Richard “RPT” Torregano (#23)
Independent Candidate for Congress
6th District of Louisiana
Innovative Policies are a Necessity to Meet America’s Fiscal Challenges
October 15, 2012
For Immediate Release
Contact: Richard Torregano, info@RPT-1.com
Baton Rouge – Richard Torregano, Independent Candidate for Congress (Ballot #23) in the 6th District of Louisiana, is calling for innovative policies to help fund core government programs. “Pursuing innovative policies is one of the key messages of my campaign,” Torregano stated. “No realistic appraisal of our fiscal problem can deny the need for new revenues, but there are also the issues of how to create revenues and how to direct them.”
Torregano is proposing the formation of a new class of Treasury bonds that couldbe sold to meet a number of pressing national needs, such as re-starting businesses or companies that were moved offshore or overseas as co-operative ventures owned by workers. If the businesses’ profitability resulted in larger pension payments, there could be savings in Social Security payments to these workers in government-started businesses (in the event of lower pension amounts, Social Security payments could be adjusted to compensate for those.)
He proposes as well, that the federal government provide non-amortized home mortgage T-bonds loans to fund middle class home loans. The interest on the bonds could also be applied to Social Security and Medicare deficits. “Non-amortized loans are those where the amount of the principal and the interest are equal for the entire life of the loan,” Torregano stated, “instead of a huge portion of the interest being paid in the first part of the loan period (which is what an amortized loan entails.) This would help home-owners have more equity in their homes, and result in less homes being ‘underwater.’
“Many people are unaware of the huge sums that banks make on amortized loans,” said Torregano. “Under my proposal, the government won’t be making more, but the interest from the bonds could go to a special government account to cover any shortfalls in Medicare and Social Security.” (Torregano explains his proposal on YouTube at http://youtu.be/Krk2dROGXz4 )
Torregano is also proposing that Americans earning a certain level of income after retirement receive no Social Security payments, and have Medicare be their secondary insurance. “Social Security is an insurance program intended to protect the elderly from poverty and relieve their need for continued income,” said Torregano. “But given our fiscal situation, it seems fair that Americans whose wealth provides income that protects them from these needs should contribute their Social Security payments back to the system to help pay for it.” He proposed setting this income level at over $300,000 after retirement, including congressional representatives.
Torregano pointed out that an additional benefit of elderly workers being able to retire without the risk of poverty is that it makes room for younger workers to get jobs that contribute to the system.
The other key pieces of his campaign, Fairness and Reform, are relevant for these issues as well, said Torregano, because they aid strong job creation. Torregano is proposing reforms of the corporate and individual tax system that would aid economic stability that the middle class depends on. He supports reinstatement of the Glass-Steagall act to prevent another crash like the one from which the U.S. Is still recovering.
“The incumbent, Dr. Bill Cassidy, is supporting policies I call ‘austerity for the middle class’,” said Torregano. Programs that working Americans depend on will be cut in the name of fiscal responsibility, but the wealthiest Americans will receive expanded tax cuts that cause large budget deficits to continue over the next decade. This is not fiscally responsible. In addition to failing the test of fairness, this approach will strangle public investment in innovation, where government has a key role to play, along with the private sector.”
For more information on Richard Torregano’s campaign, go to http://rpt50-1.com