Another View – Martin O’Malley: To ensure retirement security, let’s start by expanding Social Security
By MARTIN O’MALLEY
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This is not our American Dream. As a nation, we must act to ensure the retirement security of American families. And we should start by expanding Social Security benefits — not cutting them or merely “enhancing them” — to provide a foundation for a more secure retirement to all those who have worked hard to achieve it.
Social Security has worked so well for so long because it is fundamentally fair: Everyone pays in, and everyone receives a payout. The result? Social Security now provides a guaranteed retirement or insurance benefit to almost every worker in America — while keeping 300,000 Granite Staters out of poverty.
However, despite Social Security’s remarkable success, if you listened to Republicans and even some Democrats talk about the program today, you’d think the sky is falling. But let’s be clear: Social Security is not in crisis.
It’s not the sky that’s falling. It’s the floor that’s falling out from under our seniors.
As Democrats, it is time to stand up for our values and call for the expansion of Social Security for all beneficiaries. Increasing Social Security benefits remains the best and most straightforward way to provide greater retirement security for American families — not raising the retirement age, or cutting benefits for our seniors, or privatizing Social Security and putting the program in the hands of Wall Street.
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Sorry, but “Social Security Insurance” is a Ponzi scheme where the victims don’t get a choice.
If it’s such a great idea, why is it compulsory?
It’s hard to get into all it’s negatives in a short space and limited time, but let’s remember Bastiat’s “seen and unseen”. What could people have done with the “FICA taxes” stolen from them and their employer?
Even an index fund that mimiced the S&P, Dow Jones, or Total Stock Market would have returned 10% per year average over 30 years. What kind of retirement would people have versus the negative return that social security represents.
In 1977, Chile eliminated their “social security” plan in favor of a free choice one and they are better off for it.
Stop socialism and trust the free market for a better life for all.
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