Social Security

Regardless of what some cynics say, Social Security is one of the most successful programs ever implemented by Congress and is not going broke anytime soon.

Which One Has the Crisis?

In 1983, foreseeing a future shortfall caused by the aging baby boomer generation, Congress raised Social Security taxes beyond what was needed to pay then current benefits, and directed the surplus into a Social Security Trust Fund. The fund, in turn, invested the surplus in what is considered the safest of securities, government bonds. Unfortunately, when credited back to the Treasury, the benefits from the Trust’s investments are not sequestered from other funds taken in by the Treasury. Trust Fund proceeds which should be designated to help grow the economy and make it easier for the system to support retirees, are instead used to supplement general government expenditures.

I will introduce legislation that puts restrictions on the use of Social Security Trust Fund proceeds, segregates the funds passed back to the Treasury from the Trust and implement one or more of the following proposals to boost the surplus further.

• limit benefits to wealthy individuals and establish an income ceiling
• eliminate the ability of workers to receive benefits prior to retirement age
• bind increases in benefits to consumer prices rather then wage increases

It is interesting to note that the two largest entitlement programs in the history of the country, Social Security and Medicare, are the two trust funds that are are not running at a deficit.

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