WILLIAMSPORT –– Jerry Kairnes of Cogan Station, PA announced recently that if elected he will be willing to consider all options to save the Social Security Trust Fund.
“The newly released 2018 Social Security Trustees Report paints a grim picture.
Absent a change to current law, the Social Security Trust Fund will run out of
money in 2034. When that happens, Social Security payroll taxes collected from
workers and employers paying into the program will be insufficient to pay out benefits in full to retirees who have been promised benefits," Kairnes said.
Kairnes said The Trustees Report is clear, and that if the Congress fails to act,
benefits will be cut, possibly to only 79% of promised levels. “Saving the Social Security Trust Fund from bankruptcy must be one of our nation’s top priorities,” Kairnes said.
Kairnes faults the Democratic and Republican Parties for failing to take action to save Social Security. “In the last decade, both parties have enjoyed majorities in the legislative and executive branches. They have failed to take a leadership role on this issue and incumbent Democratic and Republican party candidates today seem more concerned with winning the next election at any cost than to actually
solving problems,” Kairnes said.
“We need to send leaders to Washington who are committed to taking action now to avoid future reductions to the Social Security benefits that have both been promised and earned.”
Kairnes laid out his strategy to save the program. "Only by being willing to consider all options will all parties come to the table. If elected, I pledge to be open to all possibilities to save the program from bankruptcy," Kairnes said.
He labeled some of the possible fixes as "tough choices", such as increasing the Social Security payroll tax, changing the way cost of living increases are calculated, and extending the retirement age. He also advocated for increasing legal immigration.
“The baby boomers simply failed to save enough for their own retirement and an increasing the number of payees into the system through legal immigration is a viable alternative to asking younger generations to pay more in payroll taxes than the baby boomers were willing to pay in themselves," Kairnes said.
“This problem isn't going to go away. It is real, and it is coming. We are closer to a bankrupt Social Security Trust Fund than 9/11. Now is the time for all Americans to put country over party and send leaders with courage to Washington," Kairnes said.
A SUMMARY OF THE 2018 ANNUAL REPORTS is linked here: