GW's proposal did not eliminate the SS program, but would have allowed a portion of their input to be directed to a self directed account.If one views the Stock Market in a somewhat larger perspective, one finds that it is the superior return mechanism.
I believe that the stock market related events of the past six months reinforce the need for the social security program. It was never intended as a primary retirement income source and should never be viewed as such. It should not be raided. In my simple world, I view it as investing a part of my retirement portfolio in federal government bond funds and got over it long ago.
I'll just deal with the 3 highlighted items -
Ok, but you may want to double check whether public employees get a plush retirement compared to the private sector these days. I work regularly with state, federal, and local government employees. Aside from old timers in the federal system, they seem to get get a pretty average retirement package. The feds do get an great match on their 401K and can buy health care in the system after retirement. Not sure about elected officials retirement packages. Based on what I have read, it is medicare that is the giant problem looming in the future.