In the late 1970s, county employees in Galveston, Tex., made an unusual and risky decision that they thought would help secure their financial future. They took advantage of a federal provision available at the time and opted out of Social Security.Their decision was born out of a fear that the federal entitlement program, designed to keep elderly and disabled Americans out of poverty, might not be around in the future. After careful study, the county employees chose an alternative that allowed them to open personal savings accounts.
Today, Galveston has become a poster child for critics of the Social Security system who say the decision is proof that there is a better way. Among those critics are at least two Republicans in the 2012 presidential race, which in recent days has centered on whether it is better to fix or to replace Social Security.
Texas Gov. Rick Perry has been the most prominent critic of the current system, calling it a “monstrous lie” and a “Ponzi scheme” and, in doing so, taking on one of the nation’s most sacrosanct programs.
October 1, 2011
NOTE: To share or email this 'Specific' article, you must click on the Title of the article.
No comments:
Post a Comment