8014 AMS BENT GORR 019

03/14/2005 NOT ADOPTED

SJM 8014 - S AMD 189

By Senators Benton, Swecker and Hewitt

Strike everything after "follows:" on line 7, and insert the following:

"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 system will not be able to pay any benefits by 2042; and

WHEREAS, Anyone born after the year 1970 will not receive any Social Security benefits if changes are not made to the system; 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, Allowing younger workers to invest a portion of their income in personal retirement accounts will allow younger workers to have a greater rate of return and retirement security; and

WHEREAS, Allowing younger workers to invest a portion of their income in personal retirement accounts will avoid any benefits cut and/or tax increases;

NOW, THEREFORE, Your Memorialists request that our elected Representatives and Senators in the United States Congress support no increases in payroll taxes, no cuts to Social Security benefits, and optional Social Security personal retirement accounts.

BE IT RESOLVED, That copies of this Memorial be immediately transmitted to the Honorable George W. Bush, President of the United States, the President of the United States Senate, the Speaker of the House of Representatives, and each member of Congress from the State of Washington."

— END ---