At Bush Visit, Domenici Says Now Better than Later to Act on Saving Social Security

At Bush Visit, Domenici Says Now Better than Later to Act on Saving Social Security

from the Office of Senator Pete V. Domenici

Tuesday, March 22, 2005

ALBUQUERQUE - U.S. Senator Pete Domenici today joined President Bush to make the case that the nation will be better off acting now to reform Social Security, rather than waiting until the retirement security program is steeped in a full-blown solvency crisis.

President Bush arrived in New Mexico as part of a three-state Southwest tour to build public support for tackling Social Security reform. Domenici, former chairman of the Senate Budget Committee, introduced Bush and praised him for not shying away from the reform issue.

"The President is right-whatever tough choices are involved today will only become tougher if we put off action. The longer we wait to take action, the more difficult and expensive changes will be. Acting now allows more options and gradual rather than abrupt changes," Domenici said.

"President Bush is committed to developing a plan that will fix Social Security. He has made it clear that he is not interested in another band-aid approach and he is not willing to push this issue down the road," he said.

Domenici pointed out that every indicator points to the Social Security program sliding into financial trouble, with the system paying out more in benefits than the amount of payroll taxes collected by 2018. Without reform, the system would be limited to paying 75 percent of benefits by 2042. Current retirees and those nearing retirement would not be affected by the reform effort.

"The reality is that doing nothing is not an option. The Social Security program is too important. It is fundamental to the retirement security of our nation and its workforce. Those who have the biggest stake in this debate are the young workers and future generations," Domenici said.

"The President has made it clear that he's willing to lead in a bipartisan way, and that he wants to work with Congress to find the most effective combination of reforms," he said.

Domenici encouraged New Mexicans to constructively join a national debate on Social Security reform, including the President's proposal to make Voluntary Personal Retirement Accounts on aspect of the reform solution.

http://domenici.senate.gov/news/record.cfm?id=234439