The problem facing Social Security is that folks are living longer and the number of beneficiaries is increasing faster than the number of new workers entering the program. In fact, at the present time, there are 3.4 workers for every beneficiary. By 2030, the ratio will be down to 2.1 to 1. Addressing financial problems now will allow us to protect the benefits of future retirees.

Every year the Board of Trustees of the Federal Old-Age and Survivors Insurance and the Federal Disability Insurance Trust Funds issue an annual report detailing the financial health of Social Security. The 2004 Annual Report concluded that in just over a decade annual costs of the program will exceed annual tax revenue collected. Revenue accumulated in the past will be sufficient to cover the gap for about 25 years, and then the accumulated assets will be exhausted. At that point, annual collections will only cover 73 percent of the program costs.

In other words, if no action is taken to address future shortfalls, the program will only be able to pay beneficiaries 73 cents for every dollar they have put into the system. That return will gradually decline over subsequent years. At retirement today’s college students will receive less than 73 cents on every dollar of benefit they have earned. We cannot pass these financial burdens on to our children without considering what our options may be now.

President Bush formed the President's Commission to Strengthen Social Security several years ago to examine possible options to maintaining the financial integrity of the nation's largest entitlement program. Ideas being discussed include gradually adjusting the retirement age of folks still in the workforce, allowing them to invest a portion of their current payroll taxes in personal accounts, and adjusting the level of income that is taxed. I anticipate many more to be offered as Congress looks for ways to improve the retirement security for everyone.

My plan is to look at all of the options on the table during this discussion. I will continue to fight to protect the interest of Wyoming's seniors and near retirees while working to strengthen Social Security for future generations.