Fix Social Security
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Richard “Chip” Peterson


 Congressional Campaign Issues


Social Security is underfunded by at least $3,500,000,000,000. That was admitted by the Social Security Administration March 17, the real problem is worse. Feb. 27,2003

Alan Greenspan proposed to Congress that social security be reindexed for inflation. The Clinton Administration made similar moves. Such approaches provide a sneaky way to reduce the purchasing power of social security benefits over time—thereby hurting poor older retirees. Other people propose doing nothing now—which will result in reduced benefits, higher retirement ages, higher taxes, and reduced productivity later.

I am opposed to sneaky ways to solve the Social Security problem. I am also opposed to letting the problem fester until the baby boomers retire—as then it will be too late.

To be fair, changes in social security should be aboveboard and give people fair warning.  Things that should be done soon are:

1.      Increased “normal” retirement ages need to be phased in with plenty of advance notice so people can plan their retirements. “Early” retirement should still be permitted with reduced social security benefits.

2.      People should be allowed to save in a tax advantaged manner—perhaps by depositing some of their social security taxes in “personal security accounts.”

People could use those savings to retire early or supplement  their retirements.

3.      We need to take steps now to increase national productivity in the future.

With greater productivity, the nation can support retirees better. Thus, we need to reform our tax system so people will work harder, invest productively, and accumulate capital that will make them more productive. Hence, we need

a.      Simpler taxes and lower tax rates

b.      An end to double taxation

c.       An end to the estate tax

We also need:

d.   Reduced regulation—as excessive regulation reduces productivity

e.      Less wasteful government spending—wasted resources do not help retirees.

f.        Good education—so young people can become more productive.

g.      Easy immigration for those who want to work (but not terrorists or welfare seekers)—as new workers will help support future retirees.

h.      Strong national defense--- to keep what we have.

As a Libertarian, I also support the principles established by our founding fathers in our Constitution and Bill of Rights, as those principles made our country great and now, too often, are under attack by an ever growing government. This means that I strongly support the rights enumerated for citizens and the states in the first 10 amendments to our nation’s constitution.


So, on election day, May 3rd. Please Remember:


A vote for Richard “Chip” Peterson will send a message to Congress to get serious about fixing social security honestly and in an aboveboard manner. “The more votes I receive, the more serious they will get.”

Paid by Richard Peterson Campaign, Richard Peterson, Treasurer.  P.O. Box 93417, Lubbock,TX    79493-3417 . Donations welcome. For  more information see my   Website:


Email Chip with any questions.,

Richard Peterson Campaign, Richard Peterson treasurer