RE: Concerns of Michael Jones about Younger Workers

[Javier Jimenez <jimenj@yahoo.com>]

>>>>> PANELIST: Senator Judd Gregg  wrote:
In the year 2040, the system would promise them a monthly benefit
of $752 -- but only $536 of that can be funded.  There is no way
of knowing how much future Americans would have chosen to cut
benefits, or to raise taxes.  The individual would be assured of
a benefit likely higher than $536, but we cannot say how much.
<<<<<
Although you respond to my question below, I will still pose it for the other panelists: why should workers continue to depend on the whim of future politicians and taxpayers for their "guaranteed" benefits?  In my lifetime, future taxpayers will not be willing to pay the unfunded liabilities of SS, and the young workers of today, myself included, will end up with a big ZIP for benefits.

>>>>> PANELIST: Senator Judd Gregg  wrote:
Political:  Although I, like you, would like to see more of the
system moved to a funded basis, this does not currently enjoy
widespread political support.  Even getting to 2% would require a
confluence of political factors, including the active involvement
of the President, which do not now exist.  You can see on this
forum the widespread divergences of opinion.  Congressmen Nadler
and Pomeroy oppose funding personal accounts with payroll taxes,
even 2%.
<<<<<
I like your honest response, and like to commend you for your active role in support of the young workers.  Solving the ss long-term problem includes not only solving the shortfall of funds that will occur in the near future, but also the imbalance in rates of return, the lack of ownership of workers contributions, and the political nature of the system that have caused an imbalanced expansion, for political gain,  of the system to the berge of backruptcy.  As we have experienced, politicians used SS as a tool to gain political power, this has to stop.  Empower workers by giving them control over their contributions and their retirement.

Thank you, Senator Gregg, for your work on our behalf.