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Social Security

I believe in maintaining a strong Social Security program that will provide retirement stability for its participants.  In order to do so, we must have a national conversation about modernizing Social Security that ensures its fiscal solvency. 

I do not support cuts to current benefits paid to our seniors which have worked a lifetime to earn. I also believe we need to allow our younger workforce to have the ability to create individual savings accounts that can be inherited by family members.   In order to sustain a fiscally strong Social Security for all retiring Americans, we need to implement 21stcentury solutions to a 20thcentury program.

Social Security Cost-Of-Living Adjustments  (COLA)
Social Security COLA’s are made by calculating percentage changes in the Consumer Price Index from the third quarter of one calendar year to the third quarter of the following year.  Once an increase is calculated, the COLA goes into effect in December, and the first payout occurs in January of the following year.

On October 16, 2012, the Social Security Administration announced the 2013 COLA would increase benefits by 1.7 percent.  This increase will amount to about $20 a month, or approximately $240 a year - for the average Social Security recipient.

Protect Surpluses
In the past, Social Security surpluses were used to fund other government projects and programs. I believe this behavior is unacceptable and has led to serious problems regarding the future of Social Security.  While deficits exist this year, any future surpluses should be guarded to prevent wasteful spending.

Keep Promises to Seniors
We owe it to Michigan’s seniors to keep our promise of a solvent Social Security Administration.  After a lifetime of work and payment into the system, it is only fair to expect a repayment as originally promised.  I am resolved to find ways to honor our seniors by keeping the program solvent for their generation and those yet to retire.

Allow Individual Accounts for Young People
If the financial troubles of the past few years have taught us anything, it should be that we must be responsible for our own retirement planning.  I believe that we need to reform Social Security so that, while it meets current financial obligations, it allows young workers the freedom to form their own individual savings accounts that they are able to control.  

RELATED ITEMS

04/23/2012 - Report: The 2012 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds
05/13/2011 - Article of Interest: Medicare, Social Security running out of money faster