They Think You're Stupid, by Herman Cain: on Social Security

Herman Cain: Congress is in gross denial; system is broken for decades

Herman Cain: Throwing more money at broken system is simply stupid

A number of systems have been offered to save Social Security, including Pres. Bush's proposal to enact an optional system of personal retirement accounts. Instead of working on a solution to the looming Social Security crisis, however, Congress continues to shirk its responsibility to the public by increasing the retirement age and decreasing benefits to future retirees.

Liberals do not want to face the reality that the Social Security structure is insolvent. Congressional liberals view the Social Security payroll tax as another mechanism designed to relieve you of your money and provide you nothing in return. Millions of citizens should question why we keep in place a retirement system that is not funded at the necessary levels.

Herman Cain: Establish optional personal retirement accounts

Three fundamental changes must be made if we are to keep the promise of benefits to our seniors & the soon-to-be-retiring baby boomers while providing more benefit options to future generations. First, we must establish a system of optional personal retirement accounts. Individual citizens--not the federal government--will have the power to decide how a portion of their Social Security contribution is invested. Second, benefits must no longer be reduced based on secondary or supplemental incomes. Third, seniors must be allowed to leave the balance of their personal accounts to their widows, children, and any other heirs they designate.

Herman Cain: Payroll tax is highly regressive

Our so-called progressive system of taxation at the federal level is based on the premise that those who make the highest incomes should pay proportionately the most for the government services that benefit all citizens. Those at the lowest income levels are in fact hit the hardest by our system of taxation. 100% of their wages are subject to the Social Security and Medicare taxes, which are of course automatically withheld from their paychecks. When they retire and begin receiving their monthly Social Security benefits, they are taxed again because our government considers your Social Security benefits income--even though you already earned the money decades ago.