Steve Forbes on Social Security

	Steve Forbes on Social Security 2000 Republican Primary Candidate for President

Endorsed increased retirement age; then attacked Bush for it

When the first debate in 1999 was scheduled in Manchester, New Hampshire, one reporter characterized it as "Get-the-Governor" night. Forbes attacked Bush for too small a tax cut and for supporting gradually increasing the age which retirees could receive their maximum Social Security benefits. Bush responded by reading an editorial by Forbes endorsing such an increase. Source: Courage and Consequence, by Karl Rove, p.139 , Mar 9, 2010

Raising retirement age betrays promise to American retirees

The retirement age has already been raised from 65 to 67. That’s a betrayal. Now what are they going to raise it to? 70? 75? That’s not fair to the people. They were made a promise, and it should be kept. We should have a real debate on getting a new system, where we take it out of the hands of Washington politicians. And if you want to retire at 65, or 85, you can. Put it in your hands. Have your Social Security taxes, the vast majority, go to your own retirement account Source: New Hampshire GOP Debates , Dec 3, 1999

Details of Personal Retirement Accounts

You would be free to choose to stay in the current system, or invest part of your Social Security payroll taxes in your own account
You would own this account-not the government
Married couples would share benefits equally. In case of divorce, they would already be yours
A small portion of your money would go to purchase your own private disability insurance and life insurance
You would be free to choose which investment company to use
You would be free to choose which investment options you prefer from a menu of sound fiscal choices
You would receive a periodic printed statement detailing the performance in your account
You would be free to choose your own retirement age
The assets you build up in your account would not be subject to federal income tax
Undergirding the system would be the assurance that the federal government would guarantee you a minimum benefit. A safety net is absolutely essential.

Source: “A New Birth of Freedom,” p. 107-8 , Nov 9, 1999

Investing Trust Fund in stocks is a government power grab

There are plenty of misguided ideas out there. Some want government bureaucrats to invest your money in the stock market without your having any say whatsoever. But a government takeover of the stock market is not the way to save Social Security. In fact, it’s the most blatant big government power grab since the Clinton health care plan of 1994, which would have forced all of us into government-run HMOs. So that’s a non-starter. Source: “A New Birth of Freedom,” p. 101 , Nov 9, 1999

5 step plan: Lockbox, PRA’s, start now

We must fully protect the current Social Security system for those on it and those going on it in the next 10 to 15 years
Stop taxing senior’s benefits and end the Social Security earnings penalty
Use the Social Security surplus to help phase in a new Social Security system of personal retirement accounts for younger workers
Stop Washington from raiding the Trust Fund by taking it off-budget

Start right away, while we still have time. Source: “A New Birth of Freedom,” p. 103 , Nov 9, 1999

Stop taxing seniors’ benefits & income

Up to 85% of the benefits seniors from Social Security can be taxed. If seniors want to continue working to earn additional income, their Social Security benefits may be reduced dramatically. Why are we letting Washington tax the very benefits seniors have worked a lifetime to accumulate? It’s crazy. More than that, it’s immoral. Such taxes should be abolished. It’s time we started honoring and valuing the enormous contribution seniors make to our families, our communities, and our economy. Source: “A New Birth of Freedom,” p. 104 , Nov 9, 1999

Use surplus to fund personal retirement accounts

Forbes wants changes in Social Security, with any surplus used to start a new system of personal savings accounts, or personal retirement accounts. He wants to take money in the Social Security trust fund “off-budget” so that Congress could not use it for any other purpose. Forbes also advocates greater use of medical savings accounts that would allow people to set money aside for future care. Source: Associated Press on 2000 presidential race , Aug 13, 1999

Take Trust Fund off-budget

Forbes will take the Social Security Trust Fund off-budget to stop politicians from wasting your money. He will veto tax increases and benefits cuts. Source: forbes2000.com , Jul 2, 1999

Young taxpayers can invest in Personal Retirement Accounts

As President, Forbes will protect the current system for those on it and those going on it in the next 10 to 15 years. That means no tax increases and no benefit cuts. Steve will also phase in a new system in which young people would be free to choose to invest their payroll taxes in their own Personal Retirement Account, similar to an IRA or a 401(k) plan. This will allow you to take your retirement security out of the hands of the Washington politicians, and invest in the real American economy. Source: www.forbes2000.com “Economic Security” , May 21, 1999

Supports individuals privately investing 75% of SSI taxes

[Forbes outlined] his plan to rescue Social Security funds from politicians “who want to put their paws on it.” Forbes evoked the same bears-to-honey imagery he used [earlier]. Americans, he said, should be able to invest up to three-fourths of their Social Security taxes in private accounts, out of the reach of politicians in Congress. “We should show some compassion,” he said. “Don’t tempt these creatures.” Source: Speech to Des Moines (IA) Chamber of Commerce , Jun 12, 1998

Click here for 2 older quotations from Steve Forbes on Social Security. Click here for definitions & background information on Social Security. Click here for VoteMatch responses by Steve Forbes. Click here for AmericansElect.org quiz by Steve Forbes. Click here for MyOcracy.org quiz by Steve Forbes. Click here for a Wikipedia profile of Steve Forbes. Click here for a Ballotpedia profile of Steve Forbes.
*Other candidates on Social Security:*	*Steve Forbes on other issues:*
*Former Presidents/Veeps:* George W. Bush (R,2001-2009) V.P.Dick Cheney Bill Clinton (D,1993-2001) V.P.Al Gore George Bush Sr. (R,1989-1993) Ronald Reagan (R,1981-1989) Jimmy Carter (D,1977-1981) Gerald Ford (R,1974-1977) Richard Nixon (R,1969-1974) Lyndon Johnson (D,1963-1969) John F. Kennedy (D,1961-1963) Dwight Eisenhower (R,1953-1961) Harry_S_TrumanHarry S Truman(D,1945-1953) *Religious Leaders:* New Testament Old Testament Pope Francis *Political Thinkers:* Noam Chomsky Milton Friedman Arianna Huffington Rush Limbaugh Tea Party Ayn Rand Secy.Robert Reich Joe Scarborough Gov.Jesse Ventura	Abortion Budget/Economy Civil Rights Corporations Crime Drugs Education Energy/Oil Environment Families/Children Foreign Policy Free Trade Govt. Reform Gun Control Health Care Homeland Security Immigration Infrastructure/Technology Jobs Principles/Values Social Security Tax Reform War/Iraq/Mideast Welfare/Poverty

Page last updated: Oct 28, 2021