Polling done by Pew just last September showed major support for changing Social Security to an ownership program rather than a government tax and spend program.
Fifty eight percent said they support being able to invest a portion of their Social Security taxes in a personal retirement account. Overwhelmingly, younger Americans want to do this. Seventy percent in ages 18-29 support the idea and 63% in ages 30-49 support it.
In work done by William Shipman and Peter Ferrara last year, reported in the Wall Street Journal, they calculated what a couple, earning incomes at the national average, would have earned if they could have invested their Social Security taxes in a broad index of stocks over their 45 year working lives from 1965 to 2009.
Despite a 37% drop in 2008, they still would have earned 75% more than they would have gotten from Social Security.
Perhaps more importantly, it would have been their money, in their own account, for their own use, or passed on to their own heirs.
What we’re calling a budget crisis is really a government socialism crisis. This is what needs to be addressed if we’re going to have a future.
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