The Social Security system faces serious problems in the near future. In 1950, there were 16 workers for every person receiving Social Security benefits. Today, there are only three workers per beneficiary. By the time today's younger workers retire, there will only be two workers supporting each beneficiary.
The Social Security Trustees report says that in 2017, payroll taxes will no longer be enough for benefits, and we will have to turn to other sources to pay benefits. In the early 1980s, the program was expected to face similar shortfalls, and small changes were made that merely delayed the problem.
Changes around the edges of the program will continue to delay the inevitable and push major decisions off on our children and grandchildren. We should also encourage ownership and savings of assets so that future generations will not have to be concerned when they near retirement age.
The Congressman is working to find a permanent, fair solution that will make sure the system remains secure for future generations, while protecting benefits for retirees and not increasing taxes.