The current banking and credit crisis poses a grave threat to the world economy.  But, according to Libertarian State Assembly Candidate, Andy Favor (AD 73), the threat posed by the insolvency of Social Security and Medicare is even greater, and he proposes to allow Californians to opt out of the program:

I think I underestimated the impact of the credit crisis.  However, I still feel we will get through it and the entitlement crisis at the federal level is the real threat to the well being of most Americans. 

As the state has operated without a budget, we have all heard the stories of health clinic providers struggling to keep their doors open and more and more families are having a difficult time with their health care costs.  But let's look ahead for a moment.  The former Comptroller General, David Walker, estimates that the Medicare program faces a present value shortfall of $34 Trillion dollars over the next 75 years.  The Social Security Program faces a $6.8 trillion dollar shortfall in the same period.  I think future difficulties will be much greater than the already tough times many are experiencing today.

Glenn Beck had a panel of experts discussing this issue on his show last night.  The only solution being offered is the "Animal Farm" solution which is to postpone the retirement age until most people are about to die.  The number used last night was that people should work until age 75. 

Social Security has been so mismanaged it is criminal in my mind.  This is why my number one campaign issue is to offer a better private account alternative and then assert a 10th Amendment claim to let California's residents opt out of the federal program.

It's important to note that John McCain supports private accounts.  In this recent ad, Obama attacks McCain, incredibly arguing that investing in equity markets is more dangerous than our insolvent social security system.