Illinois General Assembly - Full Text of HR0195
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Full Text of HR0195  94th General Assembly



HR0195 LRB094 11638 CSA 42961 r


2     WHEREAS, Social Security is based on a promise to the
3 American people: if you work hard and contribute to Social
4 Security, you will be able to retire and live in dignity; and
5     WHEREAS, Social Security is the primary source of income
6 for two-thirds of American seniors; and
7     WHEREAS, As of December 2002 (the most recent data
8 available), Social Security benefits for retired workers
9 residing in the State of Illinois average only $934.50 per
10 month; and
11     WHEREAS, $934.50 per month is insufficient to maintain a
12 decent standard of living in many parts of Illinois, especially
13 for seniors with relatively high health care costs; and
14     WHEREAS, The U.S. Congress has consistently spent the
15 Social Security surplus on other programs, including tax cuts,
16 which has created a long-term funding shortfall; and
17     WHEREAS, In 2001, President George W. Bush created the
18 President's Commission to Strengthen Social Security (Bush
19 Social Security Commission), naming as Commission members only
20 those who advocated Social Security privatization and
21 mandating that the proposals put forward by the Commission
22 include privatization of Social Security; and
23     WHEREAS, The Bush Social Security Commission's proposed
24 changes could reduce Social Security benefits to future
25 retirees by as much as 46 percent; and
26     WHEREAS, Under the Bush Social Security Commission's
27 proposal, the cuts in Social Security benefits would apply to
28 all seniors, not just those who choose to participate in



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1 privatized accounts; and
2     WHEREAS, The cuts in Social Security benefits could be even
3 deeper if individuals shift funds to privatized accounts; and
4     WHEREAS, Privatization advocates attempt to justify cuts
5 in Social Security benefits by pointing to future projected
6 shortfalls in the Social Security trust fund, but the diversion
7 of payroll tax revenues from the trust fund into privatized
8 accounts would substantially accelerate the date by which the
9 Social Security trust fund would become insolvent; and
10     WHEREAS, In order to avoid accelerating the insolvency of
11 the Social Security trust fund, the Bush Social Security
12 Commission was forced to propose that the federal government
13 incur as much as $4,700,000,000,000 in federal debt (in today's
14 dollars) by 2042; and
15     WHEREAS, The deep cuts in Social Security benefits proposed
16 by the Bush Social Security Commission could jeopardize the
17 financial security of not only thousands of Illinois residents,
18 but also the security of millions of Americans; and
19     WHEREAS, It is recognized that Social Security faces future
20 challenges, and powerful members in both the President's party
21 and the opposition do not find privatizing the most successful
22 government program as the solution; therefore, be it
25 we urge the U.S. Congress to reject Social Security
26 privatization proposals, such as those put forth by the
27 President's Commission to Strengthen Social Security, that
28 require deep cuts in Social Security benefits and massive
29 federal borrowing; and be it further



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1     RESOLVED, That copies of this resolution be sent to the
2 President pro tempore of the U.S. Senate, the Speaker of the
3 U.S. House of Representatives, and each member of the Illinois
4 congressional delegation.