Social Security is, and has always been, an important program.  Today, the Social Security program provides benefits to retired and disabled workers and to the survivors of deceased workers.  Currently, nearly 48 million Americans are receiving some form of Social Security benefit.  We must ensure that this program continues to provide benefits to the working Americans that deserve what they have earned.    

As you know, the major source of funding for Social Security is the payroll tax paid by today’s workers, including federal employees and members of Congress.  In 1950, almost a decade after the Social Security program was created, 16 workers paid into Social Security to support one beneficiary.  Today, there are about three workers for every retiree, and when workers entering the work force today retire, there will be only two. 

In April of this year, the Trustees who manage the Social Security Trust Fund announced, “we project that the assets of the Federal Disability Insurance (DI) Trust Fund will become exhausted one year later, in 2016, and only about 79 percent of benefits scheduled in current law will be payable thereafter if no legislative action is taken.”  Furthermore, that they expect the trust fund to become insolvent in 2033.  The difficulties of Social Security will not fix themselves and are headed towards failure at an alarming rate.

I am concerned that Social Security will continue to suffer and possibly create financial difficulties for people such as yourself who expect to receive the benefits you have earned while paying into the system during your working years.  I believe we should address these issues as we have the opportunity, now, to begin the debate on how to strengthen Social Security while keeping our promise to protect the system for current and near term beneficiaries.