William Larsen

Mark Souder's Position on Social Security

Mark Souder spoke to Prime Time 39 on 3-12-2004 and referred to Social Security as a "shell game." He stated, "For people under 30 its probably going to be income based. I am not saying we're going to pass that. It will probably be passed after I am dead." He continued "If you're 40, you might make it through the system. But if you're under 40, and certainly under 30, you had better start planning because if you want to have a decent retirement you’re going to need supplemental funds."

Mark supports Social Security Savings Accounts. Tax-free savings is an oxymoron. We have a $7 Trillion national debt and ran a $639 Billion deficit in 2003. This is no different than you borrowing money to pay for retirement. Tax credits reduce federal income taxes; increasing the deficit.

How do workers save when 90 to 100% of their potential savings is taken from them in the form of FICA taxes?

When a person says “We Earned it!” what exactly do they mean?

To me, this phrase is a righteous euphemism for making the more truthful statement: "We were snookered by this Social Security Ponzi scheme, and now we are going to snooker the next generation!"

If Social Security benefits have been "earned" who is obligated to pay benefits to those who "earned" them? Workers? On a regressive tax basis? Why? Why perpetuate a fraud upon the innocent? Who is responsible for bearing the burden of a fraud? The person defrauded? Or an innocent or unborn child?

There is no painless solution. This problem has been created over the course of 69 years with no end in sight. I propose we repeal the Social Security Act pertaining to Old Age Benefits. The Social Security Disability program would remain. My plan would allow the worker to keep both the employee and employer's portion of the SS-OASI tax amounting to a total of 10.6%

You can read my plan with cash flow analysis at http://www.justsayno.50megs.com/pdf/larsen_plan.pdf

posted by William Larsen @ 3:46 PM