Sen. Jim DeMint (R.-S.C.) has been dubbed by the Students for Saving Social Security as a “rock star of reform,” a senator that exemplifies the steadfast dedication needed by all members of Congress to reform the current, “pay-as-you-go” Social Security system, into a structure that promotes financial independence from the federal government.
The Students for Saving Social Security, better known as S4, a non-partisan grassroots college activist group, hosted a “Big Hill Event” Wednesday for DC interns, featuring “the champion of Social Security reform” himself.
Sen. Jim DeMint addresses need for Personal Retirement Accounts
“Every dollar that [has been] put into Social Security my whole life, has already been spent,” said DeMint. “And unless we change something, every dollar you put into Social Security will be spent before you get to retirement.” Not one penny is saved for future generations, he said.
The Americans for Prosperity Foundation reported, “In about 10 years, Social Security is going to start running a deficit, and by about 2042 — when today’s 30 year olds are hoping to retire — Social Security’s trust fund will be exhausted.”
Reforming the current Social Security system will not be an easy task, and will take a great deal of commitment and perseverance on behalf of both the economic and political spheres of power, as the Americans of the “baby boomer generation” head towards retirement.
The proposed solution to this problem is Personal Retirement Accounts designed to allow Americans to invest their own money into an account that will be available to them in the future when they decide to retire. Individuals would be investing in their own retirement funds.
“…[R]eform means the opportunity to let younger workers start to create large, wealth-building personal retirement accounts,” reports Freedom Works. “That’s not ‘privatization,’ that’s individual ownership.”
When President Bush was asked what he would like his presidency to remembered for, he said that he would like to be thought of as not only a leader who did the right thing in the evil face of terrorism, but also “as the ownership president,” recalled Sen. DeMint. “It [was] a wise thing to say because he knows, as far as being free, and really feeling like you have control over your own destiny, you have to own something.”
“Senator DeMint has been a champion of Social Security reform in the U.S. Senate and he has demonstrated his unwavering commitment to personal retirement accounts by sponsoring legislation, advocating reform and keeping this issue at the forefront,” said a S4 representative.
Advocates of Social Security reform realize a change needs to occur sooner rather than later if a crisis is going to be avoided.
“If nothing is done to improve the system, either payroll taxes are going to have to rise by 50% OR retirees will see their benefits slashed by 30%,” reported the Americans for Prosperity Foundation.
Young Americans across the country need to urge members of Congress to fight to ensure that Social Security is reformed before it is too late.