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TO MEMORIALIZE THE SOUTH CAROLINA CONGRESSIONAL DELEGATION 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 trust fund will be completely exhausted by 2042; and
Whereas, not reforming the system will require a 50 percent tax increase on each 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 problem; and
Whereas, allowing younger 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, or both; and
Whereas, allowing younger 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 House of Representatives:
That the members of the House of Representatives of the State of South Carolina request 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 a copy of this resolution be forwarded to the South Carolina Congressional Delegation.
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