PRINTER'S NO. 625
No. 93 Session of 2005
INTRODUCED BY METCALFE, BASTIAN, BOYD, CLYMER, CREIGHTON, JAMES,
KILLION, LEH, ROBERTS, ROHRER, SCAVELLO, SCHRODER,
R. STEVENSON AND WILT, FEBRUARY 16, 2005
REFERRED TO COMMITTEE ON FINANCE, FEBRUARY 16, 2005
A RESOLUTION
1 Urging that the Pennsylvania Congressional Delegation work to
2 pass Social Security personal retirement accounts.
3 WHEREAS, Demographic changes and cost increases will drain
4 the existing Social Security system; and
5 WHEREAS, Without significant changes to the system, costs
6 will exceed revenues starting in 2018 and the system will not be
7 able to pay any benefits by 2042; and
8 WHEREAS, Persons born after 1970 will not receive any Social
9 Security benefits if changes are not made to the system; and
10 WHEREAS, Without reform, the system will require a 50% tax
11 increase on every working American or a 30% benefit cut; and
12 WHEREAS, Allowing younger workers to invest a portion of
13 their income in personal retirement accounts will yield a
14 greater rate of return and retirement security; and
15 WHEREAS, Allowing younger workers to invest a portion of
16 their income in personal retirement accounts will avoid any
17 benefit cut or tax increase; therefore be it
1 RESOLVED, That the House of Representatives of the
2 Commonwealth of Pennsylvania urge the Pennsylvania Congressional
3 Delegation to support no increases in payroll taxes, no cuts to
4 Social Security benefits and optional Social Security personal
5 retirement accounts; and be it further
6 RESOLVED, That copies of this resolution be transmitted to
7 the members of the Pennsylvania Congressional Delegation.
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