05-R
362
2005 -- H 5364
Enacted 06/30/05
J O I N T
R E S O L U T I O N
MEMORIALIZING
CONGRESS TO OPPOSE PRIVATIZATION OF SOCIAL SECURITY
Introduced By: Representatives Moura, Lima, Ajello, Slater, and McCauley
Date Introduced: February 08, 2005
WHEREAS,
The Social Security program was enacted seventy years ago and is
considered
the most successful program in our nation's history saving millions of senior
citizens
from
living in poverty; and
WHEREAS,
In enacting Social Security the country made a promise to working
Americans
and retirees regarding their future retirement security; and
WHEREAS,
Forty-seven million retirees, surviving spouses and dependents, and persons
with
disabilities, including 193,000 Rhode Islanders, rely on Social Security with
its guarantee of
lifetime,
inflation adjusted benefits for a large part of their income; and
WHEREAS,
Today less than half of the nation's retirees have pension plans and more
employers
are switching from defined benefit plans to defined contribution plans leaving
fewer
persons
with pensions and most individual retirement accounts subject to the risk,
volatility and
fluctuations
of the market; and
WHEREAS,
Social Security trustees report that the system can pay all scheduled benefits
until
2042 but may need some changes in order to pay full benefits for all
generations of
Americans
– today and tomorrow; and
WHEREAS,
The guarantee of economic security provided by Social Security must be
strengthened,
not replaced; and
WHEREAS,
Some recommendations call for the creation of private accounts using
Social
Security contributions; and
WHEREAS,
If some workers divert some of their Social Security payroll contributions to
private
accounts the government would be forced to cover the difference at an estimated
cost of
$1
trillion to $2 trillion dollars over 10 years which could leave the system
worse off and lead to
significant
budget deficits; now, therefore, be it
RESOLVED,
That the general assembly of the state of Rhode Island and Providence
Plantations,
on behalf of all generations of Rhode Island citizens, opposes the
privatization of
Social
Security and respectfully requests Rhode Island members of Congress oppose any
efforts
to
create "carve outs" or a system of privatization of Social Security;
and be it further
RESOLVED,
That the Secretary of State be and he hereby is authorized and directed to
transmit
duly certified copies of this resolution to the Rhode Island congressional
delegation and
to President George W.
Bush.
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LC00983
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