In these troubled economic times, there’s been a stronger movement towards privatizing Social Security than I can recall seeing before. The most talked about proposal involves people aged 55 and younger being able to invest money instead of being roped into whatever Uncle Sam wants to pay out. Now, there’s legislation making a move towards privatization of social security:
House Republicans on Friday introduced legislation that would allow workers to partially opt out of Social Security immediately, and fully opt out after 15 years.
Rep. Pete Sessions (R-Texas), who chairs the National Republican Congressional Committee, and several other Republicans introduced the Savings Account for Every American (SAFE) Act. Under the bill, workers would immediately have 6.2 percent of their wages sent to a “SAFE” account each year.
That would take the place of the 6.2 percent the workers now contributed to Social Security.
Another 6.2% is sent to Social Security by employers. Under the Sessions bill, employers would continue to make this matching contribution to Social Security, but after 15 years, employers could also send that amount to the employee’s SAFE account.
Now, I’m still not thrilled about the idea of taking people’s money “for their own good”, which is all either Social Security or these new proposal really are. However, if it’s going to happen anyways, I’d rather have an opportunity to have some kind of say in the matter and possibly create an even better cushion. Not everyone seems to think that’s such a good idea (predictable):
On Wednesday, House Republicans selected their leaders for the 112th Congress, including giving incoming freshman members a seat at the leadership table. Below is a list of those elected to the more prominent positions:
- Speaker of the House: Rep. John Boehner (OH)
- Majority Leader: Rep. Eric Cantor (VA)
- Majority Whip: Rep. Kevin McCarthy (CA)
- Republican Conference Chair: Rep. Jeb Hensarling (TX)
- Republican Conference Vice-Chair: Rep. Cathy McMorris Rodgers (WA)
- NRCC Chair: Rep. Pete Sessions (TX)
- Republican Policy Committee Chair: Rep. Tom Price (GA)
- Republican Conference Secretary: Rep. John Carter (TX)
- Freshman Elected Leadership Representative: Kristi Noem (SD)
- Freshman Elected Leadership Representative: Tim Scott (SC)
- Freshman Class President: Austin Scott (GA)
I’m glad to see my new Congressman, Austin Scott, already getting some notoriety after defeating Rep. Jim Marshall a couple of weeks ago. Watch him, guy, he’ll be a good one.