21 - Insuring Social Security System Solvency

We must immediately begin to insure that the Social Security System remains solvent into the foreseeable future. We must stop playing games by allowing Congress to drain the Social Security Account with transfers to the Government’s General Fund.

We as a nation must adopt a “living within a budget” mentality. It begins with removing, by legislation, any temptation to transfer or borrow funds from the Social Security System. The Social Security Trust Fund must be kept separate from the General Fund.

The government should begin to operate under some type of zero-based budgeting in preparing the overall national budget. Looking fresh each year as to what the government/congress can really afford to appropriate and what it cannot fund. Hard decisions will need to be faced and subsequently made, if we mandate a stoppage the drain of the Social Security Trust Funds for annual operation of government. Isn’t this is what most households must do in order to remain solvent? Why should government be any different than the average household? Live with within our means, is that too much to expect?

I would be in favor of bringing about a steady but significant incremental (perhaps over a 10 or 20 year period) restoration of this financial viability to Social Security Trust Fund. Let’s just right the ship for the proper course. In addition, some of the Social Security Trust Fund could be wisely invested in low-risk mutual funds and other investments to insure higher yields than we are presently receiving.

Those high income retirees who do not “need” Social Security could also have their benefits significantly reduced, taxed or eliminated. For example, some graduated system could be developed that would require persons earning $60,000 or more to be ineligible for Social Security. Perhaps these folks would be eligible for some partial lump sum payment by waiving a portion of benefits to which they otherwise would be entitled.

Other reforms would be a complete review of the disability qualifications, such as increasing the waiting period for disability to 36 months instead of two years. This may also include phasing in disability and building incentives to encourage and reward eventual removal from disability, when a person is able to resume work and/or is vocationally retrained, etc.

Permit a partial privatization of young persons’ social security contribution into some type of private program, with the person choosing his or her investment portfolio. Funds would not be eligible for withdrawal until such time as a person is eligible for Social Security.

Taking immediate steps to begin to financially strengthen Social Security through protecting its funds would make for A Good Choice.

There are only 21 days remaining until Ohio Voters can make A Good Choice on Tuesday, May 2nd in the Democratic Primary Election!