Strengthening Social Security
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Patrick McHenry believes that every older and middle-aged American must receive the Social Security benefits to which they are entitled.
Social Security has served Americans well for generations, and we must take proper steps to ensure that the program remains solvent for future generations. But the program was designed in 1935, is broken, and unless Congress acts Social Security will be in serious trouble. In the 1950s, there were 16 workers supporting every retiree on Social Security. Currently, there are only 3.1 workers per retiree, and when the baby boomers retire, there will be only two workers supporting every Social Security recipient. As the program currently exists, it will go completely bankrupt in 2034, and Social Security disability insurance program will be unable to fulfill its obligations beginning next year. The Congressman believes in transforming and modernizing the Social Security system – as many industrialized countries have done – to allow younger workers to control a portion of their Social Security taxes into a nest egg that they can pass on to their children and grandchildren. Just like federal workers invest their pensions into safe market options, younger workers should be able to do the same. This will keep the system solvent for decades to come. The 60 Plus Association presented Congressman McHenry with its "Guardian of Seniors' Rights" award. |