John Cox on Social Security
Republican Party Chair, Cook County (IL)
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.
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