For nearly 70 years, Social Security has provided supplemental retirement income to millions of Americans. Four generations of Americans have relied upon the program to deliver on the promises it made during their working years.
The 2012 Social Security Trustees report was released on Monday and highlighted that the Social Security will run dry even sooner than we expected. We must act now to ensure that we can fulfill the promises we have made to future retirees.
According to the report, the trust funds that support Social Security will be depleted in 2033, three years earlier than previously projected. When this happens, Social Security will only have enough funds to cover about 75 percent of the benefits promised to seniors.
The simple truth is that our current Social Security system is not sustainable, and the longer we wait to solve the problem, the more painful the options become. To ignore the funding realities and simply do nothing is not a viable option. We must meet the challenges head-on if we are to update the system while upholding our commitment to current retirees and ensuring that our children and grandchildren will also enjoy a secure retirement.
The House of Representatives approved a budget that will address the looming crisis in a way that would not impact anyone at or near retirement age. The budget establishes a mechanism that requires action by the president and leaders in Congress to shore up Social Security's fiscal imbalance. The budget would require a plan to achieve actuarial balance in a way that protects those in or near retirement, preserves the safety net for those who rely on Social Security, including survivors and those with disabilities, and reduces the burden and ensures certainty for future generations.
I will continue to fight for seniors while in Congress. Common sense legislation like the House of Representative's budget is just one way we maintain our promise to current and future retirees.