Strengthening Social Security
Social Security has served Americans well for generations, and we must take proper steps to ensure that the program remains solvent for future generations. But the program was designed in 1935, is broken, and unless Congress acts Social Security will be in serious trouble.
In the 1950s, there were 16 workers supporting every retiree on Social Security. Currently, there are only 3.3 workers per retiree, and when the baby boomers retire, there will be only two workers supporting every Social Security recipient. As the program currently exists, it will go completely bankrupt in 2041 – the year Congressman McHenry is eligible to collect benefits!
The Congressman believes in transforming and modernizing the Social Security system – as many industrialized countries have done – to allow younger workers invest a portion of their Social Security taxes into a nest egg that they can pass on to their children and grandchildren. Just like federal workers invest their pensions into safe options of bond and stock funds, younger workers should be able to do the same. This will keep the system solvent for decades to come.