Washington D.C. -- Representative Jim Moran, Northern Virginia Democrat and senior member of the Defense Appropriations Subcommittee, today issued the following statement regarding the recent posting on a satirical website which ascribed an imaginary piece of legislation to the Congressman that was disrespectful to our nation’s veterans.
Protecting Social Security
From its inception in 1935, Social Security has been a stable and dependable source of financial assistance for the disabled, families in which a spouse or parent dies, and retirees – those most commonly associated with the program.
Congressman Moran is an outspoken advocate for strengthening, protecting, and preserving Social Security. From its inception in 1935, Social Security has been a stable and dependable source of financial assistance for the disabled, families in which a spouse or parent dies, and retirees – those most commonly associated with the program.
Today, 95 percent of all workers are covered by Social Security and 6 out 10 seniors depend on it for over half of their total income. Year in and year out, the Social Security Administration is one of the best run agencies in the federal government. Unfortunately, the upcoming wave of baby boomer retirements threatens to make the Social Security system insolvent. This influx of new retirees will put great strain on the system. By 2040, the Social Security trust fund will be fully exhausted, at which time it will only be able to provide three quarters of the expected benefits future retirees will be dependent on.
While the program’s insolvency is still in the distant future, Congressman Moran is very concerned about the program's long-term fiscal health. Moran has voiced support for modifications to the current system, including raising the income cap on the payroll tax that funds Social Security, in order to keep it going strong for later generations without disrupting the core principles on which the program was founded.
Some lawmakers advocate privatizing Social Security as a solution to the program's long-term solvency—a position Congressman Moran strongly opposes. Studies have shown that privatization would actually cripple the current Social Security system, taking $2.2 trillion out of the Social Security trust fund within the next 10 years, cutting future benefits by 46%, and causing the national debt to rise precipitously.
Congressman Moran will continue to work with the Administration and his colleagues in Congress to Social Security's longterm funding challenges in a manner that protects this vital program for future generations.