Social Security

Thu, 21 Feb 2008 17:04:52 +0000

Social Security is the greatest social program in our nation’s history and I will vote to protect our seniors in retirement and those who are entitled to disability and survivor benefits including about 3 million children.

We need to keep the promises made and secure Social Security for future generations, avoid raids on the trust fund and fix what is broken. We do not need to panic, but we have to make changes to the system.

Changes should combine phased changes to the contributions for people under age 40, guaranteed protection for seniors making less than $40,000 annually, and lifting the cap for individuals on wages subject to contributions. I do not support changes for those currently receiving benefits.

Social Security needs to remain predictable, stable and risk-free. It must be designed to provide adequate benefits for retirees, the disabled and survivors by making annual inflation adjustments.

Social Security must be universal – there should be no ability to “opt out” because it drains the ability to pay benefits now, passing on unacceptable debt to the next generation. I am not in favor of people managing their own Social Security asset allocation – this should be guaranteed income. Let them play with their own IRA and 401K. Enron is a good example. People take risks they don’t even know they are taking.