Issue Position: Reform Social Security
Our younger generation has legitimate concerns regarding social insecurity. They realize they are paying for today's seniors' lifestyle (even though seniors contributed to social security) because numerous politicians permitted the squandering of these funds. There are some simple changes that could be made to extend the viability of the present program.
* Increasing the FICA tax to all earned income would diminish the desirability of entrepreneurs and small businesses to take risks in starting new ventures, which are the major source of job growth.
* A personal account would prevent government sources from accessing that small portion, and therefore, it could grow substantially over time through compounded interest.
* Additionally, previous experience indicates that the growth obtained in personal funds reduces the overall withdrawal from the pooled amount thus increasing its' longevity.