Last Thursday I ended my Presidential bid and announced my intent to continue to serve the sovereign citizens of the 11th District in Congress.
My decision to seek the Presidential nomination was based on my belief our nation was in need of leadership based on Principled Conservatism, one which would unite, rather than divide our party and our nation in a time of great challenge. The time has come for the Tea Party and the Republican Party to come together to serve and save this great nation. During this time, I am proud of the fact our campaign was focused on the same issues you, my fellow citizens of the 11th District are focused on.
And so, I am committed to continuing my service for you, fighting to bring common sense to Washington. At the top of my list is to create economic opportunity for all, fulfill our promises to the greatest generation, and in doing both, creating the largest reduction of government spending in world history.
This is no small feat, but to accomplish these goals, I need your help, as President Obama and his most liberal friends are lining up millions to defeat me.
At midnight tonight, the third quarter fundraising reports are due and we can send a strong message to Washington.
I know money may be tight right now, but what we must achieve for our children and grandchildren is too important to ignore. Your donation of $10, $25, $100 or more will make a difference, and I appreciate whatever you can chip in.
Now, let's get back to the largest reduction of government spending in world history.
Earlier this month I introduced legislation (H.R. 2889) designed to save the Social Security retirement and disability trust funds from insolvency, which the Social Security Board of Trustees forecasts may otherwise occur as early as 2029.
The Trustees' 2011 Annual Report projects insolvency is likely to occur in 2036 given the most reliable current assumptions. The McCotter plan salvages both the Old Age and the Disability trust funds from that projected insolvency without reducing benefits, raising taxes, or increasing the age of retirement eligibility.
My legislation achieves this through the creation of personal savings accounts eligible for reasonably flexible investment in the free market, offered to all workers aged 50 and younger. Participation is voluntary, and a minimum return on investment is guaranteed.
Because the personal investment accounts replace as much as 50% of each participating worker's retirement benefit, the trust funds experience significant relief as soon as the first participants commence retirement. Benefits for current retirees will be unaffected, as will future benefits for workers above the age of 50, and those who choose not to participate.
Funding for the personal savings accounts will come not from new taxes (which the legislation specifically forbids), but from efficiencies realized by block granting specific federal programs to the states, and from savings realized from the elimination of other federal programs to be identified in companion legislation.
The Chief Actuary of Social Security has confirmed that the legislation, if implemented, would eliminate all future deficits while satisfying all current obligations. According to former Reagan administration appointee Peter J. Ferrara (author of four books on Social Security reform), if the McCotter plan were enacted it would generate "the single largest spending and debt reductions of government in world history." The legislation enjoys the support of Americans for Tax Reform, Americans for Prosperity, and 60Plus.
Thank you for your generous contribution!