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Alan Keyes on Social Security
Republican challenger for IL Senate; previously Candidate for President
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Keep promises but give future choice
Two principles must govern any reform of Social Security: (1) promises must be kept, and (2) future generations must have more choice, as well as a higher return on their savings, through market investments. We must keep the promises that have been made
to current participants of the system, while returning control of current earnings and future security to each individual citizen.I strongly support a fundamentally new approach for younger workers, placing them in control of the investments made with
their savings dollars. The elimination of the income tax will make tax-privileged "retirement" accounts irrelevant-all savings will be tax free. So while I favor the transitional policy of replacing Social Security with individually-controlled tax-free
investment accounts, the ultimate solution to the problem of long-term and retirement savings is to return responsibility for this crucial function to the citizens of the country, along with the freedom necessary to accomplish it.
Source: Campaign website www.Keyes2004.com, "Issues"
Sep 9, 2004
Supports privatization & Lock-box
Keyes supports the following principles regarding Social Security:- Allow workers to invest a portion of their payroll tax in private accounts which they manage themselves, or which are managed by private firms contracted
by the government.
- Invest a portion of Social Security’s assets collectively in stocks and bonds instead of US Treasury securities
- Support a lock box measure, limiting Congress’s ability to spend Social Security and Medicare surpluses.
Source: Vote-Smart.org 2000 NPAT
Jan 13, 2000
Keep our promises on Social Security benefits, guaranteed
For many years, my slogan on Social Security has been simple and clear. We’ve got to keep the promises we’ve made, because folks who have paid into the system in good faith
ought to be able to expect that they will get the benefits that they have been promised. And we ought to guarantee that, even if we have to pay for it out of general revenue.
Source: Arizona Republican Primary Debate
Nov 21, 1999
Let people who earn their money invest their own money
We’ve got to keep the promises we’ve made. But to make [Social Security] solvent, we have to stop making promises we can’t keep. We can’t keep the promise that the government is going to manage money that people earn over the course of their lifetimes
better than the people who earn that money. We go out and work for it, we make the sacrifices, we have the sense to support ourselves, then we ought to be trusted to invest that money in ways that will produce the best return for us and our family.
Source: Arizona Republican Primary Debate
Nov 21, 1999