Social Security
Strengthening Families, Protecting Life and Promoting Health > Assisting Families to Self Sufficiency > Social Security
We demand open acknowledgment of Social Security's true nature: it's a wealth transfer program.
In no rational accounting system can money already spent be called an asset or a debt. Therefore, the Social Security Trust Fund is a sham. It that assigns value to prior spending, creating worthless bond assets and inflating national debt calculations far beyond the true debt.
We demand an end to the regressive nature of the Social Security payroll tax. This tax must be applied to all income and its percentage reduced to ensure a revenue neutral policy change.We support an immediate and orderly transition to a system of private pensions based on the concept of individual retirement accounts, and gradually phasing out the Social Security tax. We insist that Social Security benefits be non-taxable. To protect the Social Security System, its funds should not be co-mingled or spent with general revenues or invested in private or public corporate stock. We support Americans being allowed to purchase directly, and hold directly as part of their tax-deferred retirement and educational savings plans, United States Treasury obligations, personally managed investment accounts, and tax-free equities. Individuals, who qualify for Social Security benefits, including school teachers, should receive all of the benefits for which they are entitled without penalty, for any reason including earned, passive or portfolio income. To protect freedom and privacy, government and private institutions should not require Social Security numbers as ID. Application for Social Security numbers should not be required before the age of consent.
The entire debate needs to be reset to acknolwedge that Social Security is an expensive social program and that the Social Security Trust Fund is an accounting sham that is neither a debt nor an asset.
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