The phasing out of the entitlements will be a challenging complex issue that will require Reagan Wing candidates to explain to the electorate a course of action that is as fair as possible with regard to people covered by Social Security. Here is what I would propose:
- Working people who are presently paying into Social Security through their FICA taxes will have the option to opt out of Social Security. The contribution paid by employers will still be collected by the government as a tax and used to pay benefits to present and future beneficiaries. The opting out worker will be able to keep the part that is normally taken out of their personal paycheck as the employee payment and use it for whatever purpose they see fit. It is their money.
- People presently drawing Social Security benefits or those about to draw who opt out will be given zero coupon bonds with staggered maturities based on their life expectancies and the benefits they would be projected to draw. They would be able to sell their bonds to anyone at any time for any reason.
- The government's cash flow drain will be favorably affected by substituting the zero coupon bonds with staggered maturities in place of the annuitized payments that beneficiaries normally draw.
- The options will belong to workers and beneficiaries not the government. Any cash flow shortfalls in Social Security will be made up from general revenues until SS is basically voluntarily abandoned and ceases to exist.
- Medicare, Medicaid, unemployment, welfare and every other entitlement is unconstitutional, morally wrong, and economically unfounded. These programs should be abolished over a one to three year phase out.
- There are some common misconceptions with regard to health care. Not having insurance does no equate to being denied health care.
- The majority of health care dispensed/utilized in the United States is not essential to life or the preservation of health; it is dispensed/utilized because somebody wants it and somebody else has been willing to pay for it.
- It is almost pure myth to believe anybody in America has ever been denied essential medical care because of the inability to pay. And the rare examples that might exist, would not predictably be changed regardless of any health care insurance scheme.
- More health care misadventures probably occur from over-utilization than would ever occur from a lack of the ability to pay for needed services.
- Until the income tax is abolished, health insurance and medical expenses should be deductible to anybody who pays them.
Experience gained over time and through the developed wisdom of open discussion in an environment where term limits moot some of the political repercussions of such discussion should hopefully establish a steadily improving environment for dealing with difficult problems in a responsible way rather than purely for political motives.
I would also suggest that we garnish the retirement payments to every living former Senator, Representative and President by 90% and apply those funds to the paying out of benefits to Social Security recipients.
They either actively stole the billions of dollars that should now be sitting in the Social Security Trust Fund, or sat by and did nothing while those monies were misappropriated and used for purposes other than those for which they were intended.
These co-conspiritors have contributed by omission or comission to my money not being there when I will need it, and they should not be allowed to profit from their felony. Since they have deprived us of our retirement security, it is only fair that we deprive them theirs.
It matters not how much or how little this cash influx turns out to be, it is a simple matter of principle. We either have principles and stand upon them, or we have none and we fall. I prefer the former. I believe America would agree that the theives should be allowed to repay us what they stole.
;^\