Do you trust politicians to keep their promises? I don’t. They’ve spent every cent in the Social Security Trust Fund on other spending, leaving behind worthless IOU’s. Other countries have successfully replaced their government-run systems with individual retirement accounts safe from greedy politicians. As President, I would work to implement a solution like the Cato Institute’s “6.2% solution”, which would allow any American the opportunity to “opt out” of the current system while making the current system fiscally stable for those who choose to remain.
Social Security is one of the most significant promises which the American government has made to our citizens. Millions of seniors rely upon the investment which they spent decades accruing with hard work. Millions more worry that that same Social Security fund will not be there when they retire.
The biggest problem isthat government didn’t save that money the way they said they would. They over and over used it to fund their other pet projects. What’s left in the fund is worthless IOUs.
If seniors had been allowed to put their money into a low-risk investment portfolio instead of Social Security, it would have yielded about a four percent return on investment. But retirement pay they receive from Social Security today yields just a one to one-and-a-half percent return. That’s a huge drop in value. Social Security, which was supposed to make their retirement financially secure, has impoverished many seniors instead.
We must put forth solutions which will preserve and save Social Security, instead of ignoring the problem and allowing it to go bankrupt. We cannot leave behind those Americans who most need assistance.
I look forward to fighting for Social Security in spite of those career politicians in Washington who would instead do nothing.
I will work with Congress to enact a plan like the Cato Institute’s 6.2% Solution, granting more choice to everyone who pays the FICA tax. This plan has been scored by the Social Security Administration itself as restoring Social Security to permanent sustainable solvency.
Workers should be provided the option to either continue in the program if they wish or to have their taxes put in an individual account with their name on it. Those who use this pathway will be granted certificates which recognize their past contributions to Social Security.
Those who choose to opt-out can also leave their Social Security earnings to their loved ones, as opposed to currently, wherein those benefits go back to the government.
The employer-paid portion of the Social Security tax can be used to fund the transition into this new system and fund payments for disability and survivor payments.
The next president owes it to Americans to provide real solutions, particularly on a topic as important as Social Security. Career politicians and bureaucrats have continually kicked the can down the road, instead of making the tough decisions that we expect from leaders.
Other countries have successfully replaced their government-run systems with individual retirement accounts that can’t be touched by greedy politicians. My plan is an effort to deliver on the guarantees which were made when Social Security was created. Where past generations of elected officials have failed, we will succeed to make sure that new ideas bring results.