Retirement Security

The combination of rising health care costs and increasing numbers of senior citizens has simply made Medicare more expensive. In Washington state, we have a particularly troubling situation because far too many of our hospitals and doctors are not participating in Medicare anymore. Congress needs to address the inequities that plague the Medicare system as well as the overall increasing cost. For example, I am an author of the MediFAIR legislation, which would make the reimbursement rates fairer for Washington State by changing some of the funding formulas so that our state's seniors are no longer punished for the efficiencies we made to our health care system a decade ago, and so that they have the same benefits as seniors in Florida or New York.

Furthermore, Medicare needs some funding increases across-the-board. Our nation has made it a priority to provide some health care security to our seniors, and we must be willing to pay for that health care. I also support a common sense, fiscally responsible prescription drug benefit to Medicare.

Social Security is a critical program that must be preserved and protected. It was originally designed to guarantee all retirees in our nation a basic, minimum income, and the need for such a social safety net is just as great today as it was then.

We need to recognize that we face a serious challenge. For the program to continue to provide its promised benefits, some changes will be required. Social Security is a “pay-as-you-go system.” Put simply, today’s workers pay taxes to cover the money paid to today’s beneficiaries. The current structure is dependent upon each generation paying into the system to support future generations. According to current estimates, in 2018 the yearly revenues generated through payroll taxes will not be enough to pay the benefits owed that same year.

Therefore, something should be done, but private accounts are not the answer. Dealing with Social Security’s long-term solvency problem now will be much easier while we have the time and flexibility to consider numerous options rather than waiting until later when our options for reform are limited.

I strongly support initiatives to encourage individuals to save and create wealth outside the Social Security system to improve retirement security. I have supported increases in IRA and 401 (k) limits. I support making long-term care insurance tax deductible. We should give people the tools to take responsibility for themselves and to have a stake in their retirement security.