The Michigan Legislature Should Ask Congress to Privatize Social Security or Grant a Waiver for the Purpose of Opting Out of the System

The Michigan Legislature should adopt a resolution similar to the one passed by Oregon in 1997 asking Congress to either

  • Partially privatize the existing Social Security program by allowing workers to shift all or part of their current 5.26 Social Security retirement payroll taxes into privately owned and managed accounts up to the allowable limit of $10,000 per year; or
      

  • Grant the state of Michigan a waiver to opt out of the federal Social Security system and design a sounder and more beneficial retirement plan for its citizens.