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Financial Empowerment Act

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Add your ideas below! Let's get our financial infrastructure back on track!

  1. Remove the cap on Social Security Taxes. Completely. Everyone pays the same rate, regardless of income.
  2. Fully fund and raise Social Security benefits to something that people can live on. No more paying benefits below the poverty line.
  3. Fix the Medicare Part (D) so we can negotiate and lower prices. Either the government can do these negotiations, or nobody can.
  4. Introduce opt-in savings plans ON TOP of the SSA tax so that people can save more than they do now directly out of their paychecks, totally tax free including retirement withdrawals when the time comes. We can't cut into the money that people are putting into the system, but we can certainly allow people to save more.
  5. Activate the lock-box and make Social Security and Medicare accounts 100% untouchable by Congress. No more IOU systems that make promises we can't keep.
  6. Give the SSA the power to adjust the tax rate to what is necessary to keep up with benefits, with congressional oversight. Force them to balance their budgets, and empower them to do that.
  7. Keep the internal workings of the SSA completely out of private hands, but put the money in local community development banks so those banks can contribute to the renewal of our society. Make the money available to the people through loans at a reasonable interest rate, and we'll have more economic growth than we will know what to do with.
  8. Include funding for a nation-wide education program for students and workers so we can all learn how to save money, invest it wisely and use the power we have as shareholders to make our voices heard in the boardrooms. How do we invest in stocks, bonds, etc.? I wasn't taught that in school, were you?
  9. Require banks to create savings accounts where half the interest goes to a charity of your choice, and the other half goes to increase the account balance. Encourage people to save at the same time they are funding the causes that they support. Using a savings account like this paying 1% interest, $8 million could provide a charity with $40,000 per year, enough to pay someone working full time. That $8 million could come from one person, or $800K from 10 people, $80K from 100 people, $8K from 1,000 people or $800 from 10,000 people. Know any charities with 10,000 supporters that would be able to put $800 into an account like this? I can list several.
  10. Require banks to pay interest whenever credit card account balances are kept in the positive numbers. Start encouraging people to save money in them, while having that money available if they need it for emergencies.

Got other ideas? Have comments on these? Bring them forward. Start talking, start pushing, and start fixing this mess.

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