No financial replenishment figure can be known, since no one can say with any certainty how many contributors would opt out of the current system of forced contributions. But here are two proposals to raise the required assets:
Temporarily suspend foreign deficit repayment. The U.S. international deficit in goods and services in 2008 stood at a staggering $677.1 billion. It should be impressed upon America’s trading partners (beginning with our largest lender, China) that when the American economy recovers through greater consumer spending, the world’s economic infrastructure will be that much healthier as a result.
The billions saved from this suspension will simultaneously spur that necessary spending and greatly assist the Social Security Administration as it continues to pay current recipients.
Rescind the earmarks. The estimated $8-10 billion being spent for the 9,000 earmarks (politicians’ newest deceitful term for old-fashioned pork barrel spending) in Washington’s latest $410 billion omnibus spending binge would be better spent on continuing to pay current Social Security recipients.
For their part, those in the midst of home foreclosure proceedings who opt out of contributing to Social Security would be required to first pay off their mortgage debt with their newfound cash. This would quicken the pace of personal financial solvency and permit them to join others in jolting the economy via greater consumer spending. It would also help banking and lending institutions to loosen the tight credit markets currently dominating America’s financial sector.
The same obligation and benefit would apply to credit card debt, hopefully leading to equally positive financial results.
Finally, those opting out would be allowed to reenter Social Security at any time and have their assets unfrozen from the time they opted out.
It is time for the course of our economic future to be determined by “We the People.” The way to accomplish this is through total access — if we so choose, and for as long as we wish — to our hard-earned money.
All our hard-earned money.