Jackie Miller Independent For Congress We The People Medical Insurance Solutions American Energy Solutions End the Federal Reserve Senior Concerns Doable Economic Solutions

Senior Citizen Concerns

   FIXING SOCIAL SECURITY

Current proposed legislation in Congress (CAP and TRADE & Healthcare) does not address the concerns of senior citizens. In fact, both pieces of legislation are actually detrimental to senior citizens in the areas of income and healthcare. 

Specifically:

JULY 2010

  " It is incumbent on every generation to pay its own debts as it goes. A principle which if acted on would save one-half the wars of the world."--Thomas Jefferson

1.Fact:

The CAP and TRADE legislation will further erode the fixed incomes available from Social Security benefits and IRA's (reference drop in stock market). In reference to the stock market, the TARP (Troubled Asset Relief Program) legislation in effect bailed out Wall Street and the Banks, while doing nothing for Main Street or senior citizens.

  • Note that due to the worsening of the economy, part time jobs are not available to help supplement the loss of IRA values.
  • Inflation will further erode Social Security benefits. (Due in part to trillions of dollars being printed daily, thereby devaluing our dollar at a record rate.)

Solution:

Stabilize the economy by:

  • Scrapping the CAP and TRADE bill and developing an energy policy that allows the use of oil, coal and natural gas, while in the meantime letting industry research and field viable and cost effective alternatives that will allow efficient and self reliance on American energy sources.
  • Set a time table for all industries that received TARP money to repay that money, and if the money is not repayed in that time frame, sell their assets and return the proceeds to the taxpayer.
  • Do not force banks to lend to homebuyers that do not have the ability to pay.
  • Let the free market provide incentives/consequences for success and/or failure.
  • Insist on fair and equitable trade agreements with other countries
    • .

The above solutions are a start to stabilizing the economy so that the current senior citizens and future senior citizens can plan for a retirement and continue to contribute to the American society without fear of being helpless.

2.Fact:

Current health care legislation in both the House and Senate actually removes funding from Medicare while not providing a solution to correct and stop abuses. None of the current legislation addresses Social Security Supplemental Insurance. Growth of the number of senior citizens is also not addressed.

Solution:

  • Scrap all legislation currently in consideration and start from scratch by:
  • 1st., Identify, in detail each problem that requires correction.
  • 2nd., Solve Medicare fraud.
  • 3rd. Implement "frivolous lawsuit" reform.
  • 4th. Mandate that all health insurance policies will be available across all 50 states, with no prior conditions clause. (Allow policy cost differences due to life style, i.e. smoking, obesity, etc., with reasonable Government oversight rules (to be defined in detail).
  • 5th. Ensure that disabled and Veteran health needs are cared for.

Social Security Payments

 

For many years, discussions have revolved around the issue of Social Security going broke in the near future.  It is too late to discuss the fact that the funds contributed by taxpayers have not been deposited into the Social Security Fund, but have been deposited into the General Fund and utilized for other Government purposes, thereby depleting those Social Security funds. Social Security is now insolvent! Congress has been STEALING from Social Security for a long time now. THIS MUST END! It is time to put these funds in a “Lock Box” with the biggest padlock we can find. After we "Eat this bite of the elephant."  AND We Stabalize our Economy , then the next step will be privatization.

 

For decades useless band aids have only kicked the can down the road with this problem. It is unfair to continue raising the retirement age. Below are some figures and a quick fix solution. This along with no longer allowing Congress to get there greedy hands on it will get us back on track. There are other ideas to be sure but, this is easily accomplished and should not hit the brick walls of any controversy if we are to be serious about BRINGING OUR NATIONAL DEBT UNDER CONTROL.

 

Current law requires that tax payer earned income is subject to FICA (Social Security) payment.  The payments are:

 

            7.65%              Employee contribution of earned income up to $106,800 earned.

            7.65%              Employer contribution of earned income up to $106,800 earned.

            15.30%            Self-employed contribution of earned income up to $106,800 earned.

 

First, if Congress is serious and has the courage to perform it's responsibility as stated in Article I, Section 9, Paragraph 7 of the Constitution of the United States, "No Money shall be drawn from the Treasury but in Consequence of Appropriations made by Law; and a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time."   Therefore, a Social Security Account should be established for the sole purpose of FICA Receipts and Disbursements. 

 

Second, what is the magic of the $106,800 limit for contributions?  Why not all earned income?  For example, if earned income of $1,000,000 were subject to the tax, an additional $110,756.80 would be deposited into the Social Security Fund.  The Congressional Budget Office (CBO) is most likely the only Federal group that can determine total additional revenues collected into the Social Security Fund by implementing this policy change.

 

Third, nothing will work unless the Social Security Account is established, as stated above.

 

Note that Medicare is another subject and should be addressed separately.