Ronnie Shows (D)
Social Security
Ensuring the long-term solvency of Social Security is one of our most important challenges. Most projections indicate that Social Security will remain solvent through 2034, but growing projected surpluses for the next decade suggest that permanent solvency can be attained. I am cosponsor of legislation that takes Social Security off budget and puts it in a lock box. We must stop borrowing from Social Security for non-Social Security expenditures and repay all that has been borrowed. Setting up individual savings accounts as a replacement for Social Security is risky. Sixteen percent of Social Security recipients have no other source of income. Individual savings accounts independent of Social Security should be encouraged. Tax breaks for savings accounts must be optimally utilized. Any changes to Social Security must be made gradually with the best economic information. Projected surpluses may also be an avenue for Social Security further aiding those in poverty.