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Lincoln Chafee on Social SecurityFormer Republican Senator (RI, 1999-2007) |
| Using Social Security taxes for private accounts | |
|---|---|
| AARP | Opposes |
| Lincoln Chafee | Opposes |
| Sheldon Whitehouse | Opposes |
A: It is estimated that to deliver the full promised Social Security benefits for the next 75 years will cost roughly $4 trillion above what the system currently takes in. This is a significant challenge, and it is prudent to tackle this problem now, rather than putting it off for future generations.
The Social Security program has served this country well for six decades, and has helped keep seniors, disabled people, and families out of poverty. I am committed to ensuring that we maintain those standards as we go forward, and in particular, to not putting Social Security benefits at risk.
The mission of the Alliance for Retired Americans is to ensure social and economic justice and full civil rights for all citizens so that they may enjoy lives of dignity, personal and family fulfillment and security. The Alliance believes that all older and retired persons have a responsibility to strive to create a society that incorporates these goals and rights and that retirement provides them with opportunities to pursue new and expanded activities with their unions, civic organizations and their communities.
The following ratings are based on the votes the organization considered most important; the numbers reflect the percentage of time the representative voted the organization's preferred position.
Congress must address the rapidly approaching disaster of a depleted Social Security system. Within the next ten years "baby boomers" will start retiring. It is estimated that, as a result of this, by 2013 Social Security will be making greater payments to retirees than it will take in from the workforce. By 2032 the Social Security Trust Fund will be completely exhausted. Congress could rewrite this forecast by establishing individual savings accounts, restoring Social Security to permanent actuarial solvency, improving work incentives and/or resolving internal administrative problems.