web analytics
April 24, 2014 / 24 Nisan, 5774
At a Glance
InDepth
Sponsored Post
Spa 1.2 Combining Modern Living in Traditional Jerusalem

A unique and prestigious residential project in now being built in Mekor Haim Street in Jerusalem.



Home » InDepth » Op-Eds »

Social Security: It’s Our Money


Share Button

“People need money in their pockets to spend. That’ll get our economy going again.”

– David Axelrod, senior adviser to President Obama Drastic situations require drastic measures. Thus, to reach Axelrod’s necessary goal, we need to end Social Security as we know it.

President Franklin Roosevelt, in his statement on signing the 1935 Social Security Act, said, “It is, in short, a law that will take care of human needs and at the same time provide for the United States an economic structure of vastly greater soundness.”

Almost three-quarters of a century later, the human needs of many Social Security recipients have indeed been met.

But who is to say that the financial status of millions more recipients would not have been better served had they been permitted to invest, save or spend hundreds of thousands of their own hard-earned tax dollars over their 40- or 50-year working careers – instead of the federal government forcing them to deposit 6.2 percent of their taxable earnings into a frozen savings account at an interest rate set by Uncle Sam?

In simple terms, why can our nation’s workers freely spend their income on legalized gambling sprees but are barred from shopping around for the highest possible return on an investment made from a portion of their salary?

And taking into account the current monetary meltdown and other difficult economic periods since 1935, is anyone convinced this landmark legislation has provided for the United States “an economic structure of vastly greater soundness”?

The economic constancy for which Roosevelt endeavored and Americans hunger can be achieved with a simple, radical overhaul of the well-intended — but essentially socialist — Social Security system.

It is time to make Social Security contributions optional. This – in contrast to President Bush’s $600-per-individual tax rebate check and the roughly $13-per-week addition to the average paycheck mandated by the recently enacted so-called stimulus bill — will permit the American consumer to acquire the purchasing power needed to spend or save his or her money for the creation of sustainable, long-term, robust economic growth.

The guiding principle behind this major policy shift would be the granting to American workers the inalienable right to determine their own financial present and future. After all, since the present economic calamity was largely caused by government incompetence, corporate greed and corrupt lending practices, shouldn’t hardworking Americans finally get the chance to show that their financial acumen is superior to that of the very people responsible for this sick economy?

Think of the cumulative gains to be reaped by all interested parties as a result of this long-overdue return of capital to its rightful owners — America’s assiduous Social Security contributors.

How much capital would resurface in the pockets of American workers? An individual (or a family) earning a relatively modest $70,000 a year who opts out of contributing to Social Security would net, at a 6.2 percent income savings, $4,340 per year.

Imagine how many more jobs would be created — through the added assets reaped by businesses from their savings of the matching 6.2 percent-per-individual contributions they contribute to the retirement system – to meet increased consumer demand following an expected spike in consumer spending. (And that spike would be even greater if the monetary intake were tax-free.)

Imagine the decrease in government outlays for unemployment insurance and food stamp payouts, and local governments’ increased income- and sales-tax revenue, which would permit them to cut their budget deficits (thus sparing future generations from footing the bill).

Imagine banks loosening credit as more Americans have stable jobs and more cash on hand and for down payments on purchases of new cars and large household appliances – purchases now on hold due to lack of funds.

And imagine the increased self-worth felt by millions of currently unemployed workers, newly able to provide for their families and thus enjoy a more settled home life.

Now that’s real economic (and psychological) stimulus.

Critics will argue that permitting taxpayers to tap into their accrued Social Security accounts will further weaken a system already struggling to remain solvent. To be sure, additional resources for the continuance of monthly payments to current recipients would be needed to offset the withdrawn funds. Where would these supplementary monies come from?

Share Button

About the Author: Eli Chomsky is a copy editor and staff writer for The Jewish Press. He can be reached at eliris18@aol.com.


