Social Security is sound for today's seniors and for those nearing retirement, but it needs to be fixed for younger workers - our children and grandchildren. The government has made promises it cannot afford to pay for with the current pay-as-you-go system.

• In 1950, there were 16 workers to support every one beneficiary of Social Security.
• Today, there are only 3.3 workers supporting every Social Security beneficiary.
• In 2008 - just three short years from now - baby boomers will begin to retire. And over the next few decades, people will be living longer and benefits are scheduled to increase dramatically. By the time today's youngest workers turn 65, there will only be 2 workers supporting each beneficiary.
  • Under the current system, today's 30-year-old worker will face a 26% benefit cut when he or she reaches normal retirement age.

If we do not act to fix Social Security now, the only solutions will be dramatically higher taxes, massive new borrowing or sudden and severe cuts in Social Security benefits or other government programs.

• Just 12 years from now, in 2017, the government will begin to pay out more in Social Security benefits than it collects in payroll taxes - and shortfalls then will grow larger with each passing year.
  • Within 25 years, the government will somehow have to come up with an extra $200 billion a year to keep the system afloat.
  • Within 30 years, the annual shortfall will be more than $300 billion a year.
  • By 2041, when workers in their mid-20s begin to retire, the system will be bankrupt - unless we act now to save it.

To keep the promise of Social Security alive for our children and grandchildren, we need to fix Social Security now once and for all.