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Social Security
I have long been a supporter of efforts to protect the commitments made to senior citizens through the Social Security system. The Social Security program represents a vital social compact between the Government and our nation’s elderly population. I am concerned about the potential insolvency of Social Security, which, according to the March 2005 Congressional Budget Office report, could be as early as 2052, or according to the May 2006 Social Security Trustees report, could be as early as 2040.
As the baby boomer population ages and enters into retirement, the need for Social Security reform becomes even more apparent. Former Federal Reserve Chairman Alan Greenspan urged Congress in February 2004 and March 2005 to deal with the country’s escalating budget deficit by cutting benefits for future Social Security retirees. I strongly oppose this approach. I am convinced that any restructuring of the Social Security system must ensure that no senior citizens who have spent their working years paying into the system be denied benefits or be removed from the Social Security rolls.
I have been a consistent supporter of so-called “lockbox” legislation that addresses the long-term solvency of the Social Security Trust Fund. This “lockbox” would require that any Social Security surplus funds be utilized solely for Social Security and would include budget mechanisms to ensure that Social Security revenues are not used for other purposes. During the 107th Congress (2001-2002), I voted in support of three amendments that reiterated this “lockbox” philosophy and sought to prevent Social Security surpluses from being spent on non-Social Security purposes.
I did not take a position on the President’s plan for Social Security, because I think that the Congress has to see the details of the proposal before we can really make an evaluation. I am prepared to examine any reform plan suggested by the Bush Administration or Members of Congress. Throughout this debate, however, I will remain committed to the bedrock principle that Social Security must be structured so that all workers, young and old, will have the benefits on which they have come to rely.
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