Protecting Social Security | Principles to Guide Reform
Social Security has provided vital assistance over the years to millions of American seniors, disabled persons, and children of workers who have passed away. In 2008, the program paid benefits to nearly 706,000 seniors, 133,000 disabled workers, and 73,000 surviving children in Arizona alone.
I have fought over the years to uphold Social Security’s promise and reject measures that erode seniors’ benefits. For example, I cosponsored measures that would allow seniors who choose to keep working after they retire to do so without penalty under the so-called Social Security earnings limitation. Legislation to repeal the limit for seniors over age 65 is now law. I voted for amendments to suspend the tax on Social Security benefits that was first implemented under President Clinton, but those amendments were defeated.
Every year, the Trustees of the Social Security trust fund report to Congress and the American people about the program’s financial condition and, for some time now, have warned about significant long-term deficits. In the annual report they filed this year, the Trustees noted that Social Security will begin running “cash flow deficits beginning in 2016 that grow as the baby boom generation retires. The deficits will be made up by redeeming trust fund assets until reserves are exhausted in 2037, at which point tax income would be sufficient to pay about three fourths of scheduled benefits through 2083.”
We cannot allow Social Security’s financial condition to deteriorate in that way, so the sooner we act to protect the system, the better.
Regrettably, when President Bush sought to start the discussion several years ago, those seeking short-term political gain attacked his ideas, yet offered none of their own. They succeeded in taking reforms off of the nation’s agenda, and the underlying problems have only grown since then. President Obama has offered no proposals to forestall the continued erosion of the system’s financial underpinnings. Obviously, it will take bipartisan consensus and public input and support to approve any legislation to protect Social Security.
Whatever Congress does, it must abide by some fundamental principles, the first and foremost of which is that the benefits of those who are currently retired or nearing retirement are kept safe. Their participation should continue unchanged.
I also believe initiatives to preserve and protect Social Security must (1) reduce pressure on future taxpayers and on other budgetary priorities; (2) provide benefit levels that adequately reflect individual contributions to the system; and (3) preserve and strengthen the safety net for vulnerable populations, including the disabled and survivors. These are principles I’ve voted to uphold.
