Ken "Wasko" Waszkiewicz: My Solution for Social Security
Ken "Wasko" Waszkiewicz, the independent candidate running for U.S. Congress in the 4th district of Colorado, offers an interesting solution for Social Security:
Ken Waszkiewicz: My name is Ken "Wasko" Waszkiewicz, and I am the independent candidate running for US Congress in the Fourth District of Colorado. And I want to discuss with you Social Security. And that system may have been a good idea when it first came out in 1935 to assist the elderly, or to assist the poor, to assist the widows that resulted after the war. But in 2010, that system is broken. It is 14.5 trillion dollars of unfunded liability. It's the biggest ponzi scheme of all time. And our government is in charge of it. It went from being a retirement fund to a giant piggy bank for Congress to use to fund wars and pork projects. And whether you believe it will go belly up in five years or 50 years, the fact is it's not a sustainable system. It will break. It is yet another government program that infringes on our freedoms, by making this mandatory contributions.
But what do you do? How do you end this program? You've got people who are just paying into the system. And you've got people who paid into the system their whole lives. And they're about to retire or are retired. What do you do?
Well, this is my solution. For the people 50 and over, you have two options.
a) You can continue to pay into the system and receive any benefits that you get when you retire. Or
b) stop paying into the system. And when you retire, only receive the benefits that you paid into it up to that point when you got out.
For the people 30-50, that's my age group, you have two options:
a) continue to pay into the system, have it taken out of your paycheck and receive any type of benefit when you retire that you might get when you retire.
b) get out of the system. Stop paying into it. And forfeit all the money that they've taken from you to that point. I would gladly do that. Get me out of the system. You can keep all the money that you've taken from me. And you can use it to invest in the people 50 and over, who are about to retire or are retired.
For the people 30 and under, you only have one option. And that's to get out of the system. Stop paying into it. And forfeit all the money that the government has taken from you to that point. You weren't going to get anything when you retired anyway. So you might as well end this system now.
And if you go back to my flat tax idea, I have a video on kenwasko.com that discusses my flat tax. And in there, there's a 30 percent that I allocated for the people to invest in their future. This is a great place for you to invest in your retirement, which could be in a retirement fund that you want to invest in. You may want to invest in your community, because that's how you see your retirement being or going. You might want to invest in your child's future, your child's schooling and stuff like that to... That might be your retirement plan.
The point is that you, the people, get to decide where your money goes and what your future is going to hold. Not some government agency over there 2,000 miles away in Washington. Nobody will take care of you better than yourself. Because it's your life at stake, not theirs.
Lastly, the Social Security number. What do you do with this identification number that we've had. First of all, it's 2010. And a nine digit number is not very secure. We need to look at a universal ID system. Something that uses your fingerprint, or your retina to identify you. Something that you can use to go to the grocery store, go to a DMV, or go anywhere that you need to make a payment. Or identify yourself using this. Not some nine digit number.
My name is Ken "Wasko" Waszkiewicz, and I am the independent candidate running for US Congress in the Fourth District of Colorado. And this is my solution for Social Security.
Comments
9 comments postedSocial Security really is an EASY fix:
1- Do Not allow the gov't to borrow from it's funds and, require the government to pay back what they 'borrowed' by reducing or combining other departments
2- Increase the number of quarters of work/credits required to have retirement benefits, currently you need 40 credits (10 years of work) to qualify for SS. Immediately Raise that to 80 credits or 20 years of work, then eventually move it to 25 and 30 years of work required.
**Retirement benefit calculations are based on your average earnings during a lifetime of work under the Social Security system. For most current and future retirees, SS will average your 35 highest years of earnings. Years in which you have low earnings or no earnings will be counted to bring the total years of earnings up to 35.
3-Raise the FICA cap to $250,000 and increase the % paid into it by 1% a year for 5 years. The U.S. has one of the lowest contribution rates worldwide.
4- End the SS policy of granting 'the larger of' or the 'greater of...' this is pervasive throughout SS policy. EX: a spouse who may have had a low or moderate income can claim benefits of a higher earning spouse, thus taking money out of the fund that was never 'earned'. This kind of 'higher of, larger of, greater of ' should be eliminated.
5- Eliminate the government 'pension' plan, or at the very least stop adding, people, and move all workers to the SS plan.
6-Finally, just a few thoughts...
A---for the first time in our history...we are not, that's right NOT seeing the U.S. population live longer, in fact, we are starting to see a decline. Probably due to diet and lack of exercise of any kind.
B---Raising the retirement age past 62 or 66 may be the worst thing we could do to improve the economy. In fact, it may very well be more cost effective to make the retirement age 60 or 62 in order to get millions of Americans to retire and thus get millions of Americans back to work.
C---Social Security is a social insurance program that is funded through dedicated payroll taxes called Federal Insurance Contributions Act (FICA).
Social Security is currently estimated to keep roughly 40% of all Americans age 65 or older out of poverty.
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