Issue Position: Social Security

Issue Position

Issue Position: Social Security

Social Security is an invaluable safety net, and it needs to be extended indefinitely. It, however, is not a full retirement program. Individuals must plan for their retirement while they are employed.

When Social Security was introduced, some 17 people contributed for each person who received benefits. That ratio is now less than 3 people contributing for each person receiving, and it is dropping still further. Universally acknowledged projections indicate that the fund will be bankrupt some time in the not too distant future. (Complicating matters considerably is the fact that the federal government borrows from the fund continually, so the "fund" does not really exist.) If we want the program to be there for future generations of retirees, then we must restructure it. Everyone agrees this far, but there is disagreement on how social security should be restructured. Many solutions have been proffered: an increased tax, means testing, an older age at which benefits could be received, and allowing individuals choice on how to invest a portion of their Social Security Fund contributions. Each of the proposed solutions has supporters and detractors, all represented by strong constituencies who lobby/communicate their perspectives to elected representatives. The result is legislative gridlock, and while the situation worsens, Congress does nothing.

If elected, I will be among the legislators who embrace the fact that we must have the courage to find a solution to this problem, taking into consideration all suggestions. It is evident that many, perhaps all, constituencies will find some displeasure in the result, and some may react by voting against the representative to indicate their unhappiness. If elected, I will be among those who call for us to make the difficult decision to save the program. I will support it and take the consequences. They will be less painful than the demise of Social Security.

The basic principles that I will follow when asked to make a decision on solution are:

1. A long-range solution must be put into place.
2. The elderly are able to retire with financial security and dignity.
3. The young are able to keep more of the fruits of their labor.
4. In achieving the first two principles, the economy is benefited and not burdened.

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