Kingston to hear constituents's views on Social Security reform

MOULTRIE -- U.S. Rep. Jack Kingston, R-Savannah, is holding a town meeting in Moultrie Friday morning at city hall to discuss Social Security reform.

"I am holding these workshops so people can talk to me about Social Security," Kingston said. "As we begin the debate in Congress, I want to make sure that I know about people's thoughts and concerns."

President Bush has proposed allowing young workers to have voluntary personal accounts that would work the same way as the federal government's Thrift Savings Plan (TSP). The TSP is currently used by nearly all federal employees and every member of Congress and has paid rates of return ranging from about 6 percent to more than 11 percent in the last 10 years. On the other hand Social Security's rate of return is about 2 percent.

The accounts are monitored and regulated to provide additional safety. Plus, they will not take away from surviving spouse or disability benefits as the proposal allows only 4 percent of payroll taxes to be diverted to the accounts.

Allowing this option gives young people the opportunity to enjoy the security of Social Security and establish a good nest egg, Kingston said.

"In 2018, Social Security will be paying out more money than it is bringing in. The debt will be so bad that by 2042, benefits will have to be cut by 27 percent unless we make reforms," he said. "We can make reforms without raising taxes, cutting benefits or changing the program for people 55 years or older."

The congressman invites the public to offer any thoughts or questions they may have prior to Congress beginning the reform process.

"A number of proposals have been introduced in Congress, but hearings have not yet begun," he said. "It is important for all of us to come together on a bipartisan basis to discuss any changes to the program. I look forward to seeing everyone and hearing their ideas and concerns. My goal is to make this a win-win for all generations."

The public meeting is scheduled for 11 a.m. in the city council's chamber.