Incident to our Institute’s interest in getting Hispanics to support the Rise Up America plan in which Social Security and Medicare are replaced with personal accounts, the question was posed as to what stance does the Institute take with regard to the treatment of illegal aliens under the Rise Up plan. The short answer is that everyone with a valid Social Security number will by law be given a personal account into which 15% of their earnings in America will be involuntarily placed and immediately invested into indexed stock funds during their working life. At retirement they will be entitled to the earnings off their nest egg with the possibility of withdrawing a portion of the corpus not required to fund their lifestyle and potential medical costs. At death the illegal alien will also have the right to will his nest egg to his kids. It is the underlying mission of Rise Up to insure that no one becomes a ward of the state at retirement – including illegal aliens,
We see no reason to treat an illegal alien any differently than we do a US citizen. The amounts withheld will be the property of the illegal alien invested in American enterprises for years benefiting the American economy and be unavailable to the illegal alien until retirement or death. The Institute will eventually be promoting its plan in other countries in hopes that Americans working abroad that have to pay local payroll tax will have personal accounts similar to Rise Up accounts which will be accruing investment income for them to retire on.
The ultimate object of the Rise Up plan is to make everyone wealthier and welfare unnecessary for all but the physically and mentally disabled. The Institute will recommend that all present welfare programs be phased out as the citizen’s financial circumstances improve. Today poverty drives much of the incidence of crime. As wealth becomes available to all citizens, we anticipate a substantial reduction in crime and the need for massive welfare programs. There are no guarantees that enacting Rise Up will be a miracle cure for the maladies of our culture but making the American Dream available to those who otherwise would never have that chance should encourage more to live a stable and industrious life.
Today the status of illegal aliens is uncertain. Many Americans are criticizing the welfare and other benefits being freely handed out to those who entered the country illegally. Those and other problems and advantages will be hammered out politically. The Institute believes that Rise Up does not politically impact the immigration issues as the funds withheld from illegal aliens are their own personal property in the first place and Rise Up retains the illegal alien’s right of ownership thereof. The use of those funds in the American economy is one of the capstones of the Rise Up plan. .