...Republican presidential candidate Texas Gov. Rick Perry.
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.
Though polls show that Americans are concerned about Social Security’s long-term viability, they remain largely opposed to any of the changes to it proposed in recent years. The idea of creating private accounts proved unpopular when President George W. Bush suggested it in 2005.
Perry has revived the debate and pointed to Galveston’s program as a better approach. In his 2010 book, “Fed Up! Our Fight to Save America From Washington,” he wrote that “employees in those private plans, having exercised their liberty at Washington’s sufferance, are reaping the benefits.”
He isn’t the only White House hopeful to hold up Galveston as a model. In Monday’s Republican debate in Tampa, businessman Herman Cain said that retirees in Galveston are “making
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Resumen: 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.
Guia de Conversacion: El Lider USA le da la bienvenida a tus pensamientos, historias e información relacionada a este articulo. Por favor mantegase dentro del tema y sea respetuosos con los demas miembros.(Se el primero en dejar un comentario)
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