Kolbe, Boyd Praise President for His Commitment to Solvency of Social Security

KOLBE, BOYD PRAISE PRESIDENT FOR HIS COMMITMENT TO SOLVENCY OF SOCIAL SECURITY

Reps. Jim Kolbe (R-AZ) and Rep. Allen Boyd (D-FL), leaders on Social Security reform and co-sponsors of the only bipartisan bill strengthening Social Security, today commended President Bush for maintaining his commitment to restoring the solvency of the Social Security system.

In a July 19 Washington Post article, President Bush's top economic advisor Ben S. Bernanke said the President "will insist on maintaining the long-term solvency of the Social Security system, so that it can continue to provide benefits to retirees in the future."

"Since I became involved in the Social Security debate nearly a decade ago, I have made it a priority to not only create personal retirement accounts, but to ensure Social Security's solvency is fixed," said Rep. Kolbe. "It is encouraging to see the President hold steadfast in his commitment to ensure this vital program is around for our children, grandchildren. Simply creating personal accounts by using the Social Security surplus - which will disappear in a few years - does not help the retirement security of future generations. It is once again clear that the ideas the President supports mirror the bipartisan legislation I have introduced with Congressman Boyd."

"We must keep our eye on the primary goal of reforming this vital program—putting Social Security on sound financial footing," said Rep. Boyd. "Any plan that does not address the long term solvency of Social Security is overlooking the reason we are reforming Social Security in the first place. Congressman Kolbe and I have introduced legislation to fix the inherent fiscal problems with the Social Security program, and I commend the President for his similar commitment. As we move forward, it is my hope that my colleagues in Congress will get behind legislation that will provide the American people with a Social Security program that is solvent for years to come."

Rep. Kolbe introduced the Bipartisan Retirement Security Act of 2005 (H.R. 440) with Rep. Allen Boyd (D-FL). It is the only bipartisan plan to strengthen Social Security. The bill creates personal retirement accounts while fixing the program's long-term solvency. It has been scored by the Social Security Actuaries and the Congressional Budget Office (CBO) as putting Social Security on sound footing for 75 and 100 years respectively.

http://www.house.gov/apps/list/press/az08_kolbe/Praise_Bush_Solvency_071905.html