Back in late 2004 and early 2005, I sent emails, faxes, and letters to every member of the United States House of Representatives and the United States Senate. In it, I asked them for their answer to a set of twenty questions which the readers of Polipundit wanted asked. The text of the letter was posted here.
52 Readers in 38 states joined the effort, asking their district Representatives and Senators to answer the questions. Response from our elected Representatives and Senators was poor, predictably so. Most Congressmen and Senators simply ignored the letters, emails and faxes. In the end, only seventeen answered with any degree of substance, and not one answered more than two questions.
I was looking at the set of questions this week, and you know, they still look like good questions to me, so I am going to ask you for your opinion on them. This will take a while, since I am putting up one question for each post, but please give this your serious consideration. And folks, this is not about politics or smacking down the other side; this is an opportunity to explore the issues of substance for our country. Sad that Congress was not up to it, but maybe we can get the conversation going. Thanks in advance.
6. What specific measures would you recommend to protect Social Security for coming generations?
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2 comments:
For those who will retire within the next ten years, give them the option to take a lump sum payment that they can invest in whatever they like rather than depending upon the system to continue sending them payments.
For those who will retire within the next ten years who choose to remain in the system, use their lump sum payment to purchase an annuity on their behalf, which would pay them in perpetuity but would be dissolved upon their deaths.
For those who have more than ten years before retirement, allow them to begin investing in retirement accounts with half of the money they and their employers presently pay into the SS fund.
As the present retirees who presently depend entirely upon social security die, the demands on the fund would reduce proportionately. Once there are no remaining beneficiaries close the program out.
I would add to Antimedia's comment by saying that those born after 2000 should not have the option of the old system and the employee portion instead should be part of a new system that is entirely based off of private accounts subject to some government oversight but that carry full asset rights and inheritance. The employer part would remain to help fund (it will not cover all expenses but will help) the old system, once there are none remaining that portion should either be abolished or contributed to the the employees private account.
BTW as for Question #7 - Sign me up for the FairTax.
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