House Concurrent Resolution 55

A CONCURRENT RESOLUTION REQUESTING THAT THE CONGRESSIONAL DELEGATION OF THE STATE OF MISSISSIPPI WORK TO PASS SOCIAL SECURITY PERSONAL RETIREMENT ACCOUNTS.

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 provide additional savings to younger workers for greater 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 HOUSE OF REPRESENTATIVES OF THE STATE OF MISSISSIPPI, THE SENATE CONCURRING THEREIN, That the Mississippi Legislature requests that 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 copies of this resolution be furnished to Mississippi's Congressional Delegation and to the members of the Capitol Press Corps.