05-R 369

2005 -- S 0377

Enacted 06/22/05

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: Senator Maryellen Goodwin

Date Introduced: February 10, 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 elders 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, 47 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 over ten years which could leave the system worse off and lead to

significant budget deficits; now, therefore be it

     RESOLVED, That the Rhode Island General Assembly, 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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LC01067

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