Social Security

I firmly believe that Social Security benefits should be protected, the retirement age should not be raised, and taxes should not be increased as any of these would alter the terms of the agreement between our nation and seniors.

The record breaking deficit spending has accelerated the threat of insolvency within the Social Security system. In 2009, the Social Security trustees reported that Social Security would start paying out more in benefits than it collects in taxes in 2010, such that it is now being supported by additional borrowing. The $2.5 Trillion so-called "Trust Fund" no longer has assets; only promises to be repaid by increased taxes or borrowing. This means that Social Security trust fund is essentially bankrupt; supported completely by current taxation; but with a shrinking workforce and increasing retirement population, will collapse in 2037.

Cutting Social Security benefits to current seniors and future retirees is not a legitimate solution to this problem.

Instead, we should be looking to offset new spending initiatives with corresponding cost savings in existing programs. My first priorities in Congress will be to reduce deficit spending and create jobs. Once we have put the economy back on the right track, I will support meaningful, bipartisan reform to the Social Security system, being sure to protect current and near retirees throughout the process.

The plan to put Social Security back on track must be guided by three principles:
1. To allow seniors to retire with security, and dignity;
2. To not burden the economy; and
3. To allow workers to benefit from the fruits of their labors.

Plans consistent with these principles include the Chilean and Galveston models, which should be studied and evaluated for their economic viability, appropriately scored by the non-partisan GAO prior to implementation.