Folks worked hard during their careers, and when they retire, they expect benefits that were promised to them to be there. They deserve nothing less. The federal government can't be in the business of breaking promises, raising taxes, or cutting benefits to our seniors.
However, more than 50 million Americans are currently receiving Social Security benefits, and just last year the first of the baby boomer generation began receiving Social Security benefits. While the program is currently financially solvent, if reforms are not made for future generations, there will be no Social Security for our children and grandchildren.
In less than ten years, there will be more benefits being paid out to beneficiaries than payroll taxes coming into the program. Today, the ratio of workers paying into Social Security to those receiving benefits continues to decline. There is no simple solution to solving the financial problems facing Social Security, therefore any solution will require bipartisan cooperation that keeps our promises to today's retirees and workers and strengthens Social Security for future generations.