Part of our core mission? Exposing the Left's blatant hypocrisy. Help us continue the fight and support the 2024 Year-End Campaign now.

July 28, 2014

Give Low Income Americans Exit Option From Social Security

America is supposed to be the land of the free and the home of the brave. But as we become bogged down in our many problems, I see, unfortunately, a mentality in which we are becoming increasingly a nation of the unfree – the victim – and the timid, in how we’re approaching these challenges. Ohio Republican Senator Rob Portman wrote a column this week drawing attention to the latest dire projections from the Congressional Budget Office. CBO projects the nation sinking deeper and deeper into an ocean of red ink.

America is supposed to be the land of the free and the home of the brave.

But as we become bogged down in our many problems, I see, unfortunately, a mentality in which we are becoming increasingly a nation of the unfree – the victim – and the timid, in how we’re approaching these challenges.

Ohio Republican Senator Rob Portman wrote a column this week drawing attention to the latest dire projections from the Congressional Budget Office.

CBO projects the nation sinking deeper and deeper into an ocean of red ink.

Under a business-as-usual scenario, the Senator notes, we’ll pile on another $10 trillion of debt over the next decade and another $100 trillion in the following two decades.

On the spending side, “after averaging 20 percent of the economy over the past 50 years, spending is projected to jump to 23 percent, 29 percent, and then 34 percent of the economy over the next three decades…”

At the center of the problem, the Senator continues, driving this out-of-control spending and borrowing fiscal Titanic are entitlements – “Social Security, health entitlements, and the resulting interest costs on the swelling national debt.”

This is a time for action. But we are not getting action, and the proposals we are hearing typify more the land of the unfree and the home of the timid.

When Social Security was enacted in the 1930’s it seemed like a good idea. Everyone working would pay a small tax and those revenues could be used to pay a retirement stipend to retirees.

But then there were 45 Americans working for every retiree. Because of longer life spans and shrinking families, this ratio is down to three to one today.

This makes it impossible for this system to work. CBO projects that in 20 years there will be no funds to pay one third of the benefits of retirees.

Among Senator Portman’s proposals are to raise the retirement age and to means test – meaning to reduce benefits of higher income earners.

But why, in the land of the free, should government tell us when we can retire? And if the wealthier pay taxes but don’t collect benefits, Social Security becomes just another big national welfare program.

I have been a long time supporter of changing the whole system, turning Social Security into a retirement savings program. Instead of paying a tax and getting a government benefit in the future, just let everyone invest those funds in their own personal retirement account.

My organization, CURE, is now floating an idea that would help transition into this type of reform. We’re calling it the 30/30 plan.

Give every working American 30 years old or younger, earning $30,000/year or less, the option to stop paying payroll taxes and use all those funds to invest in a personal retirement account.

Not only would this begin to unwind a hopelessly broken Social Security system, but also it would start building an ownership society in the parts of our country where the welfare state has done and is doing the most damage – among low income Americans.

The stock market is surging today, but little benefit accrues to low-income earners. According to a Pew Research survey, 80 percent of households earning $75,000/year or more own stocks, but in households earning $30,000 or less, only 15 percent do.

Average savings in retirement accounts in white households is $115,990. In black households, it is $17,620.

The 30/30 plan starts to solve our Social Security crisis and also starts building ownership and wealth in low-income households.

This is a time to return to the first principles of our free society, to re-embrace those principles, and move forward with courage and faith.

The 30/30 plan is an approach worthy of the land of the free and the home of the brave.

Who We Are

The Patriot Post is a highly acclaimed weekday digest of news analysis, policy and opinion written from the heartland — as opposed to the MSM’s ubiquitous Beltway echo chambers — for grassroots leaders nationwide. More

What We Offer

On the Web

We provide solid conservative perspective on the most important issues, including analysis, opinion columns, headline summaries, memes, cartoons and much more.

Via Email

Choose our full-length Digest or our quick-reading Snapshot for a summary of important news. We also offer Cartoons & Memes on Monday and Alexander’s column on Wednesday.

Our Mission

The Patriot Post is steadfast in our mission to extend the endowment of Liberty to the next generation by advocating for individual rights and responsibilities, supporting the restoration of constitutional limits on government and the judiciary, and promoting free enterprise, national defense and traditional American values. We are a rock-solid conservative touchstone for the expanding ranks of grassroots Americans Patriots from all walks of life. Our mission and operation budgets are not financed by any political or special interest groups, and to protect our editorial integrity, we accept no advertising. We are sustained solely by you. Please support The Patriot Fund today!


The Patriot Post and Patriot Foundation Trust, in keeping with our Military Mission of Service to our uniformed service members and veterans, are proud to support and promote the National Medal of Honor Heritage Center, the Congressional Medal of Honor Society, both the Honoring the Sacrifice and Warrior Freedom Service Dogs aiding wounded veterans, the Tunnel to Towers Foundation, the National Veterans Entrepreneurship Program, the Folds of Honor outreach, and Officer Christian Fellowship, the Air University Foundation, and Naval War College Foundation, and the Naval Aviation Museum Foundation. "Greater love has no one than this, to lay down one's life for his friends." (John 15:13)

★ PUBLIUS ★

“Our cause is noble; it is the cause of mankind!” —George Washington

Please join us in prayer for our nation — that righteous leaders would rise and prevail and we would be united as Americans. Pray also for the protection of our Military Patriots, Veterans, First Responders, and their families. Please lift up your Patriot team and our mission to support and defend our Republic's Founding Principle of Liberty, that the fires of freedom would be ignited in the hearts and minds of our countrymen.

The Patriot Post is protected speech, as enumerated in the First Amendment and enforced by the Second Amendment of the Constitution of the United States of America, in accordance with the endowed and unalienable Rights of All Mankind.

Copyright © 2024 The Patriot Post. All Rights Reserved.

The Patriot Post does not support Internet Explorer. We recommend installing the latest version of Microsoft Edge, Mozilla Firefox, or Google Chrome.