BILL REQ. #:  S-0510.1 

Read first time 01/24/2005.   Referred to Committee on Ways & Means.

     TO THE HONORABLE GEORGE W. BUSH, PRESIDENT OF THE UNITED STATES, AND TO THE PRESIDENT OF THE SENATE AND THE SPEAKER OF THE HOUSE OF REPRESENTATIVES, AND TO THE SENATE AND HOUSE OF REPRESENTATIVES OF THE UNITED STATES, IN CONGRESS ASSEMBLED:
     We, your Memorialists, the Senate and House of Representatives of the State of Washington, in legislative session assembled, respectfully represent and petition as follows:
     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.