Senate Looking For Ideas On How To Preserve Social Security
NEWS JUNKIE POSTJun 17, 2009 at 12:01 am
A Senate committee will begin to hold hearings Wednesday on how to ensure that Social Security continues to exist and provide full benefits in the future.
Fears that payroll tax revenues that fund the Social Security program will decline by the year 2017 still trouble people who are years away from being able to retire and depend on those benefits. This is why the Senate’s Special Committee on Aging is stepping in to figure out a comprehensive plan to fund the 74 year-old federal program which came out of the Great Depression.
Senator Herb Kohl (D-Wisconsin) has titled the hearing, “Social Security: Keeping the Promise in the 21st Century.” Those who will testify at the hearing include educators, researchers, and advocates from over half organizations including the Economic Policy Institute and the American Enterprise Institute.
It is expected that Congress will begin moving towards some sort of Social Security reform this year and according to Kohl, the hearing will serve as a way to collect ideas which will help at arriving to effective solutions.
“With the nation’s ever-growing fiscal deficit, addressing the long-term solvency of Social Security has become more urgent,” said Kohl on a press release Tuesday.
According to a survey conducted by the National Committee To Preserve Social Security And Medicare (NCPSSM), baby boomers want future generations to be able to benefit from Social Security benefits when they retire. The survey found that raising payroll taxes is more preferable as a solution to save the program than to reduce benefits.
The NCPSSM issued this statement back in April:
“This survey shows that in spite of long-running and well-financed campaigns to convince the American people that Social Security is in “crisis”, they’re just not buying it. Social Security is not bankrupting the nation and is in fact keeping millions from poverty; especially as retirees’ have seen their healthcare costs skyrocket, savings evaporate, home values plummet during this recession. The long-term challenges facing Social Security are modest and manageable. Baby boomers understand this and overwhelmingly support changes that strengthen benefits for the future.”
The full survey can be found here.
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