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Pat Buchanan on Social Security
2000 Reform Candidate for President
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Everest of debt puts Social Security benefits at risk
With the first wave of baby boomers reaching eligibility for full Social Security benefits in 2011, and the entire boomer generation moving onto the rolls by 2029, an Everest of debt will become visible to the world. What are the risks of the exploding
US public debt?Chinese, Japanese, and Persian Gulf governments and sovereign wealth funds will come to suspect, as some already do, that they are holding U.S. paper on which America will one day default or cheapen by inflation.
As their fears rise, our creditors will either stop buying and start selling U.S. debt or demand a higher rate of interest commensurate with their rising risk.
The Fed will have to raise rates to attract borrowers, and this increase in rates will push the economy into recession. Once the vicious cycle begins, interest on the U.S. debt will become the largest item in the federal budget.
Source: Suicide of a Superpower, by Pat Buchanan, p. 26
, Oct 18, 2011
Address solvency first, before adding new programs
Q: How would you save Social Security? A: Before you add anything to it, we ought to make it solvent. That means way out, 50 years into the future, and there’s got to be some bullets that have to be bitten there. And before you add drugs or prescription
drugs, we’ve got to make sure that [Medicare] is solvent way out into the future, like Social Security. Than you and I can argue about whether we should add something new, or not add something new.
Source: Interview on MSNBC’s “Equal Time”
, Nov 2, 1999
Option for private investment, with public fall-back
[There should be] an option to privatize part of Social Security, as long as the individual is willing to take the risk, especially for younger people. You [need to have] some kind of fall back, because quite frankly, [for the situation where] some
guy goes out and says, look, I blew it all. You know what the government’s going to do. Well, we’ll take care of you. Some provision in there you ought to be taking a look.
Source: Interview on MSNBC’s “Equal Time”
, Nov 2, 1999
Let people who work past 65 collect benefits
Q: Would you raise the retirement age?
A: I’m open to [the idea of raising it]. But the idea that people are told when you’re 65, the only way you get Social Security when you’ve invested for 45 years, is if you quit work-that’s outrageous! If a fellow
wants to keep working all his life, he should get his Social Security; if he retired he should get his Social Security. Why do we punish folks who, at 65 and 66, in their prime, and they want to keep working?
Source: Interview on MSNBC’s “Equal Time”
, Nov 2, 1999
Put Medicare taxes into personal insurance accounts
[We should] allow workers to save and invest their Medicare taxes in personal investment or insurance accounts to provide for health care after they retire. Government bureaucracy will not ration their benefits and a third-party will not manage their
care. Instead, this less costly, privately controlled, competition-driven alternative will empower seniors to make their own health care decisions and support our American ideals of free choice, free markets, and the sanctity of each and every human life
Source: www.GoPatGo.org/ “Issues: Medicare”
, Jun 12, 1999
Medicare: no socialized system; no expansion
America’s seniors have already made their sacrifices. As our 39 million elderly citizens enter the twilight of their lives, we must keep faith with them by maximizing choice of coverage and quality of care. Medicare must be redesigned, but herding
seniors into a socialized system dominated by HMOs and brokered by a Big Business, Big Government partnership is not the answer. Neither is the irrational proposal to massively expand a program already on life-support.
Source: www.GoPatGo.org/ “Issues: Medicare”
, Jun 12, 1999
Abolish Congressional pensions; put them on Social Security
Congressional pensions will be eliminated. Retired and current members of the House and Senate may keep their pensions, but payments will be frozen, and there will be no future cost of living increases. As of 2000, congressmen will not be allowed into
the pension system. They will go on Social Security and can use their personal savings, like everyone else, for their retirement.
Source: www.GoPatGo.org/ “Issues: Congressional Reform”
, Jun 12, 1999
Page last updated: Oct 01, 2016