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Well whatever solution they propose they better do it quickly-- In about 10 more years TWO workers will be supporting ONE retiree. This cannot be supported under the present "legal pyramid" system where current workers pay for those who have retired--- without-- raising the payroll tax, raising the retirement age, or reducing benefits(or some combination of those). If I were 21 years old I would be standing in front of the Capital building with a large sign that said-- "GIVE Wisconsin MY SS MONEY NOW!" This issue will become the next financial crisis. Our current crop of politicians lack the SPINE to do anything right now.
If Social Security and Medicare become privatized, the elderly will be going without health care period. It will be completely out of their reach financially.
Or even beforehand. remember, the GOP let corporations raid their employee pension funds since 2000 or 2001. Next time the GOP seizes Congress, they'll likely not only privatize SS but allow a similar plundering, regardless of the market's ups or downs.
No, because despite what the liberal scare tactic/socialist propaganda wants you to believe, a traditional system remain in place for those who do not wish to participate in the privatization.
No we would end up socializing the debt and calling it bailout or rescue.