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Social Security Can
And Must Be Saved
by Ken Mahal, NSC President
Originally published on
June 26, 2003 - reprinted with permission
Nevada Seniors Coalition members and friends it is time for you and your friends from all over the US to start a
writing, faxing and telephoning your Senators and Congressmen to tell them to save S.S. our way, the right way.
The United States Government owes Social Security from the best information we have, about $7 Trillion in IOU's.
It is time to pay this back. SS. is not broke it is just sucked dry by our politicians. Also billions are spent on
social programs not originally intended, as part of SS. so don't just blame the cost on seniors.
NEVADA SENIORS COALITION SUGGESTS WE FIX SS. AS FOLLOWS:
● 1. Have the United States issue fifty year Social Security refunding bonds (like war bonds).
● 2. 50 year bonds to be 5% tax free issues. Millions of people including Seniors will fund it.
● 3. Set Social Security up as a Private Investment Trust (PIT) with a Board of Directors
elected by the shareholders, (all retirees and working American citizens.). Each member
would receive a yearly report, vote on the Board of Directors and the investment
philosophy of the PIT just as corporations do now. The monies would be invested only in
the safest federal paper and or index funds that have a forty year performance record. We
as individuals are not to qualified to do the investing but we can do oversight of the
managers and the funds.
● 4. All future deductions for Social Security payments by working people and their employers
would go into the PIT and be invested (Similar to a managed I.R.A. ).
● 5. The investment return expected by shareholders in the PIT should be considered tax free
● 6. Lets assume there is about $7.0 trillion to invest. Make 10 payments of $700.billion. Issue
requests for proposal (RFP) to the soundest financial institutions and determine the best
investment groups to service the PIT funds. This will protect the PIT money, encourage
competition and make for a safer return.
● 7. This programs objective should create in 03 dollars $25,000 plus yearly indexed for inflation
in perpetuity for the average wage earner.
● 8. We believe we should keep the 65 year retirement age, knowing how difficult it is to keep
a job beyond that age. Social Security payments to non deserving persons should be stopped.
● 9. This program would put billions of dollars into our economy and create millions of new jobs.
Many will say this is crazy, there is no money. We say Congress and our Presidents spent it and issued IOU's
and now is the right time to start collecting those IOU's. That way our beloved politicians wont have as much
of our tax payer hard earned dollars to spend on Pork Barrel projects that do nothing for the hard working people
of this nation other than make a blotted government bigger.
WE WANT A SMALLER MORE EFFICIENT GOVERNMENT.