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Social Security provides income support to 46 million retirees, including 111,000 in the 2nd district of Florida, as well as survivors, dependents and disabled workers. Keeping this vital program intact, for those who depend on it today and in the future, is a commitment I will not ignore. In his State of the Union Address, President Bush effectively laid out the long term problems facing Social Security, and I commend him for tackling the crucial task of reforming the Social Security system. I have cosponsored the Bipartisan Retirement Security Act with Jim Kolbe (R-AZ) to preserve and sustain the Social Security program, and I am pleased the President has embraced many of the principles of our plan.
While modernizing Social Security is absolutely essential, no plan should affect current retirees or those nearing retirement. My plan, the Bipartisan Retirement Security Act, does not affect anyone 55 years of age or older. The Social Security program needs to be reformed so that future generations can enjoy the benefits of this invaluable program, and therefore, only future generations should feel the effects of reform. We have a moral obligation to protect the benefits that have been promised to current retirees, and our plan recognizes this responsibility and fulfills this promise.
Let me tell you what our plan does not do:
- Our plan does not reduce benefits for anyone near retirement (55 or older) or current retirees.
- Our plan does not increase payroll tax rates.
Although we cannot ignore that structural reform of the Social Security program is necessary, any changes to Social Security must preserve the full benefits promised to current retirees and near-retirees. The Kolbe-Boyd plan does not make any changes to the benefits promised to current retirees or those nearing the retirement age.
Now let me tell you what our plan does do:
- Our plan preserves existing benefits for current and near-retirees.
- Our plan increases the rate of return for all workers by establishing the opportunity for all Americans to create wealth.
- Our plan strengthens the government safety net for low-income workers through a minimum benefit provision.
- Our plan provides individuals with ownership of and control over part of their retirement assets-including the freedom to invest in safe, risk-free Treasury securities.
I will not support any plan that alters the benefits that current retirees expect and are entitled to. The Kolbe-Boyd Bipartisan Retirement Security Act is a plan to ensure that tomorrow's retirees have a secure future, and in no way affects current retirees or those nearing retirement. Current retirees and those nearing retirement should be guaranteed every penny of their promised Social Security benefits. They paid for their benefits and they should receive them. Current retirees and near-retirees have spent a lifetime putting a part of their income into Social Security with the belief that this money will be returned to them upon retirement. We must honor this commitment.
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