Issue Position: Social Security Reform

Issue Position

Since its creation in 1935, Social Security has provided essential and guaranteed income to America's seniors. Many older Americans depend on Social Security payments to meet the costs of the necessities of life, and the system simply cannot be allowed to go bankrupt. As such, we must find a way to make the program solvent for future generations without undermining our obligation to seniors who have paid into the system throughout their lives.
I have long thought that we should consider long-term reform of the Social Security program in order to maintain our commitment to future retirees. When Social Security was created, there were about forty workers paying Social Security taxes for every person receiving benefits. Today, there are less than three workers for every beneficiary. Furthermore, Social Security was created at a time when the average life expectancy was 61.7 years. Average life expectancy today is approaching 80 years. These changing conditions have created a situation where Social Security benefits paid out have already begun to exceed payroll taxes.
I realize the need to reform Social Security; however, it is a complex issue, and we must proceed in a cautious and gradual way. While I support the underlying principle of personal retirement accounts, I am skeptical of any plan that places a significant burden on future generations and could endanger the economic well-being of our country. I believe significant reforms to a program as large and critically important as Social Security must be cautious and deliberative, and I intend to take such an approach as Congress debates this matter.

Source