If you don't see your comment after publishing it, refresh the page.

Our comments section is intended for meaningful responses and debates in a civilized manner. We ask that you respect the fact that we are a religious Jewish website and avoid inappropriate language at all cost.

No Responses to “Social Security: It’s Our Money”

Comments are closed.

SocialTwist Tell-a-Friend

Current Top Story
Will Starbucks hire Boycott Movement officials when they find themselves out of work?
Starbucks-SodaStream Link Would Help Destroy BDS
Latest Indepth Stories
Students in Israel get computers to assist in their schoolwork.

Day schools can have boys and girls participate in the same online class but they don’t meet or interact in “real time.”

Richard Falk, FORMER  United Nations Human Rights Council’s Rapporteur on the Palestinian Territories.

Jews so hostile to their own people they’ve spun out into the orbit of rabid anti-Israeli and pro-Islamic radicalism.

Breaking the Fw:Fw:Fw Chain

Rav Pam said we must realize that God has no pleasure from such negative speech.

NIF support for BDS groups, writes Black, also included acting as a “go between for other donors….

Brandeis, which had to have known about her record of criticism of Islam, pulled the honor after pressure from a Muslim advocacy group and a number of faculty members and students.

Wherever I was invited around the world, I always met with people and let them know that I wanted to hear great stories.

R. Hadaya strongly argues in favor of establishing a festive day in commemoration of the establishment of the state of Israel.

The Palestinian Authority has jailed more than 350 Arabs for “security” reasons in just 2014.

Since Torah is the great equalizer, the great reconciler of divergent but valid opinions, this is also the place where common ground is reached.

Some American Jews feel their community has been hijacked from within by groups waging war against Israel seemingly in the name of the Jewish people.

Jerusalem only seems important in the Islamic world when non-Muslims control or capture the city.

Jordan’s king is adding fuel to the fire on the Temple Mount, blaming Israel for violence by Muslim Arab rioters.

At Brandeis, much of what counts as Western civilization got cold feet and won’t stand with Hirsi Ali.

But the lesson from this meditation is that hidden behind the anti-semitic act is the greatest light.

More Articles from Eli Chomsky
Menachem Begin

Do Israelis believe it’s OK for political aspirants to say whatever they feel is necessary to gain power?

Front-Page-101912

Despite public surveys that show the general public largely opposed to negative campaigning, the overwhelming majority of candidates in contested races have refined this strategy almost to an art form.

Yeshiva University men’s basketball coach Jonathan Halpert now has his signature on the school’s men’s basketball court. The Coach Jonathan Halpert Scholarship Fund, an endowment to be awarded annually to children of YU alumni living in Israel wishing to study at the university, now bears his name. Later this year Halpert, who earned his high […]

Regarding the positive Torah commandment to pray, Rambam writes, “This commandment obligates each person to offer supplication and prayer every day and utter praises of the Holy One, blessed be He; then petition for all his needs with requests and supplications; and finally, give praise and thanks to God for the goodness that He has bestowed upon him – each one according to his own ability” (Mishneh Torah 1:2).

President Obama would have better reflected American values in Cairo recently had he spoken with blunt honesty regarding recent Middle East history. Here’s the speech he might have delivered:

Remembering Rebbetzin Lillian Chomsky On Her First Yahrzeit

“People need money in their pockets to spend. That’ll get our economy going again.” — David Axelrod, senior adviser to President Obama
Drastic situations require drastic measures. Thus, to reach Axelrod’s necessary goal, we need to end Social Security as we know it.

Here is the campaign speech I wish John McCain or Barack Obama would deliver:
If I were a typical, hardworking wage earner uninvolved in the full-time practice of government and

    Latest Poll

    Now that Kerry's "Peace Talks" are apparently over, are you...?







    View Results

    Loading ... Loading ...

Printed from: http://www.jewishpress.com/indepth/opinions/social-security-its-our-money/2009/04/01/

Scan this QR code to visit this page online: