Frontier Freedom

Former Sen. Malcolm Wallop on Republican promises, the limits of federal authority, and the way of the West

Rick Henderson & William H. Mellor III from the November 1995 issue

(Page 6 of 6)

You have no say in how it's invested or where it goes. You can't leave it to your widow, you can't leave it to your children, you can't retire early and still have the fruits of your labor. I'll crawl off my libertarian perch far enough to say that we [have] to make savings an obligation, but the savings are yours. You will have a couple of dozen options as to how to invest that or where to save it, but your limit of earnings will be the success of your investments.

Reason: Will Social Security privatization becomes a bigger issue, say, in three or four years, just as tax reform is now?

Wallop: It has to because no tax reform is of any consequence unless it also deals with the payroll tax. You can't get rid of the IRS as [House Ways and Means Committee Chairman Bill] Archer or others want to do without getting rid of the payroll tax.

There is no more unfair tax right now than Social Security. It takes 15 1/3 percent off of the wages of the poorest earner in this country. And privatization would make each American a share holder in their economy, and interested in where it's going. Think of what the country could do with this huge infusion of capital that was no longer in the hands of government and in the hands of people creating jobs. And we could get over this goofy idea that growth is an economic detriment.

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