Retirement and Social Security
Social Security is not sustainable without significant reform. Future benefits cannot be paid under current taxation levels. Raising taxes to pay for an unsustainable system will only make the problem worse. There are a limited number of options for addressing this actuarial time bomb. We can increase the retirement age, raise tax rates, or increase the cap on earnings subject to taxes. The sooner that adjustments are made, the smaller the adjustments need to be. Keep in mind that younger workers already don’t believe Social Security will provide for them.
The government has to honor its promises to protect retirees and those nearing retirement age. A long-term fix to Social Security should include the option of a personal retirement account that younger workers can count on as their own individual asset. I will vote to ensure that Congress quickly reforms the program, making it workable for all generations.