For Immediate Release
March 4, 2011
GOProud Calls on Congress to Include Personal Savings Accounts in Any Social Security Reform Proposal
Jimmy LaSalvia, Executive Director – "Personal savings accounts would provide gay and lesbian couples with the same opportunities as other Americans to provide for their retirement security."
(Washington, D.C.) – Today, GOProud, the only national organization representing gay conservatives and their allies, calls on Congress to include personal savings accounts in any social security reform proposal. "Personal savings accounts would provide gay and lesbian couples with the same opportunities as other Americans to provide for their retirement security," said Jimmy LaSalvia, Executive Director. "Personal savings accounts are not just good for gays and lesbians; by creating wealth, empowering individuals to control their own retirement and improving the American economy, they are good for all Americans."
As Congressional leaders begin to look at ways to tackle the mountains of unsustainable debt we are saddled with, almost everyone agrees that entitlement reform – including reform of social security – must be a part of any comprehensive plan.
"GOProud believes that the time for entitlement reform, and in particular social security reform, is now. The American people understand the unprecedented fiscal crisis we are facing and are ready for real entitlement reform," said LaSalvia.
Plans that include personal savings accounts, like the roadmap proposed by Rep. Paul Ryan (R-WI), would be entirely optional. These optional accounts would allow individuals to place a portion of their FICA payroll taxes into personal savings accounts. Those who choose this option will have the opportunity to invest in funds managed by the U.S. government. This system would resemble the investment options available to Members of Congress and Federal employees through the Thrift Savings Plan.
"Under the current discriminatory social security system, gay and lesbian couples are prohibited from leaving their benefits to their partner," continued LaSalvia. "Personal savings accounts would be the property of the individual, they would be fully inheritable, and would allow gays and lesbians to pass their hard earned money on to whoever they choose."
Creating personal savings accounts reduces future obligations payable by the pay-as-you-go social security system we have today. Only by reducing future obligations can we ensure permanent solvency to the system. "People can talk all they want about raising the retirement age, the truth is that such a move only extends the current Ponzi scheme. Simply raising the retirement age is akin to rearranging deck chairs on the Titanic because it does nothing to fundamentally save social security," continued LaSalvia. "Personal savings accounts are the only path to permanent solvency for social security."
"In the weeks and months ahead GOProud will be fighting hard to make sure that leaders on Capitol Hill – on both sides of the political aisle – understand why personal savings accounts must be a part of any plan to reform social security," concluded LaSalvia.
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