THE SENATE |
S.C.R. NO. |
74 |
TWENTY-THIRD LEGISLATURE, 2005 |
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STATE OF HAWAII |
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RESOLUTION
requesting Hawaii's congressional delegation to work to pass social security personal 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, not reforming the system will require a fifty percent tax increase on every working American or a thirty 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 Senate of the Twenty-third Legislature of the State of Hawaii, Regular Session of 2005, the House of Representatives concurring, that the State of Hawaii's elected Representatives and Senators in the United States Congress are respectfully requested to support no increases in payroll taxes, no cuts to Social Security benefits, and optional Social Security Personal Retirement Accounts; and
BE IT FURTHER RESOLVED that certified copies of this Concurrent Resolution be transmitted to the President of the United States, the President of the United States Senate, the Speaker of the United States House of Representatives, and the State of Hawaii's Congressional Delegation.
OFFERED BY: |
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Report Title:
Urging the congressional delegation of the State of Hawaii work to pass social security personal retirement accounts.