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John Cox on Social Security

Republican Party Chair, Cook County (IL)

 


Personal retirement accounts allow investing in one’s future

Q: Current estimates for the unfunded liabilities of our Social Security system are as high as $10 trillion. Would you revive Pres. Bush’s attempt to introduce personal retirement accounts as a way to reform Social Security, thus allowing all Americans, particularly low-wage workers & the self-employed, an investment in their future & ownership in the inheritance they pass on?
Source: [Xref Huckabee] 2007 GOP Values Voter Presidential Debate , Sep 17, 2007

Private retirement accounts are best reform

Social Security has to be preserved, but is unsustainable in its current form. Private retirement accounts are the best hope we have to reform the system and make it financially available to future generations. Myths, lies, and demagoguery are the hallmarks of the political debate and must be replaced by sound reasoning and facts. Medicare and Medicaid are even bigger financial time bombs. I support managed care, vouchers and health savings accounts.
Source: 2008 Presidential website, cox2008.com , Jul 2, 2007

Social Security was an overreaction to the Great Depression

Q: Are social programs--like Welfare, Medicare and Social Security--constitutional?

A: Providing financial support for its citizens is not listed in the Constitution, as far as I read it. Promoting the general welfare is meant to deal with matters that impact the general economic conditions of the country such as security and enforcement of the rule of law. Social Security was an overreaction to a horrific financial situation that gripped the country--the Great Depression. It is with us now and is almost institutionalized--reality says we cannot get rid of it but we should restructure it to a private account plan to empower people, not government.

Q: How much oversight does the federal government have with these private accounts?

A: Response--most of these plans say that distributions cannot be made except on retirement and death. The federal government will likely make the contribution directly as opposed to a mandate on individuals.

Source: Interview with “Small Government Times” , Mar 6, 2007

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Page last updated: Oct 01, 2016