Expressing the sense of the House of Representatives that Social Security is a vital program facing bankruptcy, which must be reformed.

Expresses the sense of the House of Representatives that Congress should implement reforms to the Social Security system in 2005, and such reforms should: (1) take effect at the earliest possible date; (2) provide long term solvency, while guaranteeing full, unchanged benefits to citizens 55 years of age or older; and (3) avoid increasing taxes or tax rates.

[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 168 Introduced in House (IH)]






109th CONGRESS
  1st Session
H. RES. 168

   Expressing the sense of the House of Representatives that Social 
 Security is a vital program facing bankruptcy, which must be reformed.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 17, 2005

  Mr. McHenry (for himself, Mr. Sam Johnson of Texas, Mr. Flake, Mr. 
Bartlett of Maryland, Mr. Feeney, Mr. Culberson, Mr. Lucas, Mr. Cole of 
 Oklahoma, Mr. Shadegg, Mr. Gingrey, Mr. Neugebauer, Mrs. Myrick, Mr. 
  Pitts, Mr. Akin, Mr. Weldon of Florida, Mr. Tancredo, Mr. Paul, Mr. 
  Pence, Mr. Miller of Florida, and Ms. Hart) submitted the following 
   resolution; which was referred to the Committee on Ways and Means

_______________________________________________________________________

                               RESOLUTION


 
   Expressing the sense of the House of Representatives that Social 
 Security is a vital program facing bankruptcy, which must be reformed.

Whereas the first of the baby boom generation is eligible for retirement in 
        2008;
Whereas 76 million baby boomers will retire between 2010 and 2030;
Whereas Social Security will begin running a deficit in 2018;
Whereas Social Security will become insolvent in 2042;
Whereas there were 16 workers paying into Social Security for each retiree in 
        the 1950s;
Whereas only 3.3 workers are currently paying into Social Security for each 
        retiree;
Whereas, according to Federal Reserve Chairman Alan Greenspan, the current pay-
        as-you-go system ``is ill-suited to address the unprecedented shift of 
        population from the workforce to retirement that will start in 2008'';
Whereas, according to the Social Security Trustees 2004 report, the unfunded 
        liability of Social Security is $10.4 trillion;
Whereas without reform, according to the Social Security Administration, 
        maintaining the current system would require a $600 billion annual tax 
        increase; and
Whereas without a $600 billion annual tax increase, according to the Social 
        Security Administration, current law would require a 27 percent benefit 
        cut to keep Social Security solvent: Now, therefore, be it
    Resolved,  That it is the sense of the House of Representatives 
that--
            (1) the Congress should implement reforms to the Social 
        Security system in 2005;
            (2) such reforms should take effect at the earliest 
        possible date;
            (3) such reforms should provide long term solvency, while 
        guaranteeing full, unchanged benefits to citizens 55 years or 
        older; and
            (4) such reforms should avoid increasing taxes or tax 
        rates.
                                 <all>