Resolution

Whereas the Social Security and Medicare programs sponsored by the U.S. government are fast approaching a crisis mode where necessary benefit payments will far exceed available funds,

Whereas government trust fund balances for these programs are merely accounting entries that mask the fact that most of the funds have already been expended over time on other government programs,

Whereas the population of the United States will rapidly age over the next two decades and beyond as the baby boom generation enters retirement, placing even greater demands on these programs,

Whereas a significant portion of U.S. citizens depend totally on Social Security and Medicare to provide for their retirement,

Whereas inaction will lead to a continued demise of these programs and likely result in an increase in federal deficits, inflation and taxes,

Whereas CPAs are knowledgeable professionals about finance and budgeting and understand the deficiencies of the government accounting and budgeting for these programs,

Now, therefore, be it resolved that the Executive Board of the Texas Society of CPAs calls on the AICPA, other state CPA societies, and all CPAs individually, to encourage their elected officials in the U.S. Congress to take action to implement reforms of these government support programs to assure their continued fiscal health and to avoid passing a massive financial problem and burden on to future generations. The time to act is now, and CPAs should stand ready to assist public policy makers in finding realistic solutions to this looming crisis.

Adopted by TSCPA Executive Board

August 28, 2004

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