot of sense in the US though given the amount of government debt the US has.

Nowdays in Australia people just have accumulation accounts (super) and the backstop of the universal aged pension.

[1] https://en.wikipedia.org/wiki/Future_Fund

[toast0]

> You don't have to reduce the taxes. Just phase out the concept that you are paying into a retirement account and call a tax a tax.

I don't know how you sell that.

"Hey, guess what whipersnappers? You all will still pay the line item for Old Age, Survivors and Disability Insurance, but you won't get anything from it. Thanks, -- Old People who get to spend 12.4% of your income"