- Position on Protecting Pensions: Steve Porter for Congress -

Summary:
• I will strengthen social security
• I will fight for a portable pension law

 

Full Explanation:

SOCIAL SECURITY AND PENSIONS. Social Security is one of the best programs this nation has ever had. I would not alter it one iota, except to make it stronger by becoming solvent in perpetuity. This can be accomplished simply by removing the earnings cap on the FICA tax and requiring all Americans to pay their fair 6.2% share of income. As it is now, those making more than $94,000 per year pay less than 6.2%—some of them far, far less. Removing the cap would conservatively provide a fund of $25 trillion by the year 2040. The interest alone on this fund would keep Social Security solvent. It would also pay a huge part of the universal HR 676 health bill costs. And if the increased taxes were matched only by those companies (like the oil companies) that could afford it, the gains would be far more.

In addition to making Social Security solvent, I would fight for a portable pension law. It is highly unlikely that young workers will remain with a single company for the entirety of their working lives. The employment trend seems to imply several jobs with several firms over the course of a lifetime. A portable pension system would make the accumulation of retirement income much more logical and much fairer. Changing jobs would no longer mean the loss of retirement benefits.

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