"In an interview on Fox, former Reagan economic advisor Art Laffer praised Newt's Social Security plan: "I do like it very much, and I think Newt is right on line with this one."
I like any Social Security or pension reform plan that expands freedom of choice in how people can plan for their own retirement. As long as there's a floor of income that people could count on that under my plan would be 125% of the Federal poverty rate (or roughly 25K$ a year right now) so if people were to blow their retirement fund through bad investments or business deals, bad economy, whatever, they would at least have the Social Security minimum that they could count on. Which today is 14-15$ a year which to me seems way too low, thats only around 60% of the current poverty level.
Some people rely on Social Security for all of their income and then have to rely on public assistance and private charity to make up the rest, get that up to around 25K$ a year and that would help take some of the strain off our public assistance and private charity.
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