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Ron Paul on Social Security

Social Security is a social insurance program officially called "Old-Age, Survivors, and Disability Insurance" (OASDI), in reference to its three components. It is primarily funded through a dedicated payroll tax. The debate over social security is largely in how and who will control these accounts. The candidates offer many prescriptions which run the spectrum between private and public control of social security.

The issues

Ron Paul strongly opposes privatizing social security through personal Social Security accounts

"Under my bill, HR 219, your Social Security contributions are set aside in an interest-bearing account and cannot be spent. In other words, your Social Security account would be treated as your account and not a slush fund for Congress."

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We've all heard proposals for "privatizing" the Social Security system. The best private solution, of course, is simply to allow the American people to keep more of their paychecks and invest for retirement as they see fit. But putting Social Security funds into government-approved investments could have dangerous consequences.

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Ron Paul strongly opposes raising the earnings cap on Social Security, which is currently $102,000

If the administration truly wants to give people more control over their retirement dollars, why not simply reduce payroll taxes and let them keep their own money to invest privately as they see fit? This is the true private solution.

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