|San Francisco County, CA||March 7, 2000 Election|
By Erik J. BaumanCandidate for United States Representative; District 8
This information is provided by the candidate
The best prescription for Social Security is privatization. Everyone would be better with private accounts and now is the best time to transition.Our current Social Security system was supposed to provide retirement income and create a safety net for American retirees. Instead, it takes from the poor and gives to the rich; it acts as the largest tax for most workers; and it leaves low-wage earners with little left over for voluntary savings. The best choice for reforming Social Security is to implement private accounts.
This would mean that a person could choose to put his or her Social Security retirement taxes into a personal retirement account. These accounts would be similar to 401(k) accounts where employees invest their money in one of a few approved investments through their employers.
With private accounts, workers get much more money in retirement, they don't have to worry about politicians' funding, they can pass along the money to family members or friends, and they can choose their retirement age.
How would privatized Social Security affect:
I ask you to briefly imagine the impact on long-term, intergenerational poverty if people were allowed to pass along all the Social Security taxes they ever paid, plus interest, to people in their families and communities. Our current system does not allow that to happen.
People Getting Ready to Retire
For people around age 50 or so, it should be noted that England began partial privatization 20 years ago. Today, the number of seniors owning homes is 50% higher than it was 10 years ago, and their income is 50% higher as well.
Private Social Security accounts are a winner for everybody. They are wildly popular in the United Kingdom, Australia, Chile and many other countries. Visit my web site for more details.
|| Feedback to Candidate
|| This Race
March 2000 Home (Ballot Lookup) || About Smart Voter