Larry Stafford on Social Security
A: There are two things that are absolutely certain about Social Security:
One is that the US government has pledged to provide for our nation’s senior citizens that have paid into the system all of their working lives and are relying on the benefits they were promised to maintain their standard of living. This is a debt that can not and must not be repudiated.
The other is that the Social Security system as designed is fundamentally flawed economically unsound, and completely irreparable. In spite of several past bail-outs and reductions of benefits, it is projected to be insolvent again by approx. 2029.
The Democrats pledge to “fix” Social Security and keep it in place as it now exists --in spite of the past failed efforts to repair the system. Republicans offer token proposals to “privatize” a small percentage of Social Security contributions which ignore the greater problem of ongoing insolvency.
The plan calls for the sale of all of the assets of the Social Security Administration: Buildings and real estate--thousand of buildings and properties across the country, as well as office equipment & vehicles--as well as pooling any remaining “cash” assets of the SSA. There would be an immediate savings of millions of dollars annually that is currently paid in the form of salaries to government bureaucrats employed by the SSA.
These assets would then be used to purchase annuities for all current Social Security recipients as well as those soon to retire. Unlike current Social Security payments--that can be reduced at ANY time by act of congress--these annuities would be underwritten by companies that deliver on their contracts.
A: Agree. Citizens that are “trapped” need to be “bought out,” and have private funds established on their behalf. All others need to be able to participate in an independently operated plan that they control & own.
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Newly elected in 2008 & seated in 2009:
Newly appointed in 2009;
special election in 2010:
Announced retirement as of 2010:
Up for 6-year term in 2010:
(13 Democrats; 15 Republicans)
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