Obama Cuts Obama’s Fault, Part 4, Galveston Plan

Jul 22, 2011 by Editor Fred D

Social Security would have worked if they had maintained the retirement age at near death. However the government never increased the age by indexing it to the death rate.

Galveston Plan

In 1981 Galveston County Texas pulled out of Social Security. It stemmed from a decision in 1979 to opt out of Social Security. It was a 3-to-1 margin, the vote by the workers of Galveston that removed the county from Social Security.

The county got their plan into effect just before the reform bill passed in 1983. That bill insured that all were tied to the sinking boat of Social Security, by ending all opt outs by local governments.

Galveston put in place a system based on a “banking model” rather than an “investment model” to limit or remove risk.

Galveston vs. Social Security (numbers from 2005)

Workers making $17,000 a year are expected to receive about 50% more per month on our alternative plan than on Social Security — $1,036 instead of $683.
Workers making $26,000 a year will make almost double Social Security, $1,500 instead of $853.
Workers making $51,000 a year will get $3,103 instead of $1,368.
Workers making $75,000 or more will nearly triple Social Security, $4,540 instead of $1,645.
Our survivorship benefits pay four times a worker’s annual salary — a minimum of $75,000 to a maximum $215,000 — rather than Social Security’s customary onetime $255 survivorship to a spouse (with no minor children). If the worker dies before retirement, the survivors receive not only the full survivorship but get generous accidental death benefits, too.
Our disability benefit pays 60% of an individual’s salary, better than Social Security’s.

This system is supported by the workers and not their children, grandchildren and so on and so forth. More information can be found in an article that was in USA Today written by Judge Ray Holbrook with Alcestis “Cooky” Oberg.

In 1999 the Social Security did a one sided study comparing the two systems. The study from Social Security is a good read comparing it to what has happened almost a decade later. Theory to reality, the difference between what is real and what government number cruncher’s think. Download study here. Read “Statement By Galveston County Judge Ray Holbrook (ret.) for the President’s Commission to Strengthen Social Security”

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