It’s real easy to dissolve Social Security and spur the economy at the same time.
All persons aged 21 to 45 may opt out of Social Security if they enroll in a 401K. All 401K funds are transferable from employer to employer. These employees must still pay a 1.5% payroll deduction until 2045 in order to fund current and future retirees. Those who choose to opt-out will receive no retirement benefits.
Persons born after Jan 1, 1992 will have no ties to the Social Security pension - no contributions, no benefits. But they will be required to contribute to a 401K throughout their lives.
Employers will be required to continue to contribute the employer portion so as to continue to fund Social Security commitments to retirees. However, employers are not required to contribute for employees born after Jan 1, 1992.
What effect would these changes have?
-Citizens will own their retirement.
-Americans will become savers, rather than debtors.
-401K investment funds will spur economic growth.
-Government will be out of the business of pensions, and oversight of this program will (should) be minimal.
-Employers will no longer have an additional cost for an employee, and can choose to offer higher salaries, higher 401K matching, or reinvest Social Security contributions in the company.
I’m sure we can make lots of military cuts. Do we really need to continue occupying Europe and Japan?
We could cut our military by 50% and still be #1 in spending. In fact, I’d be more in favor of cutting the military by 50% if half that money went into NASA