Johnson calls for action on Social Security
May 12, 2009
In the wake of a new report showing a worse than predicted future for Social Security, today U.S. Congressman Sam Johnson (3rd Dist.-Texas), the Social Security Subcommittee’s top Republican, called on Congress to find real solutions for the nation’s ailing retirement safety net program.
Today’s Trustees Report predicts an even gloomier forecast than last year, in large part due to the economic downturn and the beginning retirement wave of the Baby Boomer generation. The Trustee’s project that Social Security’s benefit costs will exceed taxes beginning in 2016.
“Here we go again, another annual report from the Social Security and Medicare Trustees reminding us of the enormous financing challenges Social Security and Medicare face, only this time these challenges are worse. The President and Majority Leader Hoyer have rightly called for action to secure Social Security’s future. Congress must respond now by finding solutions that work. As the lead Republican tasked with handling Social Security, I stand ready and willing to join Democrats and Republicans to get the job done,” said Johnson.
“The longer we delay, the more drastic Social Security’s program adjustments will be, the greater the burden will be on future generations, and the more detrimental the impact will be on our nation’s economy. Americans want, need and deserve a secure retirement,” continued Johnson.
For years, Johnson has fought behind the scenes at the center of the retirement policy debate. A member of the powerful Ways and Means Committee since 1995, Johnson enjoys a long record of success to improve the retirement security of Americans. Since the last Congress, he has served as the Ranking Member on the Social Security Subcommittee. For example, Johnson authored the law that ended the Social Security “earnings penalty” for seniors who wanted to stay in the workforce and collect benefits; Bill Clinton signed Johnson’s measure into law.
In addition, Johnson chaired the Employer – Employee Relations Subcommittee at the Education and the Workforce Committee for six years. During that time, Johnson guided legislation on 401(k) disclosure laws in the wake of the Enron scandal and helped draft the first pension reform in a generation.
Also, Johnson spearheaded efforts to allow older employees to collect a company pension and continue working for the company to promote what is called “phased retirement.” This would encourage people over 62 to work past retirement. Johnson’s initiative passed as part of the pension overhaul of 2006. Prior to Johnson’s action, employees either had to retire to collect the pension they earned – or keep working for a current paycheck.
Johnson represents portions of Dallas and Collin Counties.
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