March 04, 2005

Cure for our Government system

God speed in your correcting Social security from the welfare system back to the insurance system it was developed to be. Also, with intent be sure to remove social security funds from government borrowing for any other purpose of spending and put the spending back in the proper tax rolls. As to funding, it is simple, as is the cure..As you remember, Social security started with coverage on those 10 years past expected life and for those impeded from work ability. Place emphasis on returning the plan back to it's roots and remove it from it's present horrors.When the Great Society dipped into the social security funds, that is when our deficit darkness kicked into high gear. We became like a drunken sailor eating up the food storage needed to sustain our trip. This tax transfer could be the first step in moving the tax burden on social security over to a consumption tax with the deadline intent of removing income tax by a certain deadline.As to funding the current systems commitment of social security and at the same time moving the investment back to the employee for self determination by private investment, offer the fruits of the social security payroll tax on wages up to, say $20,000.00, into the similar thrift saving accounts like the federal employees are presently proving a healthy system. That would entail 15.5 % payroll investment into a retirement plan, which employers would be matching half of and make it voluntary for contributing up to 10% of payroll of employee. Extend the ceiling of the social security tax up to offset the interest created by the borrowing of funds to support this shortage. What will result is an enormous influx of investment funds into the economy and an large demand on employee supply thereby thrusting an needed inflation round with wages leading the healing influx. Time is of essence for that though. Remember, the social security tax should start to need reduction as the economy heats up and the illegal spending drain is removed from social security to a consumption sales tax on all but food and staples and housing.If the above is enacted, we will end up with an insurance plan for disability from being able to work up to an age of unable to work, no age of retirement on social security,, just ability insurance and spousal support failure. Making the first 15% of $20,000 investment to individual accounts will keep the government out of foolishly wasting it and provide a new hope for American workers. That would be $3,000.00 per year per worker who makes at least that much. That would be a blessing! That would be a fix!

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