Issue Position: Social Security

Issue Position

Social Security is a contractual right that those who have paid into the system are entitled to receive. Although intended as supplemental income, social security is the sole means of support for all too many Americans.

But the system is in trouble. Why? Originally established as a self-sustaining trust fund, too many people are retiring and claiming benefits while fewer people are in the workforce paying taxes to support them. Today's recession has further exacerbated the shortfall. Moreover, babyboomers are healthier and living longer. The deficits for social security are currently in the range of $40-$44 billion. In the next 5 years, social security will begin to run deficits of $100 billion. In the next 10 years, the fund could be out of money if nothing is done to fix it.

The system can be fixed, but it will take thoughtful debate and careful consideration. Options that should be discussed are:
- Sliding Scale of benefits for those who are not in need.
- Adjusting the age that benefits can be received (for those currently under 55.
- Adjustments to the level of benefits provided.

At no time should we discuss privatizing of this essential program.

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