Social Security is America’s contract with retirees; a special fund that distributes payments to those who no longer work and are above a predetermined retirement age. It is paid for by taxes on wages and is supposedly the reward for paying into the system during an entire wage earning life. However, recent changes in the economy and shifting demographics could possibly break the system. The ratio of existing workers to retirees has been skewed in such a way that there are not enough tax payers to support the increasing number of retirees. The future of the system is in question; it was created in a time when most women didn’t work, life expectancy was less, and the average household produced more children than there were parents. America has had a Social Security program since 1935 when Franklin Delano Roosevelt created it, and it has barely changed since. Money from wage earning tax payers is collected and distributed to retirees as an acknowledgement for paying into the system for so long and to prevent the elderly from possibly becoming destitute. There have been, however, conflicting opinions on the issue in Washington, DC. For example, Texas Representative Ron Paul wants it abolished to allow people to privately invest and save their own money without government intrusion. Presently, one has no choice in whether or not they pay into the system; if you earn a wage, money is automatically and procedurally withdrawn. Presidential Candidate Mitt Romney has taken the stance that Social Security, while perceived as being broken, can be saved. He sees that it has existed for seventy seven years for a reason, and wishes to see that it continues to work. He has previously stated that;
"Our nominee has to be someone who isn't committed to abolishing Social Security, but who is committed to saving Social Security. We have always had, at the heart of our party, a recognition that we want to care for those in need, and our seniors have the need of Social Security. I will make sure that we keep the program and we make it financially secure. We save Social Security. And under no circumstances would I ever say by any measure it's a failure. It is working for millions of Americans, and I'll keep it working for millions of Americans. And we've got to do that as a party."(http://2012election.procon.org/view.source.election.php?sourceID=11142)
Romney knows that Social Security, with its record of helping seniors, is worth saving. However, it can not endure long term in its present form. He is also keenly aware that seniors make up a very sizeable portion of the voting block and he needs their support in order to attain the presidency. He would not do well to advocate for the removal of a system which directly benefits such a large voting population. He also wants to see Social Security reformed in a way that does not endanger the national budget. On the issue of Social Security’s cost, Romney has said the following;
“You may say we should just raise everybody's taxes. Do you know what the tax rate would have to be — to be able to honor the promises of Social Security, Medicare and Medicaid — if we just raise taxes and leave the programs as they are? Right now, those programs combined take a payroll tax out of your earnings of 15.3 percent. That would have to rise to 44 percent. We're not gonna do that.” (http://www.factcheck.org/2011/08/romneys-run-in-on-social-security/)
In compliance with his personal values and the positions of the Republican Party, Mitt Romney refuses to let the government and its programs become a leach on the wallet of the American people. As such, he is resolved to keeping Social Security from becoming a burden on America, and will attempt to reform the program as efficiently as possible. Although he has not been overly specific in how he will attempt to reform the system, he has mentioned further raising the retirement age and has specified that anyone presently over fifty five years of age will not be affected.
Romney believes in fixing Social Security, while Obama has proposed no reform. Who is Mr. Obama hoping to help?
President Barack Obama admits that the ratio of retirees to tax payers is dangerously skewed, does not acknowledge it as an immediate crisis. He has previously stated that; “So here's the thing. Social Security is not in crisis. What is happening is, is that the population is getting older, which means we've got more retirees per worker than we used to. We're going to have to make some modest adjustments in order to strengthen it.” (http://2012election.procon.org/view.source.election.php?sourceID=11134)
Mitt Romney recognizes that Social Security can only function in its current form when the ratio of tax payers to retirees is high. Therefore, Mitt Romney’s stance on the issue, that it needs efficient reform in order to continue to function, is more factual and a positive approach in addressing the ballooning national debt. Romney is committed to reducing the deficit and reforming Social Security is one of the ways he proposes to do so. Therefore, Mitt Romney’s position on Social Security is more comprehensive than Obama’s.
MITT ROMNEY - SOCIAL SECURITY
Social Security is America’s contract with retirees; a special fund that distributes payments to those who no longer work and are above a predetermined retirement age. It is paid for by taxes on wages and is supposedly the reward for paying into the system during an entire wage earning life. However, recent changes in the economy and shifting demographics could possibly break the system. The ratio of existing workers to retirees has been skewed in such a way that there are not enough tax payers to support the increasing number of retirees. The future of the system is in question; it was created in a time when most women didn’t work, life expectancy was less, and the average household produced more children than there were parents.
