Scott Jameson on Social Security Libertarian Challenger

Privatize social security

A: Yes.

Replace entitlements with market alternatives

JAMESON: The entitlements, such as Social Security and Medicare/Medicaid, are not actually legal obligations. Those are things that are given out at the discretion of the government. Last year they brought in $800 billion in Social Security taxes, and they paid out $500 billion. The other $300 billion disappeared. That kind of misappropriation of funds is why we're told it's going bankrupt. The Social Security system is not sustainable and I think we should look at market alternatives. The average Texan makes $40,000. If they invested their money in the market at 4.8%, they would be able to retire with $6,600 a month instead of $1,100 a month.

RADNOFSKY: Privatization is a terrible idea. It would cost trillions if we do privatize. We must protect the Social Security fund from raiding.

HUTCHISON: We do need to reform Social Security and we do need to make sure we are taking out the waste & fraud.

Compete with financial markets for retirement accounts