Ryan and Sununu Reintroduce Reform Bill

April 27, 2005

Last week, Rep. Paul Ryan (R-WI) and Sen. John Sununu (R-NH) reintroduced their Social Security reform bill, which is based on a system of large personal retirement accounts. At a press conference to announce the reintroduction of the Personal Savings Guarantee and Prosperity Act, Sen. Sununu gave the following remarks:

"Social Security faces a $12 trillion shortfall that will be forced upon future generations if we don't act now to establish long-term solvency for this program. Critics would prefer to run and hide behind slogans instead of tackling an important issue head on. This approach makes them part of the problem, not the solution.

"Paul and I prefer to move forward. That is why we are re-introducing comprehensive legislation that will strengthen Social Security for future generations and establish long-term solvency for America's retirement security system. By giving younger workers the option to invest a portion of their payroll taxes in tax-free personal accounts, they stand to benefit from a stronger rate of return than Social Security could ever provide. No worker over the age of 54 will be affected in any way, and all workers will maintain a guaranteed minimum benefit as promised under current law. Personal accounts create economic opportunity, inheritable wealth, and prevent Social Security surpluses from being spent by Congress."

For more specific information on the bill, see this fact sheet on Rep. Ryan's website.

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