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Social Security: Time for a 'New' New Deal?

published September 13, 2011

By Author - LawCrossing
Published By
( 1 vote, average: 2.1 out of 5)
What do you think about this article? Rate it using the stars above and let us know what you think in the comments below.
09/13/11

However, with a host of catastrophes coloring the economic, legal, financial and moral facets of the nation, including the credit and mortgage crises, the federal budgetary quagmire, not to mention institutions as well established as the U.S. postal service facing possible bankruptcy, along with the fact that it's projected after 2015, what's paid out in social security benefits will exceed what's taken in, the general consensus among many is they're unlikely to receive a dime.


In a recent op-ed piece at bloomberg.com, entitled ''Richest Americans Can Help Fix Social Security'', penned by Perry Golkin, an attorney and Advisory partner with New York based Kohlberg Kravis Roberts & Co, and lecturer, teacher, writer and thought leader, offered up a solution to this thorny and controversial problem.

In theory, his solution is quite simple: Golkin calls on the wealthy to forego social security benefits, with the addition of a single line item on a tax return.

And in fact, perhaps the idea is so simple, it's brilliant. Golkin believes the concept could work for several reasons, and that the benefits - no pun intended - would be vast.

First, he believes most people feel it's the right thing to do to take care of those less fortunate, and cites informal polling of his many affluent friends as being in support of the notion. However, he underscores the fact that it would have to be voluntary, rather than mandatory, to forego the benefits. Making it voluntary, Golkin believes, would actually help the idea take root, and proliferate, versus a directive coming from the top down.

The benefits, other than the obvious financial ones, would be intrinsic; perhaps a balance might be struck, so to speak, among the classes. Golkin refers to the action helping to diminish rage against the rich; perhaps this Pollyanna type outcome is a bit too much to hope for, but it's certainly a concept well worth its salt. In addition, the action may well give the country a much needed morale boost in the midst of so much turmoil, and who knows where that might lead?

So, putting pencil to paper: Golkin estimates a voluntary program could yield $1 trillion over the course of thirty years. Here's his math, per the bloomberg.com article: ''If 1 million of the rich waive their Social Security benefits for one year, the annual reduction in payments, net of taxes, would be at least $20 billion. If this occurred each year for the next 30 years, the trust fund would have $600 billion. If the funds were held for 30 years and earned 3.5 percent annually over this period, the interest earned would result in an additional $400 billion. A total of $1 trillion of cash would be available for the next generation if we had the discipline to wait 30 years.'' Oh, and those benefits, for the cynics out there, would be deposited into trust funds and given to future generations of retirees, so as not to be displaced, by fair means or foul, by the government, or anyone else.

In some ways, Golkin's concept is one that Americans have known, and understood, and lived, and embraced, over and over again, in times of strife; Americans have given to 'the cause', whatever causes the decades have brought, including wars on terrorism, famine relief and disaster recovery; one only need to consider the outpouring of support for 9/11, Haiti, and New Orleans, to name a few. Golkin has - refreshingly - much faith in Americans. He believes they'll do the right thing, and that their love of their children and grandchildren surpasses all else, and that those who can step up to the plate, will.

Hear hear. Perhaps it's time this 'new' New Deal saw the light of day.

published September 13, 2011

By Author - LawCrossing
( 1 vote, average: 2.1 out of 5)
What do you think about this article? Rate it using the stars above and let us know what you think in the comments below.

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