A Quote by Ron Lewis
Since Social Security faces a large gap between what it promises younger workers and what it can afford to pay them, private savings will likely need to play a larger role in retirement planning for younger workers.
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As you know, in the 2000 campaign I articulated a point of view that we ought to have personal savings accounts for younger workers that would make sure those younger workers receive benefits equal to or greater than that which is expected, ... I still maintain the same position.
Basic US economics tells us that back-of-the-house workers are very unlikely to get more pay overall. The fact that workers are in those jobs means employers are already paying them what they need to pay them to get them in the current environment. If employers do share some tips with them, it will likely be offset by a reduction in their base pay.
In order to fix Social Security, we must restructure it so that we continue to provide for our Nation's seniors that are approaching retirement age, but allow for younger taxpayers to invest a portion of their Social Security taxes in private accounts.
As you know, Social Security functions under the premise that today's workers will help finance benefits for retirees and that these workers will then be supported by the next generation of workers paying into the same system.
Germany, I think, was first to substitute a Social Security program for its elderly based on this premise, that is, that we would tax workers to pay retirement benefits for those retired.
Younger workers should have more freedom to build their retirement nest egg.
Despite the state of denial exhibited by most Democrats, Americans all across the nation acknowledge that changes are necessary to preserve Social Security for today's younger workers.
We want to make sure that Social Security is fixed for those people who have had that promise and there's something in the future for our younger workers. And we're not about to do a welfare program.
The Social Security program is a pact between workers and their employers that they will contribute to a common fund to ensure that those who are no longer part of the work force will have a basic income on which to live. It represents our commitment as a society to the belief that workers should not live in dread that a disability, death, or old age could leave them or their families destitute.
Workers are most likely to save for retirement if they have access to a workplace savings plan and are automatically enrolled in that plan.
Retirement security is often compared to a three-legged stool supported by Social Security, employer-provided pension funds, and private savings.
The fine print in the President's Social Security proposal is that all present and future workers under age 55 will have their promised retirement benefits cut.
I favor every worker having access to a retirement savings account, and there are various options for doing this. I do support states implementing their own plans, and I expect them to play an important role in increasing retirement savings for young professionals especially.
President Roosevelt, the author of Social Security, was the first to suggest that, in order to provide for the country's retirement needs, Social Security would need to be supplemented by personal savings accounts.
Social Security is the foundation stone of that kind of retirement security. It not only needs to be strengthened in order to make sure it's there for younger baby boomers and Generations X and Y, but it probably needs to be strengthened and expanded because the retirement benefits now being offered by most employers are not sufficient to support middle-income Americans in their long years of retirement.
I believe that we should allow younger workers to contribute toward a personal account that they own, as long as it is coupled with deficit reduction measures that enhance the long-term condition of Social Security.
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