David Redick on Social Security

Republican Senate Challenger

Trust fund is deceptive--we're really on pay-as-you-go now

SS payments are `invested' by law in non-marketable US bonds, and the government spends the money right away. Thus there is no meaningful `trust fund', just another debt (about $26 trillion !!), which is treated as a non-budget item in government accounting (deceptive hiding?). We are in fact on a pay-as-you go plan, with payments from workers going directly to retirees. A private (corporate) pension plan with such rules would be considered a rip-off & fraud, yet we are required by law to join SS Source: Campaign website, www.redick2006.com Jun 25, 2006

Privatizing should be option if over 40; obligatory if under

Q: Should we privatize Social Security?

A: Yes, as an option to staying on present system if over 40 years old. Younger must privatize in phases, but retain partial got coverage to the extent paid-in.

Source: Email interview with OnTheIssues.org Mar 6, 2006

Allow opting out of Social Security system partly or fully

Dave's Social Security solution give workers an option to; 1) Put half of their current payments into personal accounts (owned by them) as investments or an annuity, 2) Quit the plan entirely, or 3) Stay with the current plan. As a transition, Social Security taxes and benefits would be adjusted to put it on a fully-funded pay-as-you-go basis. President Bush's `Ownership Society' is a step in the right direction. Source: Campaign website, www.redick2006.com, "Issues" Feb 22, 2006

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