SENATE RESOLUTION NO. 18
(By Senators Hunter, Bowman, White, Foster, Fanning, Chafin,
Bailey, Helmick, Plymale, Sharpe, Minard, McCabe, Dempsey,
Edgell, Unger, Kessler, Prezioso, Jenkins, Love
and Tomblin, Mr.
President)
Requesting the United States Congress reject plans to privatize
Social Security and commit to repaying into the Social
Security Trust Fund.
Whereas, Social Security's income protections--guaranteed
lifelong benefits, cost-of-living adjustments to guard against
inflation, increased benefits for families, greater income
replacement for low-income workers and disability and survivor
benefits--are the backbone of retirement security and family
protection in the United States; and
Whereas, Social Security provides crucial income protection
for one in six Americans; and
Whereas, The long-term funding needs of Social Security should
be addressed; and
Whereas, One proposal being offered by policymakers is to cut
guaranteed benefits and to privatize Social Security by redirecting
at least one third of workers' payroll tax contributions from the
Social Security Trust Fund into private investment accounts; and
Whereas, Privatization of Social Security will increase the federal deficit by an estimated $2 trillion over the first decade;
and
Whereas, Some officials and members of Congress have suggested
that the federal government will not pay back funds it has removed
over the last 20 years from the Social Security Trust Fund. This
inaction denies working families the money they have paid into the
Fund which will only lead to further cuts in benefits; and
Whereas, The privatization of Social Security, even for those
who do not participate in the private accounts, will cut benefits
for our young workers by 30 percent; and
Whereas, Cutting guaranteed benefits will hurt the elderly
because Social Security is the only secure source of retirement
income for most Americans, providing at least half the income of
nearly two thirds of older American households and lifting more
than 11 million seniors out of poverty; and
Whereas, Diverting resources from Social Security to fund
private accounts will threaten guaranteed survivor and disability
benefits; and
Whereas, Privatizing Social Security will burden state and
local governments. Cuts in guaranteed benefits will increase
demand for public assistance at the very moment growth in the
federal deficit, due to privatization, induces the federal
government to shift greater responsibilities onto states and
localities; and
Whereas, The United States Congress should not hasten drastic
changes in the Social Security system that undermine its family
income protections, but instead should take the time needed to
develop careful and thoughtful reforms that address Social
Security's funding needs without reducing benefits or increasing
the deficit; therefore, be it
Resolved by the Senate:
That the Senate hereby requests the United States Congress
reject plans to privatize Social Security and commit to repaying
into the Social Security Trust Fund; and, be it
Further Resolved, That the United States Congress should
carefully examine a variety of potential changes that will address
Social Security's problems, while ensuring the program will
continue to meets its purpose of providing income protection and
economic security for American families; and, be it
Further Resolved, That the United States Congress should
ensure that any changes adopted strengthen Social Security's family
income protection without decreasing guaranteed benefits or
increasing the deficit; and, be it
Further Resolved, That the Clerk of the Senate is hereby
directed to forward a copy of resolution to the Secretary of the
United States Senate, the Clerk of the United States House of
Representatives and to each member of West Virginia's congressional
delegation.
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