WASHINGTON — Americans for Tax Reform President Grover Norquist marked with mixed emotions the 100th “Social Security Fact of the Day.” On the one hand, a wealth of data and arguments have been accumulated which argue that younger workers get a raw deal from today’s Social Security structure. On the other hand, in all that time, Congressional Democrats still have not come up with a plan.
“Social Security Fact of the Day” has covered such varied topics as the rate of return for younger workers, how different gender and racial demographics are affected by the system, and what tax increases would mean for younger workers.
“No one can argue that there isn’t an overwhelming sea of evidence that younger workers are cheated out of a secure retirement by Social Security as it currently stands,” said Norquist. “I hope that “Fact of the Day” has provided valuable ammunition for proponents of reform, and will continue to do so into the debate this Fall.”
Social Security is projected to run out of money in 12 years and go bankrupt by the time today’s younger workers retire. The system itself has a shortfall of about $40,000 for every man, woman, and child alive today. Each year, that debt grows by over $2000. Younger workers receive less than a 1% rate of return on the Social Security taxes they pay, even if one assumes all promised benefits can be met. If personal accounts are not enacted, younger workers will face a 50% tax increase to pay promised benefits.
“After 100 days of facts, Congressional Democrat leaders still have no plan, and may not after ‘Fact of the Day’ marks its 1000th entry,” continued Norquist. “Why are they content to let younger workers pay for a retirement system that is not going to be there for them when they need it? Large personal accounts that younger workers own and control are the only means to make sure that they have a retirement nest egg they can call their own.”