Reforming Social Security to guarantee benefits into the future
David Pan offers a solution to a problem that no politicians want to face
Social Security’s coming insolvency is something that no politicians want to address, but this avoidance of the problem is only going to make things worse. I have a plan for reforming Social Security that does not raise taxes, does not cut benefits, does not raise the retirement age, and will reduce our national debt over the long term. It will guarantee current benefit levels for all retirees as well as anyone age 37 and over by changing the system for those under 37.
My plan is to lower the retirement age to 21 by establishing a uniform benefit of $16,000 per year for every individual for life. Because the level of this benefit does not go up, the government will save money overall. Those 37 and older can choose to remain with their existing Social Security benefit plan, or they can voluntarily choose to switch to receiving $16,000 per year for the rest of their lives in the new plan. Those retirees who currently do not receive Social Security benefits could start receiving the $16,000 per year. Those who receive more than that can still stay with their existing Social Security and Medicare benefits.
Young people should save some or all of their benefits in order to have a comfortable retirement. This plan offers them freedom but also the responsibility to save for their retirement.
The plan does not create new spending. Instead, it phases out our entire welfare and entitlement system, which currently costs over $4 trillion a year. Once we have made the decision to eliminate these programs, it is just a question of how to distribute this money back to the people. I believe that the most effective way to do this is by dividing it up equally, which provides what amounts to a universal tax credit of $16,000 per year. My first priorities are to reduce the size and scope of government in order to reduce taxes. Under my plan, we can make these changes and still save $800 billion per year over the long term.
If you want to preserve current Social Security benefits for retirees and provide a better future for our young people, please donate $5 to support my campaign at DavidPanforCongress.com.
