GARY JOHNSON: Social security is also an issue that comes up. Under the Fair Tax, you won’t pay Social Security anymore as a part of the withholding out of your payroll check. You get your full payroll check. And your employer won’t pay to match to Social Security anymore. The proceeds for the funds from Social Security will come out of the Fair Tax. But Social Security is not cutting Social Security. Very simply, Social Security is a system that needs to take in more money than what it pays out. So to do that, we can raise the retirement age, we can have a means testing that’s very fair, and that would be if you paid in a certain amount of money into Social Security, which in a Fair Tax becomes a non-issue. But of those that have paid to Social Security, here’s what you’ve paid in, here’s what your employer has matched at. A means testing would e ‘Should you be able to get more money back than what you paid in?’, if you’re making a certain amount of money. I think a means testing will be something very fair, and it would save a lot of money when it comes to Social Security. And also change the escalator that’s built-in Social Security on the wage index to the inflation rate.
GARY JOHNSON: Well I think social security has to be reformed. And I think at a minimum the retirement age needs to be raised. I’m talking about privatizing social security or being allowed to self-direct your social security account. I think it needs to be part of the mix.
I would love to have had that when I was a 17-year-old paying into the social security system. By the way today I would still opt for 100%, to be, for me, to be able to self-direct 100% of my social security funds. There also needs to be some means testing going forward, on what gets paid in, what goes, gets paid out.
If we don’t reform all this areas, uh, I think we’re gonna be left with nothing. We have a chance here to take a little bit of medicine, perhaps live on, and I’m talking about the United States of America. But if we don’t address these problems, we might be all left with nothing and that nothing will be a dollar that doesn’t buy us anything tomorrow.
“Social Security is flawed. When it was brought into existence the life expectancy was 55. Benefits started at 65. Now, life expectancy is 75, and benefits start at about the same age. It’s a Ponzi scheme. A combination of benefit reduction and/or privatization are necessary. At least part of Social Security should include private accounts that are counted in your estate.”