Ann Pfenninger's opinion in the 3/1 issue Bay City Times found at www.milive.com speaks well to why the current social security system is failing. The Government, in their wisdom, increased entitlement programs using up the funds that should of been invested. Thus, the bureaucratic waste of further socializing our Country presents us with great consequence unless something is done and now.
Ann spoke of the Government paying back what they spent. Problem is we are the suppliers of the Feds funds. We are already down to 3 workers for each SSI recipient. To recover SSI to full funding will result in one worker for each retiree. That will not work and what we have now does not work. You realize that presently, 15% of your wage is now taken after you are charged income tax on all but what is a hidden payroll of social security matched by your employer of 7%?
We cannot trust the government to perform correctly with our funds by raising taxes. They will just spend it again. We must start placing it into accounts that are ours, to draw on personally or to be passed down to our children if we leave early.
Let's put this private account system in place and let this forced savings invest into the economy. Then watch the magic as our prosperity explodes. Imagine, a 10% return in retirement security compared to the negative return the current system will provide if at all. Take the current social security funds out of the general fund and replace it with a consumption tax which can eventually replace the income tax ,and reduce our SSI tax to it's intended purpose, an insurance against disability only. That is our money they are wasting by unconstitutional spending.
Revolutions have been fought over much less. Let's stop the power grabbing and work together. We the people do not want the failed system of socialism, so give it up. Work for a living and let's keep our money, not tax it away.
R. George Dunn
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