Social Security

By David R. Shock

I support efforts to provide individuals more choice and freedom in planning for retirement. Threfore, I support efforts to allow people to be able to opt out of Social Security and not be forced to pay the 7.5% payroll tax.

I support the Libertarian Party's official position on this matter:

"Politicians in Washington are stealing your future.

Every year, they take 12.4% of your income to prop up their
failed Social Security system - a system that is heading toward
bankruptcy.

If you are an American earning the median income of $31,695
per year, and were given the option of investing that same
amount of money in a stock mutual fund, you would retire a
millionaire - without winning the lottery or a TV game show.

That million dollars would provide you with a retirement income
of over $100,000 per year - about five times what you could
expect from Social Security.

Even a very conservative investment strategy would yield three
times the benefits promised by Social Security.

Libertarians believe you should be able to opt out of Social
Security and invest your money in your own personal retirement
account. An account that you own and control - one that
politicians can't get their hands on.

Republicans and Democrats say it can't be done - that your
Social Security taxes are needed to pay benefits to today's
retirees. Instead of letting you invest in your own future, they
want you to have faith that someone else will pay your benefits
when it comes time for you to retire.

Although most won't admit it publicly, their "solutions" to the
Social Security crises all come down to some combination of tax
increases and benefit cuts.

Libertarians know that there's a better way.

Countries like Chile, Mexico, Britain, and Australia have
successfully made the transition from their failed Social Security
systems to healthy systems based on individual retirement
accounts. In Chile, over 90% of workers have opted out of the
government-run system. It's time America did as well.

The federal government owns assets worth trillions of dollars -
assets that it simply doesn't need to perform its Constitutional
functions. By selling those assets over time, we can keep the
promises that were made to today's retirees, and to those
nearing retirement, while freeing the rest of America from a
failed Social Security system.

Libertarians will introduce and support legislation to give you
that choice, and put you in control of your own retirement
future."