Capito’s Social Security Position Is Criticized
This is from the Oct. 30, 2002 Wall Street Journal: “… Ms. Capito shares the dilemma of many GOP candidates this year. She already had staked out a position in favor of partial privatization, so she didn’t want to take the Democrats’ pledge to never alter Social Security. So, following the advice of party strategists, Ms. Capito says she opposes ‘privatization,’ but continues to advocate new options for Social Security, including a limited personal-investment option for younger workers using some of their Social Security taxes.
‘The fact is, we’ve got a long-term problem here, and we need creative solutions,’ Ms. Capito insists in an interview.
“Advocates view the personal investment accounts – which ideally would produce returns greater than the fund’s current investments – as a way to bring more money into the system without making such unpopular choices. The problem is, the transition would cost trillions of dollars, because the government would have to continue paying current beneficiaries while tax dollars are siphoned into private accounts held by future beneficiaries. And there is no clear source of funding for the transfer …”
FDR said better than I could ever hope to, “The test of our progress is not whether we add more to the abundance of those who have much, it is whether we provide enough for those who have little …” I had been paying FDIC withholding tax for 40 years, starting at 44 cents per week back in 1973. That’s why I am asking all West Virginia to join me in voting for Natalie Tennant for U.S. senator on Tuesday November 4, 2014. We mountaineers need someone who will stick to their guns when it all comes down. The fight begins now!