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Issue Position: Social Security

Issue Position

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Date:
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Social Security provides a valuable safety net for millions of Americans and I am committed to protecting this program for future generations. Social Security is funded by the payroll taxes of today's workers which are used to provide benefits for current retirees. Unfortunately, the financial condition of Social Security has been deteriorating for some time now and without serious action, future retirees will experience a reduction in benefits. President Roosevelt signed the Social Security Act on August 14th, 1935, and in 1940, there were 42 workers per retiree. However, today there are 3.3 workers per retiree, and within 40 years, it is projected that there will be just two workers per retiree. In their 2010 report to Congress, the Social Security Trustees warned that the trust fund will be exhausted by 2037. We cannot continue to ignore this issue and by acting today we can keep our promise to our seniors. The current unsustainable growth in government entitlements will eventually bankrupt our country. Annual spending on Medicare, Medicaid and Social security is expected to increase from $1.4 trillion to $2.7 trillion over the next decade. This type of growth will burden future generations with an immense tax burden. We cannot allow ourselves to pass this liability on to our children, it is an issue that must be faced today.


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