Campaign Position: Fixing Social Security, Protecting Seniors, Avoiding Debt
Robert Beers, candidate for South Carolina’s 1st Congressional District, is unveiling a comprehensive, debt-neutral plan to reform Social Security — no benefit cuts, no new debt. This plan safeguards retirement for today's and tomorrow’s seniors.
⚠️ The Problem
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Trust Fund Depletion by 2033: OASI alone will run dry by 2033 and full OASDI by 2034—triggering ~20–23% automatic benefit cuts time.com+14marketwatch.com+14wsj.com+14.
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Growing Insolvency Gap: 3.82% of taxable payroll deficit over 75 years (~$26 trillion PV) en.wikipedia.org+5crfb.org+5crfb.org+5.
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Demographic Pressure: Worker-to-retiree ratio dropped from 16:1 (1950) to 2.7:1, projected 2.3:1 by 2035 marketwatch.com.
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Stagnating Life vs. Benefit Growth: Life expectancy up ~20 years; benefits lagging inflation in health care.
🛠️ Beers’ Solutions (All Debt-Neutral)
1. Revenue Reforms (Fully Self-Funded)
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Eliminate Payroll Tax Cap ($168,600+): Apply 12.4% tax on all earnings—accounts for ~61% of shortfall reuters.com+5en.wikipedia.org+5en.wikipedia.org+5.
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Capital Gains Tax: 12.4% on profits over $1M—raised ~0.4% workforce—boosts solvency an additional decade.
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Payroll Tax Increase: Phase-in 1–2% over 20 years—closes approx. 38% of 75-year gap ($600B/10 yrs) en.wikipedia.orgen.wikipedia.org+3pgpf.org+3ssa.gov+3.
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Include Health Premiums: Tax top-tier employer-sponsored health plans adds another $550B over 10 years .
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Cover Local Govt. Employees: Bring 25% exempt state/local workers into the program—~$189B over 10 years pgpf.org.
2. Fair Benefit Adjustments
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Progressive Formula: Slightly reduce payouts for top 20% earners to preserve 85% (vs. 90%) of pre-retirement income—saves ~$740B by 2050.
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Raise Retirement Age to 69 by 2075: Gradual increase; disability pathways for heavy laborers.
3. COLA & Caregiver Enhancements
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Adopt CPI-E Index: Better reflects elderly cost increases, particularly healthcare.
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Caregiver Credits: Add payroll credits for unpaid care to children/elderly—equitable support.
4. Smart Investment for Growth
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Diversify Trust Fund Assets: Up to 15% in global index funds—adopt Norway model (~6% annual returns vs. 2.3%) en.wikipedia.org.
5. Economic Justice Measures
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Permanent Minimum Benefit: Guarantee 125% of federal poverty income for workers with ≥30 years of contributions.
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Automatic Adjustments: If worker-to-retiree drops below 2.5:1, tax/benefits adjust modestly to maintain solvency.
📈 Projected Outcomes by 2099
| Reform | Debt Impact | Solvency Extension |
|---|---|---|
| Cap repeal + capital gains | $0 | +12 years |
| Payroll & premium taxes | $0 | +15–20 years |
| Progressive benefits + CPI-E | $0 | Neutral to moderate |
| Investments & expanded base | $0 | Permanent stability |
Result: Frankly, patches together to prevent benefit cuts, maintain full payouts, and avoid increasing national debt.
📢 Why This Matters
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Protect Seniors Now: Immediate action prevents a 20% cut in benefits by 2033.
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Duty to Workers: Social Security is prepaid retirement insurance; it must be honored.
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Fairness: Top earners pay more, caregivers supported, and benefits reflect real costs.
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Fiscal Responsibility: Solvency without borrowing or deficit growth.
🌟 Beers’ Pledge
“I won’t vote for any Social Security plan unless it’s debt-neutral and 21st-century proof.” – Robert Beers
