Posted on 06/23/2005 2:11:52 PM PDT by Tumbleweed_Connection
Republicans have introduced a new Social Security plan to use Social Security's surplus to start personal accounts. The surplus -- the amount of payroll tax revenue not needed to pay current benefits -- is not saved for future retirees, but rather spent every year by the government.
According to Senior Research Fellow Peter Ferrara of the Institute for Policy Innovation (IPI), "The Republicans are to be commended for moving in the direction we at IPI have long proposed: moving away from tax increases and benefits cuts and focusing on personal accounts. The Republicans have effectively started personal accounts to the extent they can, with the hope that these accounts will expand overtime."
Adds IPI Senior Research Fellow and Chief Economist at the Free Enterprise Fund, Dr. Lawrence Hunter, "The time has come to stop the inexcusable raid on Social Security and return the surpluses to workers to start their own individual retirement accounts. The trust fund should not be treated as a slush fund. Stop the raid; start the accounts."
Finance Private accounts by stopping wasteful government spending financed from S.S. funds? Interesting idea.
I remember much talk of a social security lockbox.
Someone forgot to lock it.
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