HR0128 94TH GENERAL ASSEMBLY

HR0128 LRB094 09358 CSA 41070 r

HOUSE RESOLUTION

WHEREAS, Social Security provides a guaranteed lifetime benefit for retirees, the disabled, and families who have lost a breadwinner; and

WHEREAS, Two-thirds of all retirees depend on Social Security for at least half their income; and

WHEREAS, The decline of private pension benefits makes Social Security even more important to future retirees; and

WHEREAS, Social Security provides essential protection against investment losses, illness, reduced income, and other life events that undermine a secure retirement; and

WHEREAS, Social Security does not face an immediate crisis and is fundamentally sound in principle; and

WHEREAS, Only modest adjustments are needed to keep Social Security healthy through the end of this century; and

WHEREAS, Carving private accounts out of the Social Security program will result in benefit cuts of up to 46 percent; and

WHEREAS, Diverting Social Security funds into private accounts will create a massive shortfall in the program's finances; and

WHEREAS, Private accounts will undermine the financial security of all Americans by reducing guaranteed benefits in the event of retirement, disability, or the loss of a wage earner; and

WHEREAS, Private accounts will increase the deficit by trillions of dollars, thus undermining the economy; therefore, be it

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE NINETY-FOURTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we call upon the United States Congress to maintain Social Security as a program of guaranteed benefits, to reject private accounts carved out of Social Security, and to reject Social Security changes that will reduce benefits or increase the deficit; and be it further

RESOLVED, That a copy of this resolution be sent to the President of the United States, each member of the Illinois Congressional delegation, the Speaker of the United States House of Representatives, and the President of the United States Senate.