In his N.Y. Times op-ed (Feb. 28, 2023), columnist Paul Krugman admitted that Social Security is indeed not like a pension plan, but rather incorporates significant wealth transfers from higher- to lower-income participants. The thing ...
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The PTA Nuts and Bolts
Below is a brief outline of the Personal Treasury Account (PTA) program:
The current level of Social Security payroll taxes paid by each taxpayer would be deposited into a separate personal account owed directly to the taxpayer upon retirement instead of being credited to the Social Security Trust Fund.
The taxpayer would own shares in a U.S. Treasury Mutual Fund that is managed by the Treasury secretary. Payroll tax collections would be used to purchase Treasury Bonds.
Upon reaching a minimum retirement age, PTA owners have the option to withdraw an amount of money from their PTA, not to exceed a maximum amount based upon their expected remaining lifespan.
When the PTA owner dies, then he would transfer his remaining PTA balance to the PTA of named, eligible beneficiaries.
Advantages of the Personal Treasury Account
Take Control Away from Politicians
Unlike Social Security, the PTA avoids all the budgetary pitfalls of changes in life expectancy, retirement age, and benefit payouts that accompany all
defined benefit pension plans like Social Security. Because the PTA is a
defined contribution plan, the PTA owner receives whatever he earned instead of whatever politicians in Washington decide to give him.
Taxpayers would be shielded from budgetary trauma of changes in life expectancy, benefit formulas, and retirement age that politicians manipulate to win votes without regard to fiscal consequences in the future.
Appeal to Young Voters
Republicans could champion the PTA to attract young voters who hear doomsday stories about Social Security not being around when they retire. Knowing that the PTA is their personal property that cannot be arbitrarily decreased or revoked is preferable to the uncertainty and opaque machinations of Social Security.
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