House Resolution 18 - Introduced PAG LIN 1 1 HOUSE RESOLUTION NO. 1 2 BY WINCKLER, WESSEL=KROESCHELL, D. OLSON, FORD, 1 3 WHITEAD, LYKAM, WHITAKER, BUKTA, PETTENGILL, 1 4 FALLON, SCHUELLER, R. OLSON, T. TAYLOR, HUSER, 1 5 DAVITT, SWAIM, LENSING, REICHERT, PETERSEN, 1 6 JACOBY, KRESSIG, FREVERT, COHOON, BELL, D. TAYLOR, 1 7 MILLER, FOEGE, SMITH, WENDT, HUNTER, BERRY, 1 8 JOCHUM, ZIRKELBACH, and HEDDENS 1 9 A Resolution urging the Iowa congressional delegation 1 10 to oppose restructuring the Social Security Trust Fund 1 11 to create private accounts that reduce guaranteed 1 12 benefits. 1 13 WHEREAS, the State of Iowa recognizes that 1 14 residents of all ages in this state receive guaranteed 1 15 social security benefits which allow them to live 1 16 without sinking into poverty or suffering from a 1 17 diminished quality of life because of retirement, 1 18 disability, or the death of a parent or spouse; and 1 19 WHEREAS, social security coverage protects 1 20 residents of Iowa by providing guaranteed benefits not 1 21 only for retirees, but also for disabled workers and 1 22 their families, as well as thousands of children; and 1 23 WHEREAS, social security is particularly critical 1 24 to the women who receive benefits since women 1 25 typically live longer, earn less money, and generally 1 26 spend less time in the labor force due to child care 1 27 responsibilities; and 1 28 WHEREAS, the social security program is a 1 29 progressive program that continues to pay guaranteed 1 30 benefits for the duration of the recipients' 2 1 lifetimes, that is indexed for inflation, that 2 2 functions with extreme efficiency, and that currently 2 3 operates with a surplus; and 2 4 WHEREAS, the nonpartisan Congressional Budget 2 5 Office predicts that there will be no shortfall until 2 6 2052, when the social security system will be able to 2 7 pay only 80 percent of recipients' benefits due to 2 8 insufficient revenue from payroll taxes; and 2 9 WHEREAS, in the past, the Social Security Trust 2 10 Fund has encountered similar challenges, including 2 11 larger projected shortfalls during the 1980s, which 2 12 were resolved without privatization schemes and 2 13 without reducing guaranteed benefits for the elderly, 2 14 disabled, and children; and 2 15 WHEREAS, the Bush administration's proposals to 2 16 partially privatize the social security system through 2 17 the creation of private accounts cannot guarantee 2 18 returns that equal or exceed recipients' guaranteed 2 19 benefits through the current social security system; 2 20 and 2 21 WHEREAS, the creation of such a private accounts 2 22 system would entail a massive cost to our country, 2 23 adding an estimated $2 trillion to our national 2 24 deficit which would take an estimated 60 years to pay 2 25 back; and 2 26 WHEREAS, future social security recipients would 2 27 also pay a much higher cost for private accounts than 2 28 for the guaranteed benefits current recipients receive 2 29 since the current system spends just 0.6 cents of 2 30 every dollar on administrative costs, while a private 3 1 accounts system would waste at least 5 cents of every 3 2 dollar; and 3 3 WHEREAS, under President Bush's proposal, 3 4 guaranteed social security protections to the elderly, 3 5 disabled, survivors, and children will gradually erode 3 6 for future generations, driving millions of Americans 3 7 into poverty and destroying the most successful social 3 8 insurance program ever created in the United States; 3 9 NOW THEREFORE, 3 10 BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES, 3 11 That the members of the Iowa House of Representatives 3 12 hereby call upon the Iowa congressional delegation to 3 13 recognize the unique features of the current social 3 14 security system: guaranteed benefits; protection from 3 15 market fluctuations; inflation indexing; lifelong 3 16 protection in case of disability, death of a spouse or 3 17 parent, or insufficient retirement income; and 3 18 progressive benefits that are linked to earnings and 3 19 that cannot lose value over the recipient's lifetime; 3 20 and 3 21 BE IT FURTHER RESOLVED, That the Iowa House of 3 22 Representatives calls upon the Iowa congressional 3 23 delegation to oppose restructuring the Social Security 3 24 Trust Fund to create private accounts that reduce 3 25 guaranteed benefits for hundreds of thousands of 3 26 residents of our state, especially women and children 3 27 who will be disproportionately affected and who depend 3 28 on social security benefits for their survival and 3 29 well=being; and 3 30 BE IT FURTHER RESOLVED, That the Chief Clerk of the 4 1 Iowa House of Representatives is instructed to prepare 4 2 a properly inscribed copy of this resolution for 4 3 President George W. Bush, the members of Iowa's 4 4 congressional delegation, and Governor Thomas J. 4 5 Vilsack. 4 6 LSB 3247HH 81 4 7 jr:rj/gg/14 1