| FOR IMMEDIATE RELEASE |
CONTACT: Kate Dwyer
|
| December 13, 2001 |
(202) 225-3031
|
WASHINGTON – First District Congressman Paul Ryan yesterday voted in support of a resolution (H. Con. Res. 282) that expresses the sense of the U.S. Congress that the President's Commission to Strengthen Social Security – recognizing the immense financial commitment of every American worker into the Social Security system – should present in its recommendations innovative ways to protect that commitment without lowering benefits or increasing taxes. This resolution passed the House of Representatives by a vote of 415-5.
House approval of this legislation sends a strong signal that, as Congress and the Administration move forward to identify and enact reforms to address Social Security's looming financial challenges, all involved in shaping reform must strive for innovative solutions that do not cut benefits or raise taxes.
"People who have paid into Social Security throughout their working lives need to know that the government will honor its commitment to them," Ryan said. "Slashing benefits to balance Social Security's books would be a violation of that commitment, and it wouldn't fix the underlying problems with the current system. Neither would payroll tax hikes – which would make it more difficult for today's workers to make ends meet and save for their own retirement. Instead, we must carefully pursue solutions that will preserve the Social Security safety net, while allowing people currently paying into the system to get a better rate of return for their money."
Social Security today is a "pay-as-you-go" program, rather than a savings plan. Payroll taxes are collected from workers and immediately used to pay benefits. Because of changing demographics, Social Security faces serious financial challenges. Today, the American population is older, and there are fewer workers paying into the system and a growing number of retirees collecting benefits. As the baby-boom generation retires, this trend will accelerate – making careful reform a necessity in order to protect Social Security over the long run.