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Soundbite: Everyday that passes without congress enacting Social Security reform draws the retirement crises nearer. Genuine reform means the creation of Personal Retirement Accounts (PRA) so that people can create personal wealth and enjoy a secure retirement. Although the war on terrorism has placed enormous demands on the time and resources of legislators, they still must face the fact that the Social Security system is going broke. Without leadership and reform, all Americans will suffer.
Summary: The Social Security system is going broke. Defenders of the status quo may try to dismiss the program’s looming insolvency, but the numbers don’t lie. By 2016, Social Security will begin running deficits and by 2038 the program will collapse. Many Americans faithfully put money into the system expecting that their funds will be separate and safe until the time they retire. Nothing could be further from the truth. Started in 1935 as a safety net with over17 workers per beneficiary, there are now barely 3 workers per Social Security recipient. By 2030, this ratio will fall to 2 workers per beneficiary. Add to this the ever-increasing life span of the average American and it is obvious why we have a crisis on our hands.
Call to Action: CSE activists should let their legislators know that they are not satisfied with the status quo. Retirement is too important to subject it to governmental whims. American’s must Own Their Future. Activists should contact legislators to say that the time is now to reform Social Security.
CSE’s Social Security Goals
The solution to the Social Security crisis is to permit Americans to amass a personal stake in their retirement savings—American’s should have ownership over their retirement security. It is not good enough for the government to merely pour more money into the problem or cut back on benefits to gain a dollar here or a dollar there. Fundamental reform, which gives people the ability to own and handle their own accounts, is the only way to save this struggling government program.