The Alliance for Worker Retirement Security today praised U.S. Reps. Sam Johnson (R-TX), Jeff Flake (R-AZ) and Pat Toomey (R-PA) for introducing legislation that would dramatically transform Social Security -- America’s primary retirement program -- from an unfunded liability that places huge and unsustainable burdens on future generations into a program that provides opportunities for all workers to build nest eggs, improve their retirements, and pass money to their children and grandchildren.
The Alliance for Worker Retirement Security today praised U.S. Reps. Sam Johnson (R-TX), Jeff Flake (R-AZ) and Pat Toomey (R-PA) for introducing legislation that would dramatically transform Social Security -- America’s primary retirement program -- from an unfunded liability that places huge and unsustainable burdens on future generations into a program that provides opportunities for all workers to build nest eggs, improve their retirements, and pass money to their children and grandchildren.
“As the baby boom moves into retirement, there are few issues as important as reforming Social Security,” said AWRS Executive Director Derrick Max. “With the number of workers paying into Social Security shrinking and the number of retirees growing, it’s essential that Congress act now to deal with this unprecedented demographic shift.
“These lawmakers deserve credit for tackling an issue most politicians would rather avoid,” continued Max. “Their initiative – bold in both size and structure – is a good marker for large personal retirement accounts.”
Max cautioned that Social Security actuaries have yet to release an estimate of the program’s final cost and suggested that further analysis of its full implications is required.
“We’ll work constructively to refine the bill with its sponsors and the rest of Congress once actuarial assessments are complete. We want to make sure that the costs of these accounts aren’t unfairly foisted on employers and their workers and that they won’t threaten our ongoing economic recovery,” Max added.
This is the second large personal account bill introduced this week, joining other sensible reform bills introduced in the 108th Congress by Sen. Lindsey Graham (R-SC), Rep. Nick Smith (R-MI), Rep. Jim DeMint (R-SC) and Reps. Jim Kolbe (R-AZ) and Charles Stenholm (R-TX). “There is clearly a lot of momentum for Social Security reform based on personal accounts, and it’s time for President Bush to get behind these members and make reform happen.” Max concluded.
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Launched by the National Association of Manufacturers in 1998, the Alliance for Worker Retirement Security is a broad-based coalition of 40 organizations representing large and small employers, corporations, and other diverse groups. It includes the Hispanic Business Roundtable, the U.S. Chamber of Commerce, the National Retail Federation, the National Restaurant Association, the United Seniors Association and the 60 Plus Association.
