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Solvencey for Social Security

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    In the year 2034 Social Security trust funds will have been completely depleted, and benefits will be reduced to about 77%. Currently the most likely courses of action are some combination of higher Social Security taxes, raising the retirement age, and decreasing benefits. Regardless of what adjustments are made within the system it is clear that what will be necessary to really make a difference is an additional source of income
    What I propose is a non-profit organization contributing to the Social Security System by raising money through the sale of tickets to a Billion Dollar raffle on a multi-national level.
    This method of enrolling contribution with the possibility of reward is not a new one. More than 100 countries have lotteries, and in the U.S. State and Multi-State lotteries have been providing funding for schools and other projects on the state levels since the 70s, and the China welfare Lottery has been raising money to support the elderly, the disabled and the vulnerable throughout that country since 1987.
    This raffle would be open to a global community through the use of an App, creating world wide availability.
    The Billion dollar raffle would be a reoccurring raffle where 1 billion tickets sold at $2 apiece generate a prize pool of 1 billion dollars (less taxes) and 1 billion dollars to be donated to Social Security.(less expenses)
    This last year the Multi-State Lottery sold $73.5 billion in tickets, netting $21.3 billion in proceeds.

    The Shortfall in Social Security for 2018 was $85 billion.
    This suggests that if the Billion Dollar Raffle were to reliably sell 4 to 5 times as many tickets globally as the Multi-State Lottery sells locally, proceeds from that raffle system would offset the shortfall without raising taxes, increasing the retirement age or reducing benefits.

Categories: Social Security