Tom Campbell (R)
Protecting and Improving Social Security
Social Security is in trouble because people are living longer, and because the birth rate is dropping. When the Social Security system was devised, there were 20 workers for every retiree-and life expectancy was 65 years. Now there are two workers for every retiree, and life expectancy is 20 years greater. Present estimates say that the Social Security system will run out of money in 2037.
We must take Social Security trust fund away from Congress’ proclivity to spend it and, to the extent consistent with present obligations, allow workers to choose how to invest it in a wide array of safe, broadly-based mutual funds held for 30 years or more. There is no reason why a significant portion of every worker’s social-security deductions can’t be invested in this way.