05 LC 98
0349
Senate
Resolution 301
By:
Senators Shafer of the 48th, Rogers of the 21st, Staton of the 18th, Cagle of
the 49th, Chance of the 16th and others
A
RESOLUTION
Urging
the Congressional Delegation of the State of Georgia to work to pass social
security personal retirement accounts; and for other purposes.
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 trust fund will be completely exhausted by 2042;
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,
social security provides a below market average rate of return of 1.5 percent,
which further contributes to the system´s financing problems;
and
WHEREAS,
allowing young workers to divert a portion of their payroll taxes into personal
retirement accounts will ensure a higher retirement benefit without the need to
raise taxes or cut benefits; and
WHEREAS,
allowing young workers to invest a portion of their payroll taxes into personal
retirement accounts will eventually eliminate the $10 trillion in unfunded
social security liabilities.
NOW,
THEREFORE, BE IT RESOLVED BY THE SENATE that this body urges our elected
Representatives and Senators in the United States Congress to support no
increases in payroll taxes, no cuts to social security benefits, and optional
social security personal retirement accounts.
BE
IT FURTHER RESOLVED that the Secretary of the Senate is authorized and directed
to transmit appropriate copies of this resolution to the members of Georgia's
Congressional Delegation.