Issue Position: Social Security

Issue Position

I am working to fulfill the promises made to all Americans in the current Social Security system, and will continue to evaluate all proposals to overhaul Social Security. It is my goal to insure that Social Security is available to current beneficiaries as well as future generations without increasing taxes or reducing benefits.

In 1983, Congress enacted legislation to gradually increase the retirement age from 65 to 67. Under current law, the retirement age will increase two months a year, beginning with individuals who attain the age of 62 in the year 2000. At the time of enactment it was projected that this provision would insure the long-term solvency of Social Security for the next 75 years. However, the current pay-as-you-go system is falling far short of its intended goal. It is now projected that spending will exceed revenues in 2013 and that the Social Security Trust fund will be bankrupt by 2032.

Because of the need to insure that Social Security is available to future generations, many proposals to privatize part or all of the Social Security System have surfaced. Some of these proposals include raising the retirement age. The Social Security Commission offered three proposals to privatize Social Security. They include allowing the federal government to invest part of the Social Security Trust Fund in the stock market, increasing the payroll tax to fund mandatory contributions to individual savings accounts, or allowing individuals to invest a percentage of their payroll taxes into a personal savings account. During the 105th Congress several lawmakers introduced legislation to privatize Social Security, but none of these were enacted into law.

I am working to fulfill the promises made to all Americans in the current Social Security system. I am in the process of evaluating all proposals that have been introduced to overhaul the Social Security Trust Fund. The question I must ask myself is, "Is it possible to completely eliminate the long-term Social Security deficit without raising taxes or reducing benefits?" It is my goal to insure that Social Security is available to current beneficiaries as well as future generations without increasing taxes or reducing benefits.

Language was included in H.Con.Res. 68, the Fiscal Year 2000 Budget Resolution, to protect the Social Security surplus. I supported the measure and its commitment to saving Social Security. To help insure the future of Social Security, the budget resolution will set aside all the Social Security taxes paid by working Americans in a "Safe Deposit Box," which can only be used for Social Security benefits. The budget resolution passed the House by a vote of 221 to 208.

I also supported H.R. 1259, introduced by Representative Wally Herger (R-California), which codified the "Safe Deposit Box" language included in the budget plan. H.R. 1259, the Social Security and Medicare Safe Deposit Act, passed the House by a vote of 416 to 12. It has been forwarded to the Senate for further consideration. This is the first step towards saving Social Security.

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