Liberal Democracy

Liberal Democracy
The Free State

Monday, September 12, 2011

Rep. Ron Paul on Social Security CNN Tea Party Debate: How to fix Social Security

Again I have a lot of respect for Rep. Ron Paul and I share some of his libertarian views as a liberal. But he's wrong on Social Security, not that its going broke and can't meet future obligations down the line. Like in my generation Generation X but he's wrong on how to fix Social Security. Even the Tea Party Presidential Candidates, including even Rick Perry now is for keeping Social Security. He just has a plan on how to reform it. Rep. Paul wants to have Social Security to meet current payments to people on Social Security and people who are about to retire. GOV Perry wants to reform Social Security in a way that gives more people the ability in how they build their own retirement. Thats what I want to do, I just have a different plan in how to accomplish that. Social Security was created to move millions of Senior Citizens out of poverty. Who didn't have the money to fiance their own retirement or for whatever reason they didn't plan their own retirement. And were living with their children and living off of them, making it harder for the kids to support themselves. And plan for their own retirement or they were living off of Private Charity. Taking valuable and needed resources away from them that they could use for children. Who don't have the ability to take care of themselves yet. So what Social Security has done has lifted millions of people out of poverty and given millions of Senior Citizens. Some Retirement Income that they could count on when they retire. Its never been designed to be the sole Pension System for America a huge country. But there more as insurance for peoples Retirement Income, something they could count on if the don't have a big enough pension to survive.

What I would like to do is have a Social Security System after its reformed to fix its financing. Fiscal Reform of Social Security as reforming its mission. Fiscal Reform is obvious enough enough, fix the financing of the system so we can have Social Security in the future. No matter how its mission is reform, Mission Reform to me would be by keeping the insurance aspect in it. But giving people the authority to fiance their own retirement through Social Security. Not converting Social Security into a Single Payer Pension System which I'm not in favor of. But giving people the option if they choose by increasing their own Payroll Taxes essentially. As well as on their employers, to put that money in the workers Personal Retirement Account. That would be Tax Free until they take money out of that account and spend it. That they would be able to invest in the Stock Market. Or put money away in all other investments they make. Like having a Full Time job but perhaps a side business or investment on the side. Like a restaurant or a store, another home that they rent out etc. That they would be responsible for all the losses and gains as well as investments that they would make. They wouldn't be eligible to be bailed out by Tax Payers. And all of the money they make on their investments that they put in their PRA, would be Tax Free, as long as they don't spend it.

But what I would also do is decentralize and make Social Security independent of the Federal Government. And get Congress's and the Administration's hands off of it but of course they could still regulate it. And have each State set up their own Social Security System that would have to meet basic Federal Standards. And each Social Security program in each State would be independent of State and Local Governments as well. And be a Semi Private Non Profit Retirement Insurance Service that would have to meet basic Federal and State Standards. Social Security is too important to let the Federal Government screw it up or let any government screw it up. And we need to let Social Security run itself. And give more workers the power to fund their own retirement and have less people dependent on Social Security as their sole Retirement Fund.

Click on the link of the blog to see a video of Rep. Ron Paul on Social Security