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Keeping the Social Security System Solvent |
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April 10, 2007 |
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While the Social Security system functions effectively today, we cannot ignore the fact that the Social Security Trust Fund will begin to run a deficit in 2018 and will be technically bankrupt by 2042. We have an obligation to protect this system for Americans who have paid into it for decades. Today, life expectancy is sixteen years higher than the first age of eligibility when President Roosevelt signed the Social Security Act into law in 1935.
At some point, we must take action to make the Social Security system more solvent. However, the most important aspect of any reform, first and foremost, is to protect all current retirees’ benefits and to maintain all benefits for those born before 1950. Any proposed changes for younger workers should be voluntary, offer more options and ensure better benefits than the current system.
Currently, there is no specific legislation under consideration by Congress. Until there is, I am listening to the people of Tennessee, and will only vote for a responsible plan that comprehensively addresses the long-term viability of Social Security. |
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