Expanded Social Security | NewAmerica.net
I'm in favor of expanding Social Security a government pension insurance program and thats what it is. This is not a national pension system run by government but an insurance system primarily there for people who otherwise. Wouldn't have any income in their retirement years, this was never designed to be a single payer retirement system that would replace or nationalize the private retirement system. I would also expand Social Security but do it in a way that would empower more Americans to finance. Their own retirements rather then government taking money from them and putting it away for them to give back to them when they retire. The base of Social Security is sound as far as what it does guaranteeing that all Americans will have an income once they retire. The problem is and Social Security is not at fault here is that not enough Americans are able to finance their own retirement and must have. Social Security in order to survive once they retire. We don't have enough Americans who are able to save for their own retirement and put money away while they are still working.
I don't like the idea of single payer retirement for the same reason I don't like the idea of single payer health insurance. Or government running the entire healthcare system all together. That might work well in small countries with small economies like Sweden. But America like France or Germany or Japan are simply different from small countries. Our economies are a lot bigger especially America, Germany and Japan and we are more individualistic as societies and do not expect the Federal Government to do. Everything for us or close to everything for us and we all have societies that are capable of making these decisions for ourselves. And a lot of times it just gets to empowering our people to be able to have the resources to make their own financial and healthcare decisions. National healthcare and health insurance as well as national retirement I guess were the last things to go along with perhaps a. Nationalized banking system that Social-Democrats in America weren't able to accomplish during the. New Deal and Great Society and have been trying to accomplish those things ever since.
What I would do is yes expand Social Security in the short and long term so no American would have to live in poverty in retirement. And get the minimum annual income up to 25-30K$ a year and index that for inflation but long term we need to empower more Americans to be able to finance their own. Retirement and be able to live those years well with their own financial security and have to be dependent on government. And I would do that with something thats called Social Security Plus which would be voluntarily. Every American would be able to increase their own personal payroll tax to lets say up to 8-10% that would be matched by their employer. For self employed people they could increase their payroll tax up to lets say 15% and all of these new taxes would be tax free and tax deductible for. Employers as well as workers up to lets say 100K$ so people could afford to put more money away.
What I would basically do is create a version of what's called personal retirement accounts. But I wouldn't privatize Social Security or partially privatize Social Security, not the base of it or the original. Program but the new addition of it would be privatized that the individuals themselves would run and manage. That all workers low income, middle income and the wealthy would be able to mange themselves. And not be dependent on the Federal Government or Wall Street to manage their pensions for them.