Few would argue with the White House’s Web site, when it calls the U.S. Social Security system “one of the great moral successes of the 20th century.”
But much has changed since President Franklin D. Roosevelt founded the system in 1935 – including a historically huge graying population. And that’s where the debates start.
Grover Norquist, president of Americans for Tax Reform, told CNBC’s Michelle Lee he believes “the FICA [payroll tax] crisis is now, not 25 years from now.” He says that private investment accounts -- championed by [the George W. Bush administration] – are the best solution to the so-called crisis, pointing to nations including Chile and Britain that utilize the accounts. He thundered that Democratic opponents of Republican Social Security policies constitute “a party of tax collectors” -- who dread the idea of every American being a stockholder.