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South Carolina News Supports DeMint reform efforts
November 07th 04:27:55 PM
"Social Security remains in deep trouble.
In 2017-a little over a decade-the Social Security system will begin to pay out more than it receives in taxes-and pay out more and more each succeeding year-for the retirement of 70 million baby boomers. Federal lawmakers at that time will either have to raise taxes sharply on working people, slash benefits for retirees or increase their irresponsible borrowing...
The need to overhaul the system is urgent, and that reform should include voluntary retirement accounts—to give retirees more control over their financial future. So far, reform has fallen prey to partisan rancor. Democrats have refused to support Bush's efforts to change the system, and they've balked also at putting forth their own comprehensive plan for saving Social Security. It's true, as well, that Bush conceived his own plan without seriously soliciting Democratic input.
South Carolina's two Senators, Jim DeMint and Lindsey Graham, have long advocated Social Security reform that allows people to create private retirement accounts with a portion of their federal payroll tax. In June, DeMint, Graham, and nine other Republican senators announced new legislation designed to shore up Social Security, create private accounts, and stop the raid on the Social Security fund. Since 1985, $1.7 trillion has been siphoned from the fund to be used for general federal expenses.
American voters expressed their hope of Social Security reform by giving Bush a second term in office and affirming GOP control of Congress. Federal lawmakers still have a mandate to act. Social Security's looming problems aren't going away."
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Posted by Chris Schrimpf
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