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On the Issues
Social Security and Retirement Benefits
I believe that every working American has a right to a secure retirement.
As a Member of Congress, I have worked to expand opportunities and
incentives for retirement savings and to ensure that there are effective
programs in place to help bridge the gap when individual savings
aren’t enough.
I am a strong supporter of the Social Security system and believe
that Congress must act to address the long-term financing gap forecast
for the program. President Bush’s plan to convert Social Security
into a system of private accounts, however, would only add to the
problem. Privatizing Social Security would leave many workers—especially
younger workers—significantly
worse off while doing absolutely
nothing to address the funding shortfall. In fact, a recent analysis
by the House Budget Committee found that the President’s plan
would actually speed
up the date by which the Social Security trust
fund will be depeleted by 11 years, from 2041 to 2030. Even the President
estimates that his privatization plan would cost more than $700 billion
over the first decade alone, money that would have to be borrowed
and added, with interest, to our skyrocketing national debt.
Fortunately, the President's plan appears to have stalled in the
face of widespread public opposition and concerns by a majority of
Congress. Yet the President continues to insist that any legislative
fix for Social Security must include private accounts, and his fiscal
year 2007 budget request quietly included major elements of his privatization
proposal.
The sooner we address the long-term Social Security shortfall, the
better, but we have time to develop and adopt a measured and sensible
solution. I am ready to work with the President and other members
of Congress to create a bipartisan plan to strengthen Social Security.
I will not, however, support a plan that “fixes” Social
Security through massive benefit cuts and trillions of dollars in
additional debt for our children.
Related Information
Analysis of the 2006 Social Security Trustees Report
A Brief Overview of the Social Security System
Answers to Your Questions about Social Security
Chart: The Cost of Tax Cuts vs. The Cost of Social Security
Chart: Privatization and the Trust Fund |
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