AMAC In The Media / Press Releases

AMAC Seeks ‘Stand-Alone’ Social Security Reform

dan-weber‘We need a real and dedicated solution for fixing Social Security, not pie-in-the-sky theories’ – 

BOHEMIA, NY, May 24 – “Social Security reform needs to be a stand-alone priority, not some afterthought like some on the Hill propose, claiming that a new immigration law would help ease the pressure on this vital retirement program,” Dan Weber, president of the Association of Mature American Citizens said.

SS Administration actuaries came up with the notion recently that the Senate bill to overhaul immigration policy would have a positive impact on Social Security finances, claiming that the law would help create millions of new jobs in coming years and increase funding for retirees.  But the Heritage Foundation, which did its own study, said that providing a gateway to citizenship, as proposed in the bill, would instead cost U.S. taxpayers trillions of dollars.

“It is a specious argument at best.  It’s like a family with chronic debt waiting for the Publishers Clearing House Prize Patrol to knock on the door,” Weber said.

“What we need is a real and dedicated solution for fixing Social Security, not pie-in-the-sky theories,” Weber said.  “And that solution is a simple three-part reform that includes fair and balanced age setbacks for future recipients, guaranteed minimum cost of living increases and a provision for a new personal Early Retirement Account (ERA).

The AMAC chief noted that the newly proposed ERA, which is similar to an IRA, might, at first glance, seem controversial, but he said it is a logical way to enhance the funding pool without having to rely on new taxes.  In addition, he said, a Gallup Poll released this week confirms that it would be attractive to individuals currently paying into the fund.

Gallup concluded that “401(k) plans and IRAs — at 46% — are the most commonly expected ‘major source’ of retirement funds, followed by Social Security (30%)” among workers currently paying into the system.  “Gallup has tracked these expectations since 2001, and self-directed retirement accounts such as 401(k) plans and Social Security have been the leading expected sources [of retirement income] each year.”

This supports the AMAC notion that future retirees would like a way to enhance their Social Security income when they become eligible, Weber said.

“The ERA is not intended to privatize Social Security.  The basic benefits from Social Security would remain the same. And, in order to ensure that the funds in the Early Retirement Account will not be lost through investment with extreme risk, half of the moneys in the ERA accounts would have to be invested in guaranteed interest products such as government bonds or annuity contracts.  The worker would be free to invest the balance in any other investment that meets certain suitability standards.”

Weber pointed out that workers opting for the supplemental ERA would earn a substantial amount of extra income when they retire, in addition to their regular earned Social Security benefits.  “For example a 25-year-old who contributes only $15 a week to an IRA would get $165,407 in additional income by retirement.  Increase the amount to $45 a week and the windfall would be $352,389 upon retirement.”

 

NOTE TO EDITORS: Dan Weber is available for telephone interviews on this issue.  Editors/reporters may contact John Grimaldi at 917-846-8485 or jpgrimaldi@verizon.net to set up a call.

 

ABOUT AMAC

The Association of Mature American Citizens [http://www.amac.us] is a vibrant, vital and conservative alternative to those organizations, such as AARP, that dominate the choices for mature Americans who want a say in the future of the nation.  Where those other organizations may boast of their power to set the agendas for their memberships, AMAC takes its marching orders from its members.  We act and speak on their behalf, protecting their interests, and offering a conservative insight on how to best solve the problems they face today.

 

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Richard Slate

I’m fifty four and I’m really concerned that the social security system will be broke by the time I’m old enough to retire especially since obama has done nothing to fix the problems the social security system is having.

Lee Young

yes, yes…LBJ’s “Grate Society” is here NOW; Live and “Inaction”! Dolby SurroundSound PanaVision 3D…etc ad naus

altho i wasnt thrilled with Romney Jr. i thought his “47% comment” was a very conservative figure! What we seem to have here is a bunch of crooked inept politicians running this circus and only looking out for NUMBER 1!
the brilliant leader forgot anything close to COLA until the year before “re-election time!” that bunch continued letting people
who never contributed squat (to the system) draw off FREE MONEY/benes.

at least no more free ride for the druggies drawing welfare/workers comp without passing a drug test…until of course they figure out a way around this! shirkers always find a way around having to work.

if nothing “changes” – especially attitudes – i give the U.S.A. about another 15 years…with any luck, i wont be around to see the demise

richeyrich

The govt will probably never approve anything like this if they cannot get their grubby hands on it to hand out to illegals, political refugees, etc, who don’t contribute to it. Great idea though. I wish it would happen.

Mark

Dan, Although I do understand the urgency of all concerned about the issue of “social-security”, issues such as this one, which include the next big issue of medi-care, are NOT going to be solved by any political party, candidate, or “elected political hack bureaucrat”. The only people that can solve this problem are those of us who are going to need the assistance. So instead of those of us who are of conservative mind-set falling into the trap of expecting the government to take care of us like some whiney progressive-Marxist, lets show this tyrant that he and his minions have NO HOLD ON ANY OF US! Do as we have been taught, be and remain self reliant upon our selves. That is how our ancestors did it and taught their children how to do it long before the government decided to stick its nose where it doesn’t belong. Screw… Read more »

Curious

Any truth that Disability payments (funded out of Social Security…..; estimated to run OUT within five years) are currently being combined with Unemployment Benefits consecutively, (eg: as the disabled under ADA act can not be excluded from seeking employment while of Disability payments); nor, after reaching retirement age and on Social Security ??

I heard one radio story where a late 50yr old was being advised by the retraining teacher that at over 60 by classwork end they would never be hired (given their age…..for a retrained job as a Forest Park Ranger). And, he being then advised to seek Disability status.

Which he did; as he suffered a heart attach AFTER being fired from his prior position.

Might not Disablity payments (funded under Social Security) systematically be schemed to also collect under Unemployment Benefits…..and, retirement benefits under Social Security as well ???

…………..in logically dealing with democratically metropolitan driven inflation….and unemployment.

charles evans

The ERA idea sounds somewhat similar to some ideas suggested by George W Bush, but because Bush said them, the concept was panned widely at the outset by the press and not necessarily promoted by members of his own party due to peer pressure and the desire to be reelected I guess – good reason for term limits. A good place to start on Social Security after making sure the Government can no longer raid it as their own piggy bank would be to get all the ‘hangers on’ off the rolls. A major group that could be trimmed back is the disabled category. Genuine disability, okay, but drug dependency that originated from a choice by the one dependent is one that the rest of us should not be funding, and to be sure we shouldn’t be the enablers of such continued practice. There is also a large segment of… Read more »

H. A. Melton

I worked private sector for 14 years prior to Federal Employment. I had paid into my Social Security for a total of 44 quarters. Upon retirement from the Federal Sector I lost half of my Social Security as I’m now considered to be a “Double Dipper” even though I was required to contribute into the system of both retirements.

Judy

You 3-part reform for Social Security sounds very good. We should really have a guaranteed minimum COLA each year!

Robert Shott

Has anybody thought that by removing the cap on taxes paid entirely, so everyone pays the same rate, whether you make $10, or $10 million a year. This would do a lot to (fix) the system. Republicans don’t want to hear this, of which I am one, but, along with a flat tax (9-10%) on all income, would heal a lot of budget ills.

Tim

I remember in the 80s Paul Harvey said in one of his broadcasts if a banker ran his bank like the SSA runs SS he would go to federal prison. I also remember the man, I forgot who he is, that was first in line to take over from Newt Gingrich as Speaker of the House saying when he is Speaker no spending bill will pass the House that used any Social Security funds. I don’t remember hearing about him again, Dennis Hasert became Speaker and Social Security money continued to be stolen to this very day.

TarMac45

Why recreate the Wheel? Copy Chile’s program which was put in place by a U of Chicago-educated PhD in Economics. There are REAL funds, with recipient’s own money in them, and they have recipient names on the accounts. Yes, they are (shhhhhhhh) private accounts, God forbid.

BobA

What program has the government been in charge of that was a success? Need not say more..

ONTIME

SS is a outmoded self destructing dinosaur, it was a benefit, now it is a entitlement because the government is not supposed to tax benefits, their rules. Why not make it a voluntary program and why hasn’t the government ever repaid a dime to all the money they have removed (borrowed?) from the SS fund, there is millions to be had if the government was half ways honest but most of out infamous politicians are not only liars and thieves they cannot perform the simple task of using the right side of a spoon to put cheerios from a bowl to their big mouths….I am a more than PO’d about giving SS to illegals, druggies and others undeserving and not having the SS policed to keep it viable for those who are legally entitled….

Bernie

Soccal Security does not need REFORM, Just quit giving money to those who have NEVER put anything into it. !!

Paul

Social Security needs to be privatized–THIS way: Major life insurance companies offer plans where you pay (and your employer puts up his half too) your SS premiums and at age 60, the plan matures and pays you an income for the rest of your life. Sort of similar to whole life. If, of course, you died beforehand, there would be an automatic payment to your heirs, which would cover educating children, transition for spouse, etc. Would be WAY better than what we have now. In fact, I bet they would be able to LOWER the retirement age and increase benefit payments because they’d be so much more efficient than our corrupt government. Of course congress wouldn’t be able to get their hands in the till, which means this idea will go nowhere.

momof4

Welfare, as it is today has morphed into an abusive money grabbing monster which, I believe, it was not intended to be.
When one receives more in aide than he/she is able to earn legitimately, it would be STUPID to give that up.
When a woman intentionally spawns dependents for the government aide, it is time to limit the amount offered.
Before simply handing out the “welfare”, whether it be disability, unemployment, the new government. debit cards (once known as food stamps), or whatever label is put on it; perhaps the recipients need to be screened and verified. Factually, there are people out there getting rich at the Tax Payer’s expense. WHY IS THAT???? .

Vic DeMartin

I have been a tax professional for some time. The argument that additional revenues can be generated by legalizing immigrants just doesn’t hold up. Every year i see (mostly Hispanic) immigrants file taxes, and after having had as little $100.00 withheld for taxes, receive three to five thousand dollar refunds. This depending upon income and the number of children they claim. I’m certain some of the employers school them as to how the system can be worked, there-by reducing the amount of wages necessary. It’s difficult for me to understand how a government agency ,with it’s head stuck in the sand, can possably know what is really going on. In fairness, the Child Tax Credit, and Earned Income Credit, works for all qualified filers, but is none the less a money pit for American tax payers.

lynbre

I wholeheartedly agree that no one who has not put in hard work for social security should not get it. Too much of our money is just being given away for favors so our elected officials can return them. Also ground Air Force 1 and 2 and the solution I like best is what Lincoln Sorensen and Anna stated. Very good solutions to our problems. Also get rid of electoral votes and then we might get a real President who can run this country on a balanced budget.And if this Country does not think they should follow the true instructions in the Bible (basic instructions before leaving earth) you better think again and Jesus Christ is our only hope. God Bless America once again.

eve

No bill should be allowed to contain more than one subject (like some state constitution amendments). There could be no ignorant health bill, or pork additions.

Colin Cunningham

What SS needs is an account where money could be put away safely that
The government can’t touch. SS is ours we paid into it and now it is an “entitlement”. Where
Is the interest the govt should have been paying after they robbed the bank ?