|Libertarian US Senate Candidate Matt Waters Decries $779 Billion Federal Budget Deficit; Calls for Social Security Reform to Address Entitlement Crisis|
This week, the federal government announced that the federal deficit for the fiscal year ended on September 30 was $779 billion, an increase from $666 billion the year before. The federal budget deficit will substantially increase in the current and future fiscal years, hitting $1 trillion this year or next.
“Even though I support cutting federal spending by abolishing the Departments of Education and Housing and Urban Development, immediately ending all corporate welfare and farm subsidies and reducing defense spending by ending our never ending military involvement in Afghanistan, Iraq, Syria, Yemen and other places around the globe, that won’t be enough to tackle the long-term fiscal problems of the federal government. We have got to reform entitlements (Social Security, Medicare and Medicaid) before federal overspending triggers a debt crisis with dire consequences for the US economy.
“I support a plan to allow younger workers to contribute their portion of Social Security taxes–and that is what they are, not “contributions” to anything–to personal accounts that they own, in exchange for them waiving their right to future Social Security benefits. If structured properly, a plan like this can ease the forthcoming entitlement crisis and provide greater long-term financial security for today’s younger workers.
“The always undiscussed dirty little secret of Social Security is that people have no personal property rights in their future Social Security benefits. Congress decides who gets what with Social Security, and they have taken it away from some unpopular recipients in the past, which might happen again. Regardless, if Social Security doesn’t change, all Social Security recipients will have their benefits cut about 25% in 2034. It is well past time for the future of Social Security to be forthrightly addressed, which Republicans and Democrats appear totally unwilling to do.”