I support Personal Social Security Savings Plans.   Social Security is 28% of total federal taxes and 215% of the spending. When Social Security was enacted in 1935 it was one cent on the dollar for both employer and employee.  Ten years later, there was a huge surplus. The government gave it to Ethiopia, causing a deficit, and SS was raised to approximately eight cents on the dollar. Several years later they again had a huge surplus. That was given to another 3rd world country. After this occurring numerous times SS was eventually raised to fourteen cents on the dollar. It never recovered.

Social Security funds will run out in 2024. In the year 2018 it will begin to run a deficit. (“American Solution” was used for part of this research.)

African Americans get the worst of this deal. Social security demographics reflect the average life expectancy of a black male to be 62 years. You can’t draw full Social Security benefits until 65.

Both spouses often pay into the system but the surviving spouse can only draw on one, hers or his, whichever is greater. This is nothing more than another tax. It is our money, not theirs.

Modernization of the Social Security system through Personal Social Security Savings Plans would increase take home pay and present opportunities to save and reinvest.

If any one group has more to gain from Personal Social Security Savings Plans it is the African American, with Hispanic Americans following close behind. Only 5% of Hispanic Americans are over 65 while that figure is 12% for the general population.

Because people assume Social Security will meet their needs for retirement, they do not save. Social Security reduces national savings by 40%, this in turns reduces the national wealth by 40%. This loss of savings reduces the Gross National Product by 5% each year.

I support HR 332 prohibiting illegal aliens from receiving Social Security.