Nick Begich Called Social Security A “Ponzi Scheme […] Used To Prop The System Up”

Begich Called Social Security A “Ponzi Scheme […] Used To Prop The System Up.” BEGICH: “But the entire Social Security trust fund has been invested in nothing but government debt. We get some of the lowest yield as a result of 100% allocation to that asset. Why don’t they diversify? The Left will say we don’t want to risk people’s Social Security. That is not why. The truth of the matter is because we run these huge deficits, we need someone to buy all the debt we’re producing.”That’s you through your Social Security. That trust fund has been invested in government debt from the get go. And it’s a Ponzi scheme and it’s used to prop the system up.” [YouTube, Michael Dukes Show, 1:49:18-1:49:43, 7/20/23]

Begich Called Social Security A “Trust Fund.” BEGICH: But the entire Social Security trust fund has been invested in nothing but government debt. We get some of the lowest yield as a result of 100% allocation to that asset. Why don’t they diversify? The Left will say we don’t want to risk people’s Social Security. That is not why. The truth of the matter is because we run these huge deficits, we need someone to buy all the debt we’re producing. “That’s you through your Social Security. That trust fund has been invested in government debt from the get go. And it’s a Ponzi scheme and it’s used to prop the system up.” [YouTube, Michael Dukes Show, 1:49:18-1:49:43, 7/20/23]

Begich Served As A Fellow For The Club For Growth, Which Advocated For Social Security To Be Converted To Private Retirement Accounts

Begich Said He “Recently Completed A Fellowship With The Club For Growth, America’s Leading Free-Enterprise, Limited-Government Advocacy Group.” “As a lifelong Republican, Nick Begich has held a variety of professional and political roles with the intent of growing opportunity through entrepreneurship. […] Additionally, Nick recently completed a Fellowship with the Club for Growth, America’s leading free-enterprise, limited-government advocacy group.” [Nick Begich for Congress, Archived 3/1/22]

Image: see original report, p. 170

[Nick Begich for Congress, Archived 3/1/22]

The Club For Growth Advocated For Social Security To Be Converted To Personal Retirement Accounts. “Entitlement programs are the single largest drivers of our nation’s mounting debt and must be reformed immediately before it’s too late. Not only is our current entitlement system bankrupting our nation, it is simply unsustainable in its current form.[…]Create Social Security personal retirement accounts that workers would own and could use to build nest eggs for retirement. [Club for Growth, Accessed 9/14/24]

• Social Security Privatization Would Be So Costly It Could Cause A Recession. “Privatizing Social Security will escalate federal deficits and debt significantly while increasing the likelihood that national savings will decline-all of which could reduce long-term economic growth and the size of the economic pie available to pay for the retirement of the baby boom generation. The 2004 Economic Report of the President included an analysis of the fiscal impact over time of the most commonly discussed privatization proposal by the president’s commission. It found that the federal budget deficit would be more than 1 percent of gross domestic product (GDP) higher every year for roughly two decades, with the highest increase being 1.6 percent of GDP in 2022. The national debt levels would be increased by an amount equal to 23.6 percent of GDP in 2036. That means that, thirty-two years from now, the debt burden for every man, woman, and child would be $32,000 higher because of privatization.[…]As a result, the economy would be likely to grow more slowly than it would otherwise.” [The Century Foundation , 12/14/04]
• Social Security Privatization Was Unsuccessful In Chile And The UK. “A report this year from the World Bank, once an enthusiastic privatization proponent, expressed disappointment that in Chile, and in most other Latin American countries that followed in its footsteps,”more than half of all workers [are excluded] from even a semblance of a safety net during their old age.”[…]In the United Kingdom, which began encouraging workers to divert payroll taxes to personal investment

accounts in 1978, many citizens were victimized by poor investment choices as well as unscrupulous brokers. The national government was left with substantial new administrative expenses, lost tax revenues, and responsibilities to bail out some failed private pension plans. Indeed, the problems were so wide-ranging that even the most enthusiastic supporters of private accounts now say that the United Kingdom simply did not do it right.”[The Century Foundation , 12/14/04]

Begich Was Worth Up To $72.3 Million From Wealth Attributed To His Family’s Businesses

Begich Was Worth Up To $72,310,000. [Office of the House Clerk, Nick Begich, Filing ID No: 10055443, 11/10/23]

Begich Listed Aurora Stores As An Asset. [Office of the House Clerk, Nick Begich, Filing ID No: 10055443, 11/10/23]

Aurora Stores Was Owned By Mark Begich. “Their best days may lie ahead, as Mark Begich sees it […] No retailer had inked a deal as of this writing, but the obvious candidate is Begich’s own. One of his other ventures is Aurora Stores, which operates the Stuaqpak supermarket and convenience store in Utqiaġvik.” [Alaska Biz Magazine, 12/11/23]

Begich Listed Alaska Hotel Group As An Asset. [Office of the House Clerk, Nick Begich, Filing ID No: 10055443, 11/10/23]

Mark Begich Was The Registered Agent Of Alaska Hotel Group. [Alaska Secretary of State, Accessed 9/7/24]

Image: see original report, p. 171

[Alaska Secretary of State, Accessed 9/7/24]

Begich Listed Begich Capital Partners Inc As An Asset. [Office of the House Clerk, Nick Begich, Filling Id No: 10055443, 11/10/23]

Begich Capital Partners Inc Was Partially Owned By Mark Begich. [Alaska Secretary of State, Accessed 9/7/24]

Image: see original report, p. 172

[Alaska Secretary of State, Accessed 9/7/24]

Over 100K Alaskans Received Social Security Support In 2022

There Were 112,221 Alaskans Who Received Social Security As Of June 2024. [Office of Retirement and Disability Policy, accessed 6/7/24]