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There are challenges facing our Social Security system. But there is a solution.
The first thing you have to understand is that Social Security and Medicare have to be fixed. This book tells you how we fix these programs—how we take back control of our retirement income and take it away from the politicians in Washington.
Presently, the federal government takes 7.65 percent of every worker’s paycheck. This is called your F.I.C.A. tax. It shows up on your pay check stub. The tax pays for present retirement benefits and hospital (Medicare) benefits for current retirees. Americans must convert this tax into a personal retirement and health savings account for every worker. This personal account will allow workers to own and control their future.
Freedom occurs when a people are able to make decisions for themselves. Converting a tax into savings will greatly further Americans’ freedom and independence. If our present Social Security and Medicare systems continue, the increased tax burden will enslave our children and grandchildren. The federal government will take more of their income and will likely distribute less retirement and medical benefits.
We are at a critical stage in American history. Do we continue our gradual descent to a society where federal politicians and bureaucrats make most decisions? Or do we empower Americans to become free and independent? Because of the looming financial crisis, now is the time to
initiate major change. It will require fiscal discipline and political courage.
And discipline and political courage will only occur when demanded by the citizens of the United States.
Changing an institution like Social Security is slow work—like turning one of those giant tankers out in the ocean. The experts tell us that the earlier we act, the less painful the transition will be. Some of
these experts serve on the independent and bi-partisan Social Security Advisory Board, whose members are appointed by the President and Congress. The Advisory Board’s July 2001 report stated, “As time goes by, the size of the Social Security problem grows, and the choices available
to fix it become more limited.”
This book will document the financial problems with Social Security and Medicare. It will analyze the benefits of personal accounts. It will show how personal accounts will create an enormous benefit to our national economy. And finally, it will ask you to take action.
We need to modernize the system. If we don’t, adequate benefits will not be there for the next generation. When you discover this, hopefully you will join the campaign to remake Social Security into a program that’s far better then the one we have now.