GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1997

H	1 

HOUSE JOINT RESOLUTION 1205

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Sponsors: Representative Brawley.

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Referred to:  Rules, Calendar and Operations of the House.

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May 5, 1997

A JOINT RESOLUTION SUPPORTING THE GOALS AND MISSION OF ECONOMIC SECURITY 2000.
Whereas, the nation's social security system is currently headed for bankruptcy due to an increasing shift in the country's demographics causing the current system to begin to run large deficits starting in the year 2012; and
Whereas, savings and investments in the United States continue to decrease at alarming rates; and
Whereas, most American families are working harder to make ends meet and have nothing left for savings; Now, therefore,
Be it resolved by the House of Representatives, the Senate concurring:
Section 1.  The General Assembly urges the federal government to honor its obligations to current retirees who depend on social security.  it believes that a social security safety net needs to be maintained so that no beneficiary is forced to live in poverty.
Section 2.  The General Assembly believes that the current pay-as-you-go social security system should be replaced with a funded system that is not vulnerable to changing demographics and remains actuarially sound.  It is in favor of a system that allows workers to build savings for their retirement and earn interest on their savings, and increase capital ownership for all Americans.
Section 3.  The General Assembly further believes that a system should provide savings incentives, thus increasing the nation's savings and investment rates and the prosperity of the United States.  It supports educating America's "grassroots" about the challenges facing the current system and the options for reform.
Section 4.  This resolution is effective upon ratification.