HR 16 – AS INTRODUCED
2005 SESSION
03/09
HOUSE RESOLUTION 16
A RESOLUTION requesting that the New Hampshire congressional delegation support optional Social Security personal retirement accounts.
SPONSORS: Rep. Lund, Rock 5; Rep. Slocum, Hills 6
COMMITTEE: State-Federal Relations and Veterans Affairs
This house resolution requests that the New Hampshire congressional delegation support optional Social Security personal retirement accounts.
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05-1081
03/09
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Five
A RESOLUTION requesting that the New Hampshire congressional delegation support optional Social Security personal retirement accounts.
Whereas, demographic changes and cost increases will drain the existing Social Security system; and
Whereas, without significant changes to the system, costs will exceed revenues starting in 2018 and the trust fund will be completely exhausted by 2042; and
Whereas, not reforming the system will require a 50 percent tax increase on every working American or a 30 percent benefit cut; and
Whereas, Social Security provides a below-market average rate of return of 1.5 percent which further contributes to the system’s financing problem; and
Whereas, allowing younger workers to divert a portion of their payroll taxes into personal retirement accounts will ensure a higher retirement benefit without the need to raise taxes or cut benefits; and
Whereas, allowing younger workers to invest a portion of their payroll taxes in personal retirement accounts will eventually eliminate the $10 trillion in unfunded Social Security liabilities; now, therefore, be it
Resolved by the House of Representatives:
That the house of representatives of the state of New Hampshire requests that the New Hampshire congressional delegation support no increases in payroll taxes, no cuts to Social Security benefits, and optional Social Security personal retirement accounts; and
That copies of this resolution, signed by the speaker of the house of representatives, be forwarded to each member of the New Hampshire congressional delegation.