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South Carolina U.S. Senate candidate Inez Tenenbaum is desperately trying to paint herself as a moderate. While Tenenbaum can run from her own liberal views, she can’t hide: Tenenbaum agrees with John Kerry that workers should not be allowed invest any part of their Social Security payroll taxes.
Social Security shortchanges taxpayers—workers retiring today can expect a rate of return of only two percent. What’s more, the program will not have even that measly return in the future. Benefits paid will exceed contributions by 2018 as the baby boom generation retires. If we follow the Tenenbaum-Kerry lead and do nothing, payroll taxes will be hiked and benefits will be cut.
The other candidate in the Senate race, Representative Jim DeMint is offering a commonsense solution: workers should be able to put some of their own money into Personal Retirement Accounts (PRAs) that they own and control. The DeMint plan would increase benefits by about 130 percent—providing a better rate of return—while solving Social Security’s massive unfunded liability.
Inez Tenenbaum, why won’t you let workers save for their retirement in PRAs?
For more information, please visit http://www.freedomworks.org/southcarolina/