“Social Security is UNIQUE! It is not a tax, as taxes go to the Treasury for general expenses. Social Security CONTRIBUTIONS, from each individual and their respective employer, are unique, and are placed into the Individual’s unique account. Social Security payments for each individual are placed into the SOCIAL SECURITY TRUST FUND.
“A ‘bank statement’ is provided to each individual of their individual CONTRIBUTIONS and their individual ACCOUNT VALUE. Upon vesting and retirement, payments to the individual are based on their unique account value and contributions.
“Social Security is an individual’s RETIREMENT SAVINGS ACCOUNT.”
The Freedom Party notes that over the years both selected Republicans and Democrats have passed legislation, and the White House has endorsed, wholesale “borrowing” from the Social Security Trust Fund.
If anyone but Congress had taken this money, it would be THEFT and subject to Federal BANK ROBBERY laws. The Freedom Party notes that there is no Congressional or Presidential Accountability for this despicable action. The Freedom Party notes it is sad that all Legislative (House and Senate) and Executive (President) personnel who enacted the theft of the Social Security Trust Fund monies cannot be arrested, tried, and incarcerated.
The Freedom Party also notes that Liberal Elites/Progressive want to rename Social Security to be called a “Government Benefit” and cause certain citizens to “forfeit” their own money deposited into their own accounts. The Freedom Party opposes such action.
The Freedom Party notes that Liberal Elites/Progressives have extended full vesting in Social Security to individuals who have NOT contributed (or their eligible spouse) a penny to Social Security, and/or to extend “survivor benefits” beyond the contributions made by a deceased individual. The Freedom Party opposes such action.
The Freedom Party believes Social Security is UNIQUE and is an Individual Retirement Account. The Freedom Party therefore proposes and supports an immediate collaborative bi-partisan committee in Congress to promulgate the “Social Security Reform Law”:
- Forever deny any future Federal Access to the Social Security Trust Fund.
- Divert an additional 3% annually of all future Annual Gross Federal Tax Income Revenue to restore the Social Security Trust Fund until it becomes fully funded again.
- Calculate all future benefit/ survivor payments based on the respective individual’s actual individual contribution account (or their spouse).
- Establish a “Retirement Age Adjustment” algorithm to be recalculated every 4 years, whereby Social Security will automatically redefine the “full retirement age” as follows: the current life-expectancy is 79 and the current Social Security “full retirement age” is 68, resulting in an “average benefit period” of 9 years. If the life-expectancy in 2020 rises to 80 (i.e., increase by +1), Social Security would automatically redefine the “full retirement age” as 69. Drawing limits before the “full retirement age” would “slide” accordingly.