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June 23, 2005

The DeMint Proposal - Stop the Raid on Social Security Act

How It Works:

1. Saves the surplus in voluntary personal accounts – the only true lockbox
2. Invests funds in government bonds initially
3. Stops the raid on the surplus – no more secret spending
4. Provides 100% current benefits
5. No payroll tax increases

What It Accomplishes:

• First step toward permanent solution
• Ends Congress’ free lunch – forces government to recognize future obligations
• Makes immediate down payment on long-term reform

Just The Facts:

• Prevents Congress from raiding over $792 billion between 2006 and 2016
• Rebates 2.2% of taxable earnings in 2006, allowing medium-earners ($35,000/year) to save over $770
• Invests in government bonds initially; offers other options later
• Combines account and traditional benefits to meet current promises
• Reduces Social Security’s long-term liabilities by $2.4 trillion

Posted by Andrew Roth at June 23, 2005 10:32 AM | Print

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