Issue Position: Social Security

Issue Position

Social Security is an important issue for all generations, unfortunately its financial situation becomes more precarious each year. If we are going to preserve and protect this vitally important program for those who need it today as well as future generations we must take steps soon to secure it.

I am committed to protecting and preserving Social Security. Millions of seniors rely on Social Security and the government has a moral obligation keep the promise that's been made to our seniors. However, Social Security has been raided for generations and will not be there for future generations if we do not act.

According to the Social Security Trustee's Report, Social Security is facing a $6.5 trillion unfunded liability and has entered into permanent cash deficits. By 2036, the Social Security Trust Fund will be exhausted, a year earlier than previously predicted. Once the trust fund is exhausted, seniors would see a 23% reduction in their benefits. This would be a catastrophic reduction and millions of seniors would be harmed. Washington must to act to prevent this collapse.

Some in Washington like to pretend that we do not need to address Social Security now, claiming that the Social Security Trust Fund will cover necessary expenses. However, this is a false assumption. Congress has raided the Social Security Trust Fund for years and as a result there is no money in the trust fund, just IOU's. Since Social Security is now running cash deficits, the government must repay the IOU's to pay full Social Security benefits. Once these transfers expire, the program will be left insolvent.

This drawdown of these IOU's is coming faster and faster as 10,000 baby boomers retire each day and fewer and fewer workers are available to support them. When the program was first implemented there were 42 workers to support every Social Security retiree. In 2030 there will only be 2.2 workers to support each retiree. We must take responsible steps to protect our nation's seniors in light of these demographic shifts. Washington cannot continue ignore Social Security's structural problems, to do so places our elderly at risk and is unacceptable.

Social Security is in crisis but this does not have to be the case. If Washington is willing to have an honest conversation about the challenges facing the program we can start working on solutions. I will continue working with my colleagues from both sides of the aisle on this important issue to ensure seniors are protected and that Social Security will be there for future generations.

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