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Strengthening Social Security

Thank you for visiting my web-page on strengthening Social Security. As you are no doubt aware, strengthening Social Security has come to the forefront of the agenda recently. It is important to engage in this critical debate for the security of our seniors and the protection of our children and grandchildren. It is also important to dispel any notions or rumors of my position on the issue, as during these types of debates, falsehoods and factual inaccuracies are often carelessly tossed about without thinking them through. Let me first state that I am a strong supporter of Social Security. America must honor its promise to those who worked hard, played by the rules, and guarantee that their retirement security cannot be taken away. As you know, Social Security is one of America's most successful programs. Its retirement, disability, and survivor benefits provide essential income security for almost one out of every six Americans of all ages including my parents and many members of my family. Without Social Security, nearly 50 percent of seniors would live in poverty. Social Security is sound for today's seniors and near retirees, but it needs to be fixed for our children and grandchildren. The promise of Social Security must be maintained for current retirees and near retirees without benefit cuts or tax increases. Today, the Social Security Trust Fund is now running surpluses of income to take care of today's seniors and near retirees. However, the crunch of baby boomers entering the program in the coming years, fewer workers paying into the Social Security system, and expanded life expectancies and health advances all have placed greater strains on the system. The Social Security Trustees project that the Trust Funds will begin running deficits by 2018, and become depleted by 2042. To learn more about why me must act to strengthen Social Security, click on the link at the bottom of this letter. In order to strengthen Social Security for our children and grandchildren, now is the time to address this problem. The longer we wait, the more difficult and costly it will be to fix. Most likely, you have heard about the many proposals to fix Social Security, and I would like you to know where I stand. I fully support efforts to take responsible action to finally fix and fully fund Social Security for all. I believe it is critical to take these steps in order to guarantee that future generations can have the same chance at a golden retirement that previous generations enjoyed. I am paying close attention to all of the proposals being considered, and will gauge my support of them based upon the following criteria. I will not support any plan that cuts benefits for today's seniors or near retirees. I will not support any plan that includes increasing the payroll tax on the workers of today and the future. I will not support any plan that affects people dependent upon Social Security's disability and survivor benefits, for it is vital we continue to help those most in need. Finally, I do not support the do nothing approach. This is the current position of my Democrat colleagues in Congress. If we sit back and do nothing, this will result in an automatic reduction in benefits of nearly one-third by 2042, or force the Federal Government to borrow $5.2 trillion. I believe we can, in addition to Social Security, allow younger workers to build a nest egg through voluntary personal retirement accounts modeled after the federal employees Thrift Saving Program and which would be administered by Social Security. This successful model enjoyed by Federal employees including the Congress, would put real assets back into Social Security and provide workers real retirement security and ownership of their retirement nest egg. Former Social Security Subcommittee Chairman Clay Shaw (R-FL), has such a plan that would extend the life of Social Security for the next 75 years, promising a greater rate of return for today's younger workers, while holding the line on taxes and guaranteeing no benefit cuts for those now collecting Social Security or soon to collect Social Security. This plan guarantees greater benefits to beneficiaries as an add-on to Social Security. The Shaw plan’s accounts are modeled after the Federal Thrift Savings Program, which have a 7.6 percent average rate of return over the past 10 years. This is much better than the current 1.8 percent return on Social Security, which is below the interest rate in a bank savings account. This is a better way to keep our promise to America's seniors, and you can look at it for yourself by clicking on the link below. Social Security is an important promise to America's seniors, including my parents. They provided the support our family needed during my childhood and they, like other seniors, earned retirement benefits to help provide a secure livelihood during their retirement. I support protecting, preserving, and strengthening Social Security for my parents and all seniors. It is critically important that Social Security be modernized to remain financially solvent, providing guaranteed benefits to today's retirees while allowing a greater return for future retirees. I will continue to fight for the preservation of full Social Security benefits for our seniors in the 109th Congress.

Related Documents:

Article - Retirement savings class? 5.1.2005

Press Release - Reps. Shaw & Weller Advocate Personal Accounts in Addition to Social Security: Guarantee Solvency fo 4.29.2005


More Documents...

Related Files:

The Social Security Guarantee Plus Plan (The Shaw Plan)

Why We Must Act to Strengthen Social Security

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