Social Security Opt-Out Act

Economy
1

Problem: Social Security is expensive and ill-conceived as a means of supporting the elderly. First, as a tax, Social Security takes income by force from those who are not interested in contributing to it. The money that is taken could be invested in bonds, businesses, or saved in gold-backed dollars. The returns would dwarf the current returns from Social Security. Second, Social Security is a program that does not belong in the purview of the Federal Government but only the states (if desired by the voters of that state). Third, Social Security prevents the establishment of a robust network of Charitable Organizations that have been shown to be much more effective at fulfilling the needs of communities

Solution: The Social Security Opt-Out Act

  1. Allow people to contractually opt out of the Social Security system. This means that they will no longer pay into the system nor receive any future benefits from the system

  2. The government will determine the cost of the future benefit and the funds already paid by the individual and pay the individual a discounted sum (tax free) based on this assessment.

  3. As much as possible, Social Security policies and regulations need to be revised to reduce organizational burden , increase innovation, and relinquish regulatory authority to the states.

  4. All individuals entering the workforce after 2025 will no longer be included in the Social Security system

  5. The federal government will not impair the establishment and reinforcement of intermediate institutions that provide charitable care for older Americans

  6. State opt-out. If a state decides to establish a “state-run social security system”, the Federal Government will remand to the state the discounted funds for each covered life.

  7. Dollars will be kept as part of the gold-backed reserve until requested by the individual. The government will be required to keep a margin of gold-backed dollars to cover people who opt out and ongoing outlays for those who don’t.

Benefits:

  1. This will reduce the obligation of the federal government for a service that rightly belongs to the states to administer as they desire

  2. Will allow individuals to opt out of an antiquated and bloated government system

  3. Will increase innovation

  4. Will free up money for people to save at a higher rate of return than is currently given.

  5. Will encourage the reinforcement and establishment of a robust charitable network

3 Likes
2

If you were really free then you could opt out. How can it be in a “free” country that ppl are forced to buy this product?

2 Likes
3

Excellent point. I don’t know a better word than opt-out. Maybe Social Security Exit Act?

1 Like
4

“… Over the land of the free and the home of the brave…”

We declare our freedom from tyranny, but we weren’t promised a “free country”. Nobody promised that I would be free from responsibility or free of the social contract that defines American society.

You and I are free to renounce our citizenship, but if we don’t and we choose to live here, then we are subject to the laws here.

5

I like the idea to have different options. Have different systems that compete with each other. Have the ability to opt out and build one’s own security, safety net, and retirment system.

4 Likes