Want to Reform Social Security? Stop Spending.

Congressman Ron Paul writes:

"Social Security reform promises to be the biggest domestic issue this year in Washington, but most of the proposals are nothing more than flim-flam. The only honest solution to the future insolvency of the program is for Congress to stop spending so much money. Unless Congress makes real cuts in spending -- and stops spending Social Security taxes on completely unrelated programs -- millions of Americans simply will not receive even a fraction of the money they paid into Social Security. Ignore the rhetoric about tax increases and cuts in benefits, as though you are to blame for the problem! All Social Security obligations could be met if Congress did not spend so much on other things...

"Notice that neither political party proposes letting people opt out of Social Security, which exposes the lie that your contributions are set aside and saved...

"The truth, of course, is that your contributions are not put aside. Social Security is simply a tax. Like all taxes, the money collected is spent immediately as general revenues to fund the federal government. The Social Security trust fund does not exist... Social Security benefits are paid each year from general funds, like other federal programs... Allowing people to opt out of Social Security would force the federal government to admit it has been stealing money from Social Security for decades...

"If the administration truly wants to give people more control over their retirement dollars, why not simply reduce payroll taxes and let them keep their own money to invest privately as they see fit? This is the true private solution...

"Your money has never been safe in the government’s hands, and it never will be. Governments spend money; it’s just their nature. It is preposterous to believe our government is capable of simply sitting on a huge pile of money without touching it because it’s earmarked for one purpose or another. No matter what politicians promise, Social Security reform will not change the fact that your money is taken from your paycheck and sent to Washington, where it will be spent..."

Want to Reform Social Security? Stop Spending.