Elaine Chao stumps for SS: "That is why President Bush is working hard"

[Bush_Eats_Beef]

It's HARD! It's HARD WORK, I tells ya!

:spray:



http://releases.usnewswire.com/GetRelease.asp?id=51815

U.S. Labor Secretary Elaine L. Chao Visits Salt Lake City to Highlight 70th Anniversary of Social Security and Need For Reform

8/17/2005 5:12:00 PM

To: National Desk, Labor Reporter

Contact: Stephanie Cathcart of U.S. Department of Labor, 202-693-4676; Web: http: www.dol.gov

SALT LAKE CITY, Aug. 17 /U.S. Newswire/ -- In remarks today to workers and community leaders in Salt Lake City, U.S. Secretary of Labor Elaine L. Chao hailed the Social Security system's 70th anniversary and the need to strengthen it for the future. Secretary Chao, a member of the Social Security and Medicare Board of Trustees and Chairman of the Pension Benefit Guaranty Corporation, outlined the President's reform plan.

"Social Security has given generations of seniors a better quality of life and future retirees deserve no less from the system they pay into," said Chao. "That is why President Bush is working hard to ensure that decades from now Americans can still celebrate Social Security for enabling seniors to live with dignity."

Chao noted that the current system is making promises that will be unaffordable for taxpayers in the future to keep. In the coming decades, population trends will undermine Social Security and by 2041, when the current system is expected to be bankrupt, there will be only two workers supporting each retiree through the Social Security payroll tax. In 1950, there were 16 workers paying Social Security taxes for every person receiving benefits. In 2017, benefits paid out will begin exceeding payroll taxes coming in.