Thaddeus McCotter Unveils Social Security Plan
Second-tier Presidential candidate Thaddeus McCotter introduced legislation Monday that he says will rescue social security from insolvency by saving nearly $9 trillion over the 23 years.
“We would like to allow workers, 50 and under, to start receiving portions of their future benefits to be put into personal investments accounts,” McCotter, a Congressman from Michigan, said during an appearance at the Heritage Foundation.
In a brief overview, Former Reagan administration appointee Peter J. Ferrara, who help create the bill, said the bill would empower each worker with the freedom to choose a contribution to a personal savings and investment account equal to roughly half of the worker’s share of payroll taxes. The investment account contributions are financed by payments each year from general revenues, which in turn are financed by a reduction in government spending.
The plan would not affect those who have already retired or are nearing retirement and each worker is free to choose to stay with the current Social Security program and forego the personal plans entirely.
Rep. McCotter said the current system is unsustainable and expected to reach insolvency as early as 2029. Opposed to raising the benefit age and payroll taxes, McCotter hopes to unite the generations of those already receiving benefits and those who hope to receive them in the future saying younger people would start to see that the system works for them too.
In terms of the program, Rep. McCotter said this plan can not hurt the pocket book of Americans but rather it is meant to grow over time. “If the market completely crashed, you’re still no worse then you were in the first place,” Rep. McCotter said.
Tea Party Underwhelmed By Current GOP Field
TAMPA — Conservatives will be paying particularly close attention to tonight’s Republican debate, the second of three scheduled for this month and the first ever to be co-hosted by the Tea Party.
At a pre-debate luncheon sponsored by the Heritage Foundation, voters listened to analysts explain what candidates must do to win the support of the Tea Party crowd. Most of the 150 or so in attendance raised their hands when CNN’s John King, who moderated the panel discussion, asked them whether they were satisfied with the current field. Moreover, only a handful said they wanted former Vice Presidential nominee Sarah Palin to enter the race.
That would appear to be good news for the current crop of contenders. Except that there are still some out there who question whether the candidates will truly represent the Tea Party’s interests.
For example, ever heard of Agenda 21? Probably not. But ask members of the Sutter Buttes Tea Party based in Yuba City, California. These folks argue that the plan, adopted by 178 nations at the United Nations Conference on Environment and Development (UNCED) back in 1992, is allowing governments worldwide to force “green” lifestyles upon citizens. The issue most recently came up during a townhall event hosted by Sen. John McCain (R-Ariz.), who downplayed concerns over Agenda 21 after being confronted about it. Larry Virga, Coordinator of the Sutter Buttes Tea Party Patriots, told me that even the most conservative of candidates this cycle have not paid enough attention to the issue. He doubted that any of them have even heard about the program.
It’s extremely unlikely that the topic of Agenda 21 will surface either at tonight’s debate or any others that will follow. Candidates will instead be asked about their plans to grow the economy, strengthen America’s safety net programs and manage the nation’s wars abroad. In the end, the vast majority of those who align with the Tea Party will vote for a Republican — whether it’s Rick Perry, Mitt Romney, Michele Bachmann, Sarah Palin or anyone else — against President Obama next year.
But that doesn’t necessarily mean they’ll feel comfortable with their choice.
Larry Calabretta, who made the roughly one-hour trip down I-4 from Orlando, told me today that he doubts whether Republican leaders in Washington “get” the Tea Party. “I don’t know,” he said. “That remains to be seen.”
“Absolutely not,” added Billie Tucker, a leader in the First Coast Tea Party based in Jacksonville, Florida.
When I asked Calabretta about Perry, the presumptive frontrunner who leads the rest of the field according to recent polls, he sounded skeptical.
“I think a lot of [Perry’s success] is media driven,” he said. “Rush [Limbaugh] is right…you listen to what the media is saying and that’s who you want to steer away from.”