Paul Ryan's attempt for an adult conversation on debt & entitlement reform
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Uploaded on Sep 27, 2010
Congressman Paul Ryan continues his efforts to advance an adult conversation on the urgent need to protect Social Security for current and future generations. Ryan's efforts were met -- again -- with false attacks earlier today on CNN's Situation Room in a spirited exchange with Rep. Debbie Wasserman Schultz. By pushing desperate demagoguery and no solutions, leading Democrats threaten to shred the critical social safety net as our crushing burden of debt explodes and our critical health and retirement security programs collapse.
Facts on Social Security and Ryan's Roadmap
Should politicians continue to cling to the unsustainable status quo, Social Security will not be able to meet its promise to our seniors, imposing painful benefit cuts on those most reliant on this critical program. The Social Security Administration continues to warn of across-the-board 22% benefit cuts for seniors in the heart of their retirement when the Trust Fund is exhausted. Social Security continues to run annual cash deficits, with over $5 trillion in unfunded liabilities.
To meet this challenge, Congressman Paul Ryan offered an invitation for solutions -- putting forward a specific plan the Congressional Budget Office and the Social Security Administration's Chief Actuaries confirmed would save Social Security, making it sustainably solvent for current and future generations. Ryan's legislative proposal -- H.R. 4529, A Roadmap for America's Future -- makes no changes to Social Security for those 55 and older, while offering future seniors the same health and retirement security options enjoyed by Members of Congress.
- Ryan's reforms make no changes in the program for Americans 55 and older, while strengthening Social Security so it will be there for future generations.
- Ryan's Roadmap secures the social safety net where it is most needed -- providing an increased benefit for low-income individuals, while making modest adjustments in the continued growth of benefits for wealthier seniors.
- At the center of the false attacks are Ryan's proposal to offer future seniors (those now 54 and younger) the option of guaranteed, personal accounts to help fulfill the mission of retirement security.
- Under Ryan's Roadmap, future beneficiaries would remain in the traditional government-run system, unless they choose to direct a portion of their payroll taxes to guaranteed personal accounts, owned by the individual, managed by the Social Security Administration, and guaranteed by the Federal government. Neither the traditional system or optional accounts system would be privatized.
- In the personal-accounts system, the accounts are managed and overseen by Social Security Administration - not a stockbroker or private investment firm. Those choosing the personal-accounts option would select from a handful of low-risk, government-regulated options — just as Members of Congress and Federal employees do with the Thrift Savings Plan.
- Ryan's Roadmap includes a fully-financed, government-backed guarantee so that individuals would get back, at minimum, every dime contributed to the optional, Social Security-managed accounts offered to those now 54 and younger.
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