Social Security is running out of money at an unsustainable pace and younger generations, rightfully feel cheated and believe their contributions support older generations without the same benefit accruing to them for their retirement. In fact, half of all Millennials are convinced that “..they will not get a dime of the Social Security benefits they have earned..”.
People perceive their social contribution as an asset they own while in reality it is used immediately by the Federal Government to support current retirees and the general fund. Because of the reasons listed below, the Social Security trust fund will not be able to cover its commitments. Projections show that, by 2035, only 79% of benefits will be covered and will continue to decline from then onwards.
Four factors drive the deterioration in Social Security:
- Retirees: 57 million now to 76 million in 2035.
- Payouts: Payout at age 62 when life expectancy has increased to 79 years.
- Abortion: 61M babies aborted in the last 35 years, means birthrates are below the population replacement level. Abortion is a loss of $150B in annual Social Security contributions.
- China: 11M jobs exported to China is a loss of $61B in annual Social Security contributions.
The Social Security crisis has been long in the making, with politicians continuing to kick the can down the road for the sake of political expediency. Continuing to evade fixing the social security issue is a reprehensible governance failure affecting both retirees and young working adults. The insecurity about old age provision is an unwarranted source of anxiety.
Rather than pursuing the obvious and unacceptable solution of increasing taxes and reducing the already meager Social Security benefits, Jim would support fundamental systemic improvements:
- Gradually Increase the Benefits Access Age.
- 47% of people on Social Security are younger than 65; the intent was never to support people still well able to work.
- Stop Abuse of the Social Security Disability Fund.
- A significant issue according to the Heritage Foundation.
- Economic Growth.
- Create a vibrant, growing economy which specifically supports young mothers to not be compelled to consider abortion.
- Tariff imports from China to level the playing field with American manufacturing that has to comply with America laws for wages, insurance, workplace safety, and air/water standards. Result will be onshoring of American manufacturing & increase in wages.
- Universal Savings Accounts.
- Option for every worker to enjoy the benefit from investment in the US economy while also creating a tangible, inheritable asset for their children, instead of the government-controlled trust fund model.
Jim is a strong advocate for growing the economy with minimum government interference as the preferred way to build a more prosperous society. A strong economy will enable families to support more children, longer participation before retirement will add rather than subtract from the economy, independent control of retirement investment drives ownership and less government control will eliminate abuse. Balancing the playing field with China through tariffs at source can fix the problem without raising taxes or reducing benefits.
If you wish to live in a more prosperous society, with minimal government interference, you must vote for Jim Lamon as the next “get stuff done” Senator for Arizona.