Fixing Social Security
From Washington Post
Social Security is a "hit or miss" program treatening to "devour" the Federal budget, according to today's Washington Post. Indeed, 80 percent of U.S. workers pay more Social Security tax than federal income tax. The author makes his point with a telling detail of the program: Social Security is headquarted in an old Coca Cola bottling plant in Baltimore -- not Washington -- because DC lacked office space of sufficient volume in 1935. Both Bush's 2 percent savings account proposal and Gore's matched Social Security Plus program pander to the youth vote in the way past politicians pandered to the elderly, it claims. The solution: rather than invest in stocks and tinkering with various benefit formulas, reduce future payment increases and allow young workers the option of opening government administered individual accounts. Invest the trust fund in debt securities, such as mortgages, student loans and corporate bonds rather than Treasury IOUs.

More on W&R
From Wall Street Journal
The paper follows up on yesterday's news that Waddell & Reed will try to distribute through third parties. The expert opinion: rough sledding ahead. Also yesterday shares in Stillwell began trading on a when-issed basis. 

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