Keith Berg, Published August 25 2010
Bernie Madoff would like Tracy Potter’s proposalThis letter-writer has been on a 25-year mission to educate himself about our government-sponsored retirement plan. I’ve learned that the Social Security Trust Fund, by definition, is merely a “promise to pay.” I doubt that 1 percent of the public has ever seen the mathematical formula used to calculate their retirement benefit. Why is this formula not included on the annual statement we receive from the Social Security Administration?
It appears that North Dakota Senate candidate Tracy Potter has been working with Bernie Madoff to “fix” Social Security. I hope Madoff told him how hard it is to run a Ponzi scheme.
Because Social Security is doomed, we might want to consider the Berg (Keith, not Rick) Plan. Under this plan, taxpayers will receive an immediate refund of Social Security and Medicare taxes (excludes employer share) paid during their lifetime. We can either spend our stimulus check or put it in a Roth IRA so no income taxes will be paid upon withdrawal. No more early (age 62) retirement under the Berg Plan. At retirement, every citizen will receive $500 per month, so you better start saving now. Under this plan, employees and employers will no longer pay Social Security or Medicare taxes.