Let's Get Rid of Social Security - Hardcover

Myers, E. J.

Hardcover

ISBN 10: 1573920150 ISBN 13: 9781573920155

Publisher: Prometheus, 1996

Synopsis

Millions of Americans believe Social Security will be bankrupt by the time they retire; they resent contributing to a system that may never benefit them. Others want to opt out of the system and see to their own retirement needs. The Social Security system has problems . . . but what should we do?"The answer is obvious," says E.J. Myers. "We must get rid of Social Security as we now know it and replace the system with one based on privatization and consolidation." According to Myers's plan, retirees all 80,000,000 Baby Boomers could receive over $5,000 per month at age 65 instead of the $1,138 per month under the current plan. In addition, his plan would keep all benefits for current recipients, and those about to retire, at the same levels they are today. He projects an investment plan designed to cancel the entire debt (over $400 billion to date) the Treasury Department owes the Social Security Trust Funds.

About this title

About the Author

E.J. Myers (Houston, TX) is a businessman and president of Environmental Guardian, a company specializing in bioremediation. He has appeared before the House of Representatives Social Security Sub-Committee to formally present his ideas to Congress.

From the Back Cover

Can the Social Security system be restructured without risking the benefits of current recipients while at the same time controlling for the political sleight-of-hand that has brought the program to the point of collapse? Author E. J. Myers shows just how easily it can be done once America's biggest retirement program is removed from political control and put into the hands of America's workers. His plan to privatize the retirement system in an income-generating investment structure would safeguard the benefits of current retirees and those about to retire while creating a bold new program for younger workers that could secure for them a retirement package beyond anything Social Security could ever promise - just by modifying a federal retirement plan already in place. And all this can be done without altering the current level of Social Security tax or benefits, without forcing the federal government to repay the hundreds of billions of dollars it has "borrowed" from the Social Security Trust Funds, and without forcing future generations to pay for the retirement of their elders while they are saving for their own.

Reviews

Because there is a current surplus in the social security trust fund, the worrisome issue of social security reform has taken a backseat to medicare, medicaid, and welfare in the debate over the balanced budget. Though revenue shortfalls are not anticipated until 2010, demands for an overhaul of the system are already starting to surface. One of the more drastic suggestions is to privatize social security. After documenting social security woes, problems with federal and state retirement plans, and private pension-plan shortcomings, Myers presents his version of privatization, which calls for individual security retirement accounts to be handled and invested by a publicly owned, quasigovernmental entity called the Social Security Investment Banking Corporation, operating much like a mutual fund. Myers is identified as a Houston businessman and, significantly, he credits conservative chairman of the House Ways and Means Committee Bill Archer and his staff for research assistance. David Rouse

Edition details

• Publisher: Prometheus
• Publication date: 1996
• Language: English
• ISBN 10: 1573920150
• ISBN 13: 9781573920155
• Binding: Hardcover
• Edition number: 1
• Number of pages: 273