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How to save Social Security!

The first step to saving the Social Security System is to make changes so Congress can no longer spend the Social Security Surplus. The way to do this is to declare the system to be what it in fact is, a defined benefit pension plan.

When we declare the system to be a pension plan which, under our pension laws, must be prudently invested for the exclusive benefit of current and future beneficiaries of the system. We take the Social Security Revenues and Expenses completely out of the Federal Budget.

This action will result in the creation of an actual Social Security Trust Fund which will then invest the Social Security Funds.

When we move control, of the money, away from Congress. A number of changes will have to be made to the current system. These changes need to include the following.

1. The contributions to the system need to be collected by the states, and paid directly to the Social Security Pension Fund. The states already have the computer systems in place to collect these funds because they collect and account for unemployment benefits.

2. The Social Security System must be converted to a corporate entity in the same way the Post Office was changed to a corporation. This corporation would have the responsibility to invest the trust funds and pay out benefits.

3. After the Social Security system is changed so that Congress can no longer spend the money. Congress must direct that a portion of the government owned properties held by our government (such as closed military bases) be sold and the proceeds be paid into the trust. The sale of these assets is needed to remove the Social Security liability from the Federal Books and make up for the money which Congress has been spending instead of investing.

Once there are actual assets being invested at a reasonable rate of return on the invested assets. We will see the power of compound interest working to generate earnings which can then be used to pay for future benefits. A reasonable rate of return on the invested assets will go a long way to solve the funding problems of the system.

We must make these changes soon, or it will be to late.

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