Social Security Restoration and Recover Act
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The Social Security Act was established after the Great Depression by President Franklin D. Roosevelt as a safety net against future economic collapse. It is an insurance fund that is paid into by working Americans, and therefore is NOT an entitlement but a return on a mandatory investment. Social Security funds are disbursed back to retirees based upon their incomes over the course of their lives. The proposed legislation will mandate that the Federal Government pay back all monies it has borrowed against Social Security, establish that Social Security belongs to the people and cannot be used by the Federal Government to borrow against, as a slush fund, or any other purpose other than administrating the fund as it was originally designed. This will affect every American citizen who works or has worked in their lifetimes and paid into this fund.
1. Effective immediately, the Federal Government, any agency of the Federal Government, and/or the Federal Reserve Bank are prohibited from borrowing against the Social Security Insurance fund, extracting surplus funds from Social Security Insurance, or in any other way using the monies other than the intended purpose as a trust fund to provide retirement imbursement back to American workers that have paid into the fund.
2. Effective immediately, all monies that have been borrowed from Social Security Insurance must be paid back over the course of 5 years at an interest rate of 5%. That is, the Social Security Insurance fund must be completely restored plus interest within 5 years. Failure to do so will add an additional 5% annual interest rate to a total of 10% compounded quarterly.
3. Effective immediately, all Social Security Insurance funds must be administered by the Federal Government as an interest bearing trust fund to ensure fund growth to cover annual COLA increases. No part of the Social Security Insurance fund may be invested in the stock market at any given time.
4. Effective immediately, Social Security Insurance will no longer be referred to, inferred as, or be associated as an "entitlement" such as taxpayer funded programs like Welfare is. It is in fact the people's money and that respect for the Americans that have paid into the fund shall be restored and honored.
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