Social Security Reform
The Trustees of the Social Security trust fund released a report
on March 16, 2003, which states that the fund will begin to spend
more than it takes in beginning in 2018, and that it will be exhausted
in 2042. John wants to preserve Social Security for future generations,
and understands that the worst course of action we can take is to
do nothing.
A supporter of Social Security reform since his first election to
Congress in 1996, John introduced the “Social Security Personal
Savings Guarantee and Prosperity Act of 2005” in the United States
Senate on April 20, 2005. The comprehensive legislation, similar
to the “Social Security Personal Savings Guaranty and Prosperity
Act of 2004,” which he introduced on September 9, 2004, aims to
empower younger workers with more control over their financial future
and establish long-term solvency for America’s retirement security
system.
John has worked closely with United States Representative Paul Ryan
(R-WI) on this issue in the 108th and 109th Congresses, applauding
Ryan for introducing companion legislation in the United States
House of Representatives on April 20, 2005 (109th) and on July 19,
2004 (108th).
The interests of seniors and those near retirement who have paid
into the Social Security system must be protected, because many
Americans have made retirement plans based upon its existing structure.
To disregard the commitment made to these people by the federal
government would be grossly unfair. John’s legislation would not
change the benefits of any current Social Security beneficiary or
anyone who will retire into the system during the next 10 years.
John supports efforts to modernize Social Security, and to give
younger workers the option to set aside a portion of the Social
Security taxes they pay each week in a personal retirement account.
Such changes would modernize the system - not replace it - and would
give workers greater control over their retirement income. These
personal accounts would be regulated to ensure appropriate diversification,
disclosure, and protection from political manipulation.
Personal accounts would provide a better return during a worker’s
career than the current system provides, even when periodic recessions
are calculated. This increased return would most benefit those workers
who depend on Social Security as their primary source of income
during retirement, as opposed to wealthy individuals who rely primarily
on other sources of retirement income.
• Click
here for the Press Release
• Click
here for the complete text of S.857, the Social Security Personal
Savings Guarantee and Prosperity Act
• Click
here for the Ryan-Sununu Social Security Personal Savings Guarantee
and Prosperity Act (PDF)
• Click
here for link to Social Security floor speech
CHARTS
• Click
here for the Ryan-Sununu Retirement Benefit Examples chart (PDF)
• Click
here for the Annual Social Security Deficits/Surpluses: Status Quo
vs. Reform chart (PDF)
• Click
here for the Social Security Trust Fund Balances: Status Quo vs.
Reform chart (PDF)
• Click
here for the Ryan-Sununu Progressive Accounts chart (PDF)
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