HR0195 94TH GENERAL ASSEMBLY

HR0195 LRB094 11638 CSA 42961 r

HOUSE RESOLUTION

WHEREAS, Social Security is based on a promise to the American people: if you work hard and contribute to Social Security, you will be able to retire and live in dignity; and

WHEREAS, Social Security is the primary source of income for two-thirds of American seniors; and

WHEREAS, As of December 2002 (the most recent data available), Social Security benefits for retired workers residing in the State of Illinois average only $934.50 per month; and

WHEREAS, $934.50 per month is insufficient to maintain a decent standard of living in many parts of Illinois, especially for seniors with relatively high health care costs; and

WHEREAS, The U.S. Congress has consistently spent the Social Security surplus on other programs, including tax cuts, which has created a long-term funding shortfall; and

WHEREAS, In 2001, President George W. Bush created the President's Commission to Strengthen Social Security (Bush Social Security Commission), naming as Commission members only those who advocated Social Security privatization and mandating that the proposals put forward by the Commission include privatization of Social Security; and

WHEREAS, The Bush Social Security Commission's proposed changes could reduce Social Security benefits to future retirees by as much as 46 percent; and

WHEREAS, Under the Bush Social Security Commission's proposal, the cuts in Social Security benefits would apply to all seniors, not just those who choose to participate in privatized accounts; and

WHEREAS, The cuts in Social Security benefits could be even deeper if individuals shift funds to privatized accounts; and

WHEREAS, Privatization advocates attempt to justify cuts in Social Security benefits by pointing to future projected shortfalls in the Social Security trust fund, but the diversion of payroll tax revenues from the trust fund into privatized accounts would substantially accelerate the date by which the Social Security trust fund would become insolvent; and

WHEREAS, In order to avoid accelerating the insolvency of the Social Security trust fund, the Bush Social Security Commission was forced to propose that the federal government incur as much as $4,700,000,000,000 in federal debt (in today's dollars) by 2042; and

WHEREAS, The deep cuts in Social Security benefits proposed by the Bush Social Security Commission could jeopardize the financial security of not only thousands of Illinois residents, but also the security of millions of Americans; and

WHEREAS, It is recognized that Social Security faces future challenges, and powerful members in both the President's party and the opposition do not find privatizing the most successful government program as the solution; therefore, be it

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE NINETY-FOURTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we urge the U.S. Congress to reject Social Security privatization proposals, such as those put forth by the President's Commission to Strengthen Social Security, that require deep cuts in Social Security benefits and massive federal borrowing; and be it further

RESOLVED, That copies of this resolution be sent to the President pro tempore of the U.S. Senate, the Speaker of the U.S. House of Representatives, and each member of the Illinois congressional delegation.