Congressman Doc Hastings

Washington, Mar 25, 2005 -

As a parent and grandparent, I want to ensure Social Security is protected for today’s seniors and for generations to come. 

Social Security Administration facts show our nation is changing: 16 workers were paying into Social Security for every retiree receiving benefits in 1950, today there are 3 workers per retiree, and once the Baby Boomers retire there will only be 2 workers for each retiree.  As our nation changes, the current system simply won’t be able to keep up.  Improvements must be made if the Social Security promise made in 1935 is to be kept into the future.

It’s time to stop postponing solutions and start working toward consensus on an improvement plan.  The sooner we strengthen Social Security, the more options we will have and the longer we wait the more costly a solution will be – that’s just common sense.

In my view, Social Security reform must be guided by a few basic principles. 

First, I will never support legislation that reduces benefits for those in or near retirement.  America must honor its commitment to those who have worked a lifetime and earned the right to a secure retirement that cannot be taken away. 

Second, Social Security must be made permanently sound – a partial fix leaves the promise of Social Security in doubt and places an even heavier burden on our children and grandchildren.

Third, we cannot afford to increase payroll taxes high enough to keep Social Security from going broke – the burden on hardworking Americans would be much too great.

Finally, younger workers should have the choice of voluntarily investing a portion of their money in personal, protected retirement accounts.  Currently, the money deducted from their paycheck goes to pay for Social Security benefits for today’s retirees.  Younger worker should have the choice of setting aside a portion of that money in their own retirement accounts so they can build a nest egg for themselves and their families.