Social Security

Social Security Reform
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• Dr. Dan Benishek’s viewpoint:

In Dr. Benishek’s opinion, no problem is in more need of honesty than the unrestrained growth of entitlement programs.  Both taxpayers and beneficiaries have the right to know the truth.

When elected to Congress, Dr. Benishek will work to fix the problems that threaten our future prosperity and power.  He will support supplementing the current Social Security system with personal accounts as part of a larger solution to ensure the long-term solvency of the program.  In Dr. Benishek’s view, the solution to strengthening the existing Social Security system has everything to do with ensuring greater choice and options for new workers entering the system.

Dr. Benishek believes it is unfortunate that Washington’s political professionals have used the Social Security issue for political gain and — worse — have engaged in scare tactics with our elderly during elections.  To quote former presidential candidate Sen. John McCain:

[I]t’s not that hard to fix Social Security. It’s just tough decisions. Social Security is not that tough. We know what the problems are, my friends, and we know what the fixes are. We’ve got to sit down together across the table. It’s been done before. I saw it done with our Ronald Reagan, a conservative, and the liberal Democrat Tip O’Neill.[1]

• Quoting Dr. Dan Benishek:

“I do not favor any reduction, freeze, or changes in the benefits provided existing retirees.  This is a promise made to those over the age of 62 by their government, and it must be honored 100 percent.  No ifs, ands, or buts.  Period.  When I think about this issue, I think about my mother and father-in-law, who like so many of our elder citizens, depend greatly on Social Security for economic survival.  I would not support any efforts to reduce their benefits or undermine the government’s promise to retirees.  Given the projections on shortfalls in the Social Security system over the next few decades, the most irresponsible position is to turn a blind eye to strengthening the system for future retirees — especially those under age 55 — who will be entering the system.”

• Disallow using Trust Fund for “emergency” spending:

Dr. Benishek opposes the past practice of using Social Security trust funds for “emergency” spending.  He is of the view that the Social Security Trust Fund should be completely off budget so that no politician can ever use it again for any purpose other than our retirement.

• Allow workers to invest privately:

Dr. Benishek would look carefully at proposals to allow younger workers for the first time to invest a portion of their Social Security in private accounts.  He believes this bold reform would allow workers to invest some of their Social Security savings, privately, in higher yielding accounts.

• Eliminate the “earnings test” which taxes benefits:

In Congress, Dr. Benishek would support legislation to eliminate the Social Security earnings test, which he believes penalizes seniors who need to work to make ends meet by taxing their Social Security benefits by $1 for every $3 they earn over $15,500.  He believes everyone who has worked and invested in the Social Security system must be guaranteed to receive the benefits they were promised.  This guarantee must be fulfilled in a way that does not put an unfair burden on American workers.

• Background:

“The Social Security program is the touchstone by which the American people now gauge the reliability, competence, and integrity of government.  Unfortunately, the gauge is registering real problems. This is not breaking news to most Americans.  They have known for years of the deterioration of Social Security’s fiscal health but fully expected their leaders to address it.  But with each passing year leading to an ever-grimmer prognosis, the gauge has dropped, notch by notch, into the red zone.  Since 1992, Social Security’s unfunded liability has increased from $7.4 trillion to $8.8 trillion.  Its trustees project that, by the year 2015, there will not be enough cash coming in from payroll taxes to pay currently promised Social Security benefits.” [2]

[2] GOP Platform 5: Retirement Security and Quality Health Care, ABC News, July 31, 2000.