America has had a Social Security program since 1935 when Franklin Delano Roosevelt created it, and it has barely changed since. Money from wage earning tax payers is collected and distributed to retirees as an acknowledgement for paying into the system for so long and to prevent the elderly from possibly becoming destitute. There have been, however, conflicting opinions on the issue in Washington, DC. For example, Texas Representative Ron Paul wants it abolished to allow people to privately invest and save their own money without government intrusion. Presently, one has no choice in whether or not they pay into the system; if you earn a wage, money is automatically and procedurally withdrawn.
Presidential Candidate Mitt Romney has taken the stance that Social Security, while perceived as being broken, can be saved. He sees that it has existed for seventy seven years for a reason, and wishes to see that it continues to work. He has previously stated that;
"Our nominee has to be someone who isn't committed to abolishing Social Security, but who is committed to saving Social Security. We have always had, at the heart of our party, a recognition that we want to care for those in need, and our seniors have the need of Social Security. I will make sure that we keep the program and we make it financially secure. We save Social Security. And under no circumstances would I ever say by any measure it's a failure. It is working for millions of Americans, and I'll keep it working for millions of Americans. And we've got to do that as a party."(http://2012election.procon.org/view.source.election.php?sourceID=11142)
Romney knows that Social Security, with its record of helping seniors, is worth saving. However, it can not endure long term in its present form. He is also keenly aware that seniors make up a very sizeable portion of the voting block and he needs their support in order to attain the presidency. He would not do well to advocate for the removal of a system which directly benefits such a large voting population. He also wants to see Social Security reformed in a way that does not endanger the national budget. On the issue of Social Security’s cost, Romney has said the following;
“You may say we should just raise everybody's taxes. Do you know what the tax rate would have to be — to be able to honor the promises of Social Security, Medicare and Medicaid — if we just raise taxes and leave the programs as they are? Right now, those programs combined take a payroll tax out of your earnings of 15.3 percent. That would have to rise to 44 percent. We're not gonna do that.” (http://www.factcheck.org/2011/08/romneys-run-in-on-social-security/)
In compliance with his personal values and the positions of the Republican Party, Mitt Romney refuses to let the government and its programs become a leach on the wallet of the American people. As such, he is resolved to keeping Social Security from becoming a burden on America, and will attempt to reform the program as efficiently as possible. Although he has not been overly specific in how he will attempt to reform the system, he has mentioned further raising the retirement age and has specified that anyone presently over fifty five years of age will not be affected.
Romney believes in fixing Social Security, while Obama has proposed no reform. Who is Mr. Obama hoping to help?
President Barack Obama admits that the ratio of retirees to tax payers is dangerously skewed, does not acknowledge it as an immediate crisis. He has previously stated that;
“So here's the thing. Social Security is not in crisis. What is happening is, is that the population is getting older, which means we've got more retirees per worker than we used to. We're going to have to make some modest adjustments in order to strengthen it.” (http://2012election.procon.org/view.source.election.php?sourceID=11134)
Mitt Romney recognizes that Social Security can only function in its current form when the ratio of tax payers to retirees is high. Therefore, Mitt Romney’s stance on the issue, that it needs efficient reform in order to continue to function, is more factual and a positive approach in addressing the ballooning national debt. Romney is committed to reducing the deficit and reforming Social Security is one of the ways he proposes to do so. Therefore, Mitt Romney’s position on Social Security is more comprehensive than Obama’s.
Bibliography
Kiely, Eugene. "Romney's Run-in on Social Security." FactCheck.org. N.p., n.d. Web. 02 Oct. 2012. <http://www.factcheck.org/2011/08/romneys-run-in-on-social-security/>.
"Mitt Romney (R) - 2012 Presidential Election - ProCon.org." Mitt Romney (R) - 2012 Presidential Election - ProCon.org. N.p., n.d. Web. 04 Oct. 2012. <http://2012election.procon.org/view.source.election.php?sourceID=11142>.
"Barack Obama (D) - 2012 Presidential Election - ProCon.org." Barack Obama (D) - 2012 Presidential Election - ProCon.org. N.p., n.d. Web. 15 Oct. 2012. http://2012election.procon.org/view.source.election.php?sourceID=11134.