Retirement Security

I believe that Social Security is a sacred trust between the government and its citizens and therefore benefits should not be reduced.  In Congress, I will never support a reform plan that reduces benefits for people already retired and those nearing retirement.  It is important too that we work to address funding shortfalls so that our nation's younger workers also have the promise of a full retirement.

The biggest threat to the social security surplus has been wasteful spending. While the President and Congress could easily ignore or put off addressing the long-term financial soundness of this federal program, it is the responsible thing to examine our long-term options.

While I will never support any reform which would reduce the benefits for people already retired or for those nearing retirement, it would be irresponsible to allow our younger generation of Americans to inherit a bankrupt retirement system. If we do not address serious future funding problems, Social Security will face significant long-term debt. Among the most serious challenges is that people today live much longer than when the system was created, fewer workers are paying taxes into the system and the return on those taxes is far below market value.

The number of young workers paying taxes to finance the benefits of current retirees under Social Security is rapidly declining. In the 1940's, there were 41 workers contributing to the benefits of each retiree. Currently, the system has 2.8 workers funding the retirement benefits of each individual. That ratio of workers has continued to decline since the Baby Boomer Generation began to retire in 2008.  According to the Social Security Board of Trustees 2016 Report, the program will begin to run deficits by 2020 and be fully depleted by 2034.  In other words, we have enough assets to fund the benefits of today's seniors; yet in the coming years, we will have far too few workers to provide for the benefits of today's younger generations.

The average American today lives much longer than when Social Security was first introduced. Social Security was originally intended to provide only temporary relief for seniors living in retirement. However, it has grown into a much broader system providing permanent benefits to all American retirees, spouses, dependents and the disabled. Today's seniors are living much longer in their retirement years than when the system was created. This has put great financial strain on the program.

Current retirees and those nearing retirement are greatly dependent upon Social Security because for most it is their sole source of retirement income. The current Social Security system will be solvent to pay for the benefits of those 55 years of age and older. For them Social Security will not change in any way. However, leaving this problem to future generations and future Congress' is simply irresponsible.