Stephen Laffey on Social Security

Republican Senate Challenger


Adopt Personal Security System, phase out FICA

    Fix Social Security-The Big lie
  1. Those already collecting Social Security are grandfathered.
  2. Those scheduled to collect receive all benefits accrued under the current system.
  3. No additional benefit accrual. The old system is frozen.
  4. The FICA tax is gradually phased out.
  5. Adoption of the Personal Security System (PSS).
  6. Workers contribute 10% of pay to PSS accounts.
  7. Half of married couples' combined PSS contributions is allocated to each spouse's account.
  8. Government makes matching contributions on behalf of low earners, the disabled, and the unemployed.
  9. All PSS balances are invested identically, by a computer, not Wall Street, in a weighted index of global stocks, bonds, and other traded financial securities.
  10. The Government guarantees at least a zero real (after-inflation) return. No one loses their contributions, adjusted for inflation.
  11. Between 57 & 67, each birth cohort's PSS balances are used to purchase Treasury Inflation-Protected Securities (TIPS).
Source: 2024 Presidential campaign website SteveLaffey.com , Aug 6, 2023

Freeze current system for people in it; reform for future

Laffey argues there needs to be economic reform and fast. And he plans to tackle one of the biggest items in the federal budget: Social Security.

The system has its problems. In 2035, just 80% of benefits will be payable if Congress doesn't fix the program soon, a study found last year. Laffey wants to freeze the current Social Security system--paying the people who are still in it--and reforming it for generations to come.

'We start because can't we agree that it has to be fixed. And so, if you want to, I can tell you what it is we can talk about,' he said. He supports what's known as the Purple system by Laurence Kotlikoff, an economics professor at Boston University. Under it, everyone would put 8 percent of their pay into a personal account, with the government matching the contributions of low earners. All the contributions would be invested in a global market-weighted index of stocks and bonds and real estate.

Source: Daily Mail (UK) on 2023 Presidential hopefuls , Feb 7, 2023

Criticizes Bush's Social Security proposals

As a critic of Bush's Social Security proposals, a foe of oil drilling in the Arctic, and an enthusiastic supporter of solar panels, Laffey wouldn't be the most conservative member of the Senate. But it's not as though Chafee is competing for that honor.
Source: John J. Miller, National Review, "Laffey the Best Medicine?" , May 18, 2005

Other candidates on Social Security: Stephen Laffey on other issues:
2024 Republican Presidential Candidates:
Gov. Doug Burgum (R-ND)
Gov. Chris Christie (R-NJ)
Gov. Ron DeSantis (R-FL)
Larry Elder (R-CA;withdrew)
Gov. Nikki Haley (R-SC)
Rep. Will Hurd (R-FL;withdrew)
Gov. Asa Hutchinson (R-AR)
Perry Johnson (R-IL)
Mayor Steve Laffey (R-RI)
Former V.P.Mike Pence (R-IN;withdrew)
Vivek Ramaswamy (R-OH)
Sen. Tim Scott (R-SC)
Secy. Corey Stapleton (R-MT)
Mayor Francis Suarez (R-FL;withdrew)
Former Pres.Donald Trump (R-NY)

2024 Democratic and 3rd-party primary candidates:
Pres. Joe Biden (D-DE)
V.P.Kamala Harris (D-CA)
Robert F. Kennedy, Jr. (I-NY)
Chase Oliver (L-GA)
Rep.Dean Phillips (D-MN)
Jill Stein (Green)
Cornel West (Green Party)
Kanye West (Birthday Party)
Marianne Williamson (D-CA)
Civil Rights
Foreign Policy
Free Trade
Govt. Reform
Gun Control
Health Care
Homeland Security
Social Security
Tax Reform

External Links about Stephen Laffey:

Page last updated: Jan 24, 2024; copyright 1999-2022 Jesse Gordon and OnTheIssues.org