I firmly believe that we need to keep our word to retirees and those who are preparing to retire. Social Security benefits must be there for individuals who have worked their whole lives, paid into the program and expect those hard-earned benefits to be there when they retire. You can be assured that I will oppose any reform proposal that cuts benefits, raises taxes or increases the retirement age of America's workers.
That being said, I do believe we must find a fair way to ensure that benefits will be there for future generations who are currently paying into the system. It is true that the Social Security program has very serious long-run problems, the most pertinent of which is that beginning in 2018 the program's benefit obligation will exceed its annual tax revenue. We need to consider options that allow young workers the ability to save and invest on their own so that they can take advantage of higher rates of return than the traditional program offers. However, in doing so, I promise to stand by my principles of ensuring that benefits are not cut, taxes are not raised and that the retirement age remains the same.
At the same time, we need to safeguard pension plans and provide options for workers to preserve and enhance their retirement security. Rank-and-file workers must continue to be on the same level as excutives in terms of giving them the freedom to diversify, enhancing their access to quality investment advice and by encouraging businesses start and maintain defined benefit pension plans.
Because the American people have worked hard to earn their pensions and Social Security benefits, we must continue to protect them. I will work with my colleagues to ensure that pensions will not be stolen from the American people and that all promised Social Security benefits will be there for current retirees and those in the generations to come.
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Social Security: Summary of Program Solvency and Projections
