Thomas Oliphant for the Boston Globe: What they don't tell you on Social Security reform

Social Security was created as part of FDR's New Deal program in 1935, and it's been very successful. That's precisely why ideological conservatives want to dismantle it. Democrats have been accused for years of crying wolf for saying Republicans want to take away Social Security. Now that the GOP controls all the branches of the federal government, they're attempting their first move to chip away at the program by allocating Social Security dollars toward Wall Street via so-called "private accounts."

The Congressional Budget Office (CBO) has estimated that even with conservative estimates in economic growth, Social Security revenues can fund the program until 2052. Thereafter, it should still be able to fund 81% of the benefits. To blow up the whole program when adjustments can be made before then is absurd.

It's also worth repeating that Social Security is not a pension program. Many of us, myself included, are investing in 401Ks, IRAs, thrift savings plans and such for that purpose. Social Security is an insurance program meant to provide a minimum income standard for our retired citizens, and those unable to work for reasons beyond their control.

For more reading on the subject, check out economist Paul Krugman's column from last week.