I have always been, and will continue to be, dedicated to working toward a solution so that all who have paid into the Social Security system will benefit fairly.
As it has become increasingly obvious that Social Security will go bankrupt without action, Congress has been working to find a solution. The Social Security Board of Trustees has reported that payroll tax revenues will remain above program costs until 2017; thereafter the financial solvency of Social Security will be severely compromised. While we continue to work to protect and preserve Social Security for the 46 million beneficiaries now on the roles, we must also seek out innovative solutions for the millions of Americans who will one day rely on the program.
There are a variety of proposals to address the unfunded liability of the Social Security system. Some plans seek to create voluntary individual retirement accounts to replace the current system, and others would retain part of the current system while adding individual accounts. I believe that younger Americans who want to move towards higher yield investments should have that option as long as today's seniors and near seniors will not be affected by such a transition. I do not support the government investing Social Security funds in the stock market and I will never support legislation that would change current retirees' benefits.
I also support eliminating the Government Pension Offset and the Windfall Elimination Provision and restoring benefits to federal, state, and local government workers.
Maintaining a solvent and stable Social Security program is paramount to my legislative goals for the upcoming 110th Congress. I look forward to working with President Bush in his efforts to strengthen the Social Security System.