2005 Regular Session
By: Senator(s) White
A CONCURRENT RESOLUTION REQUESTING THAT THE CONGRESSIONAL DELEGATION OF THE STATE OF MISSISSIPPI WORK TO PASS SOCIAL SECURITY REFORM.
WHEREAS, demographic changes and cost increases will drain the existing social security system; and
WHEREAS, without significant changes to the system, costs will exceed revenues starting in 2018 and the system will not be able to pay any benefits by 2042; and
WHEREAS, anyone born after the year 1970 will not receive any social security benefits if changes are not made to the system; and
WHEREAS, not reforming the system will require a 50 percent tax increase on every working American or a 30 percent benefit cut; and
WHEREAS, allowing younger workers to invest a portion of their income in personal retirement accounts will allow them to have a greater rate or return and retirement security; and
WHEREAS, allowing younger workers to invest a portion of their income in personal retirement accounts will avoid any benefits cut and/or tax increases:
NOW, THEREFORE, BE IT RESOLVED BY THE SENATE OF THE STATE OF MISSISSIPPI, THE HOUSE OF REPRESENTATIVES CONCURRING THEREIN, That we do hereby request our elected Representatives and Senators in the United States Congress support no increases in payroll taxes, no cuts to social security benefits, and optional social security personal retirement accounts.
BE IT FURTHER RESOLVED, That this resolution shall be sent to the Mississippi congressional delegation in Washington, D.C., and be made available to the Capitol Press Corps.