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Name: Poor Richard Reborn
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RETIREMENT AND ESTATE TAXES…

  Social Security…

 

When Social Security was initially enacted in 1935 it was intended to provide working Americans with a base retirement income from the Social Security System.  This is still a valid aim for the Social Security System.  The question is not whether The 33% Solution will provide this base income…it must.  The question is how The 33% Solution directs the government to manage the money to insure this benefit.

 

The 33% Solution addresses this question from a unique perspective.  If America wants a Social Security System that does what it was intended to do, then America must face up to the fact that the Social Security System designed in 1935 is not good enough to serve the retirees of 2035 and beyond.  We aren’t driving cars designed in 1935or putting 1935 appliances in our homes.  Why in the world are we relying on an outdated Social Security System that was designed in 1935 and hasn’t been changed since?

 

The 33% Solution believes it will take a temporary surtax on employers to fund the Social Security System through a transition period and a Restructured Social Security System to guarantee the income of future retirees. [1]

 

Spineless and greedy politicians in Washington DC refuse to consider any change to the Social Security System because they fear

  • accountability for their spending
  • having to present America with a balanced budget
  • the reaction of those lobbyists who rely on it

 

Americans are not stupid.  If an alternative approach looks reasonable, and gives back as much - or more - than it takes away, Americans will embrace it.

 

Lobbyist organizations like AARP, that act more in their own interest than in the interest of those they claim to serve, throw up a smoke screen of scare tactics whenever a new idea comes along…especially if it would reduce their assumed-but-not-deserved power over the aforementioned congress.  As Americans, we need to rid ourselves of as much lobbyist influence in the Congress of the United States as we can…especially when it comes to Social Security.  If we don’t there will never be clear thinking on this (or any other) subject the congress addresses.



[1] Poor Richard is not “Rich Richard” and does not have enough money to study this issue in detail, but the Congress wastes enough money every year to protect the failing (if not already failed) Social Security System so I am certain they could come up with a couple of million to research some alternatives.  They might take a page out of the book of the more successful mutual insurance companies that have delivered guaranteed retirement income to policy owners for almost 200 years.

 

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