Target: U.S. Congress and Social Security Administration Commissioner Jo Anne B. Barnhart
Goal: Reform social security to ensure security and stability in the lives of current and future citizens
August 3, 2011 should have marked a day of intense public uproar and should have been a turning point in our nation’s history; instead, we sat, and continue to sit, complacently as President Obama subtly indicated that the $2.6 trillion social security trust fund was non-existent. A trust fund built by the hard work of hundreds of millions of people over 78 years intended to secure the lives of each and every citizen has been emptied, yet we remain indifferent. Reformation of social security is critical to ensuring that each life is protected and insured for the unpredictable future.
Established in 1935 by President Roosevelt, the U.S. social security system was monumental in preventing the forever-unpredictable economy and subsequent unimaginable hardships from burdening the American people. Despite recent misguided outcries from those fervently against social security, reformation, not elimination, of the program is far more adequate for the following reasons. Social security is not unique to the U.S. in that 170 other countries, some quite successfully, have implemented their own forms of the program. More importantly, social security is much more than a retirement plan, for it also provides benefits to disabled and unemployed workers in addition to many other benefit programs. The $2.6 trillion trust fund would have been able to provide these full benefits to beneficiaries until 2036 if the government had practiced prudence and not invested the entire fund in U.S. Treasury Bonds. Furthermore, in being funded largely through payroll taxes, social security programs have been successfully maintained in many countries, such as Germany, indicating that similar success in the U.S. is attainable.
Thus, having proven the efficacy, importance and attainability of successful social security in the U.S., we are brought to the question of how to reform it. First, the social security trust fund must not be invested in U.S. Treasury Bonds, for it has clearly been demonstrated that what was once a solvent fund is now gone. Second, people must have the opportunity to place a portion of social security tax contributions into a personal account operated by a central authority and they must be given the option to invest that portion into recommended funds. These people will be guaranteed a return on the investment that is not lower than what they would have received if they had not participated. Finally, it is critical that a flat tax rate for those earning above $106,800 be replaced by a progressive tax rate so that the burden burden of maintaining the integrity of social security is not placed on low-income workers.
By signing this petition, you will be supporting a reformation of social security that will ensure children today enjoy the benefits of security and stability that a comprehensive program should offer.
Dear U.S. Congress and Social Security Administration Commissioner Jo Anne B. Barnhart,
President Obama’s indication on August 3, 2011 that social security benefits checks were contingent on Congress’ willingness to raise the debt ceiling made it abundantly clear the the $2.6 trillion social security trust fund was non-existent. Reformation of U.S. social security is paramount to ensuring that each life is supported in the future and protected against an unpredictable economy and world.
Although many, in hopes of reducing the deficit, have targeted social security, this is a misguided approach that will jeopardize the lives and futures of many living in a forever-unpredictable economy. Reformation of social security, not elimination, is needed for several reasons. First, social security covers more than just retirement, for it also benefits the disabled and the unemployed. Furthermore, the social security trust fund would have been able to provide full benefits until 2036 if the government had not invested in U.S. Treasury Bonds. Finally, successful social security programs in many countries, such as Germany, provide encouragement and indicate that reformation in this country is possible.
Since reformation of social security is possible, we are now brought to the question of how to reform it. In considering the absenteeism of the current trust fund, reform must begin with not attaching social security funds to U.S. Treasury Bonds. Second, people must have the ability to open personal accounts supervised by a central committee that allow them to invest in pre-approved funds, thereby, permitting them to make interest. Finally, a progressive tax rate on incomes above $106,800 must replace the current flat tax rate.
Reformation of the current social security system is critical to assuring security in the lives of current and future citizens. By taking these recommended steps, that security will finally be secured.
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