HOUSE OF REPRESENTATIVES |
H.R. NO. |
43 |
TWENTY-THIRD LEGISLATURE, 2005 |
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STATE OF HAWAII |
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REQUESTING HAWAII'S CONGRESSIONAL DELEGATION TO WORK TO PASS SOCIAL SECURITY RETIREMENT ACCOUNTS.
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,
BE IT RESOLVED by the House of Representatives of the Twenty-third Legislature of the State of Hawaii, Regular Session of 2005, that the House of Representatives of the state of Hawaii requests the Congressional delegation of the state of Hawaii to oppose any increases in payroll taxes, oppose any cuts to Social Security benefits, and to support optional Social Security Personal Retirement Accounts; and
BE IT FURTHER RESOLVED that certified copies of this Resolution be transmitted to each member of Hawaii's Congressional delegation.
OFFERED BY: |
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Report Title:
Social Security Personal Retirement Accounts; support