Social Security “Keeps Many of Our Elderly in Poverty”
A New Hampshire House resolution urging Congress “to privatize all aspects of Social Security” was approved by the State-Federal Relations and Veterans Affairs Committee in a 8-6 vote. The infamous Rep. Lynne Blankenbeker explains why.
The initial intent of social security as a survivor benefit plan was certainly noble and laudable. But social security has morphed into a benefit plan that keeps many of our elderly in poverty. … Simple math will tell any logical person there are just not going to be enough taxpayers to sustain the huge number of beneficiaries.
Actually, the projected shortfall in the Social Security Trust Fund can be fixed with “modest changes” to payroll taxes and benefits while privatization would exacerbate it.
And the claim that social security perpetuates poverty is absurd. Without Social Security, according to the latest available Census data (for 2008), 19.8 million more Americans would be poor. But Blankenbeker has at least one fan of her fuzzy math: Congressman Frank Guinta.
Government’s the problem here, ladies and gentlemen. When Social Security was created, you didn’t have the wealth of private sector solutions for lifetime savings that you have today. We have to honor the obligations that have been made to those who are reliant on the federal government - older generations. But future generations should seek different private sector solutions and have personal responsibility start to lead the way. My kids are 6 and 5. They shouldn’t know what Social Security is!
The full House is scheduled to vote on House Concurrent Resolution 39 tomorrow.
