As President, you are not only responsible for what goes on in the present, but you are responsible for laying the groundwork for a better future. One of the issues currently facing future generations is the status of social security. Many fear that today's youth will be unable to receive social security benefits, even though they are paying into the process. Others believe that social security is outdated, and that such an outdated policy will not be viable in the next forty years. And many more believe that if social security continues down the path its on, the government will sink into deeper debt and the deficit will expand due to exorbitant spending.
If I am elected president, I will make social security reform one of my top priorities. My goal is to privatize social security by 75%, thereby reserving social security to those who cannot afford do not have the resources to set up private retirement accounts. Here is my detailed plan for fixing social security:
1. 25% Privatization by 2020
By the beginning of my second year in office, I hope to have set up a system which will help put 25% of America's workers on a path to a private retirement My goal is to cut younger workers off of social security, while providing them the resources necessary to set up private retirement accounts. Additionally, I will work to get the wealthiest Americans off of social security.
2. 50% Privatization by 2030
By the beginning of my second term, I hope to set up a system which would put another 25% of America's workers on a path to a private retirement. These workers-- mostly middle-class workers-- will be able to set up private retirement accounts through their employers. The money they already put into social security will then be transfered into these retirement accounts.
3. 75% Privatization by 2040
By the end of my second term, I hope to take the final steps in the privatization process by ensuring that the remainder of America's work force-- namely, "white collar" workers, small business owners, and others-- will be on a path to privatization.
Who Will Social Security be Reserved For?
-Those who have spent at least 20 years putting money into social security
-Those who sustain an income below the poverty level
-Those who are enrolled in any welfare program
Why Privatize?
-Entitlement spending contributes to the national debt. If we reduce entitlement spending, we will have a better chance of cutting the deficit
-Private retirement accounts offer interest rates, meaning your retirement will be able to grow faster as an IRA than it would have under social security
-Because future generations depend on it. If we do not privatize social security, future American workers may be unable to sustain themselves during retirement. Worse yet, they could be putting money into social security which they will never see again. Essentially, the government would have no problem taking their money, but paying it back would be difficult.