Monday, February 28, 2005

Yet Another Social Security Plan

The Author is again providing another Social Security Plan as previously promised. The background must be drawn first. The fiction of a Social Security Trust Fund is a fiction, as long as the General Revenue Budget spends the money; the Special Bonds become only I.O.U.s from Taxpayers to Taxpayers, if the money is spent. Future funds will have to be raised by taxation or borrowing to repay those Special Bonds. Only Politicians gain benefit from this fiction. Fund revenues must be separated from the General Revenue Budget, and invested; else, the funding of Senior retirement will remain at flat Zero. Private Accounts are supposed to generate a real residual amount of funds, with which a Retiree can pay retirement expenses; the problem here comes from Republican desire to fund Private Accounts with Deficit spending to replace lost revenues.

A previous Proposal suggested the Social Security Fund should purchase the Federal Reserve system with the outstanding Special Bonds plus all Unfunded Liabilities the General Revenue Budget is destined to incur from the Social Security system in the future. The least measure would be to deposit Social Security Fund revenues with Federal Reserve Banks, who must assure adequate investment of the Funds in something other than Treasuries. It cures nothing to cancel Taypayer liabilities with generation of further Taxpayer liabilities.

Private Accounts could work only in one manner, if and only if, certain conditions are set. The Conditions will not be liked:

1) a One-Size Fits All monthly Benefit is introduced, where Everyone draws the Same; no matter how much they pay in.
2) Private Accounts will be solely Medical Accounts which will pay Medicare Co-Payments.
3) Private Accounts are funded by a One percent increase in FICA taxation.
4) Medicare transforms into a Event Co-Payment system, with a $50 per Doctor/Clinic visit, $50 per Proscription fill, and $100 per Day Hospital Co-Pay. The Social Security Administration will establish it's own Bankruptcy Court for Seniors, who attest inability to Co-Pay, while all Co-Payments will be withdrawn from monthly SS benefits in full, unless there is sufficient funds within the Private Medical Account.

The One-Size monthly Benefit will be more expensive in the Short-term, but cheaper in the Long-term as Wages continue to increase. Taxpayers who pay more in FICA taxes will have their added Contributions eaten up with medical costs, but will have a larger Private Medical Account to defray Medicare Co-Payments. The One Percent FICA tax increase will stabilize the SS system, lengthen the Period of Time where taxation still covers Benefits, helps build the Surpluses on deposit with the Federal Reserve, and rapidly builds Private Medical Accounts. Deposit of Funds with the Federal Reserve for investment stops Politicians from spending all attempts to fund Pensions. lgl

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