All of us have one thing in common. Someday, we all hope to enjoy our senior years without worry or financial hardship. For some this time may present an opportunity to stop working, while for others it is a chance to begin a new business enterprise, spend time volunteering, or simply make better time with friends and family. Regardless, all of us look forward to that time when we are able to do all the things we were too busy to do while building families and working throughout our early lives. Someday, we all want to retire.
Though everyone in America shares this same goal in some form or another, thoughts on how best to secure it vary widely. This issue goes to the very heart of an important debate now taking place in Washington. The debate that is shaping up is over whether or not we continue to raid the Social Security Trust Fund to finance other portions of the federal government or whether we seize an historic opportunity where ever penny from this important program would be locked away for Social Security - period.
Make no mistake, as your Congressman I remain committed to setting aside every dime of the Social Security Trust Fund to provide retirement security for every working American. As such, I will vote against any legislation that would attempt to siphon Social Security funds to help pay for unrelated government programs.
With more than 76 million baby boomers marching
toward retirement - we will soon witness the greatest
demographic challenge our nation has ever
faced. Quite frankly, the federal government is presently not prepared to meet their Social Security needs. Also
alarming is the fact Medicare is expected to be insolvent within the decade. Instead of exercising real leadership
and addressing these issues, the White House has chosen to score political points by offering new and expanded
programs with little attention as to how to pay for them.
Seniors on average rely on Social Security for 42 percent of their retirement income, while Medicare provides 95 percent of seniors with their basic health insurance coverage. For many seniors, however, Social Security is their only source of retirement income. This said, it is obvious that something must be done. Ending the 30-year raid on the Social Security Trust Fund must be our first priority.
Last May, I authored Social Security "Lock Box" legislation designed to set the Social Security Trust Fund aside for that purpose, protecting it from the Washington money machine that has robbed the fund to pay for other federal programs over the last three decades.
In voting to wall off and preserve the entire Social Security Trust Fund, we've attempted to place those funds in a protective "Lock Box" from where they cannot be borrowed or spent on other programs. They are secured for Social Security and Medicare benefits only. For the first time in 30 years, surplus payroll taxes would go to paying down our national debt and hence, the debt we owe to Social Security and Medicare. In other words, Congress would finally pay back the money that was taken out of the Social Security Trust Fund to prepare for the retirement of baby boomers and to reduce the national debt.
This week, we affirmed our commitment to working Americans' retirement security by passing a resolution calling for a halt on the raid of this fund. We told President Clinton in no uncertain terms that we will not send any legislation to the House floor that would spend even one penny of the Social Security Trust Fund next year.
From Washington we will continue to hear screams
for more money. Last week alone, President Clinton
demanded Congress to take $4 billion from
the Social Security Trust Fund to add to the foreign aid spending bill. Make no mistake, more calls are on the way.
If we cannot adequately protect the Social Security Trust Fund during times of surpluses, when will we ever
be able to stop the raid on this vital program.
We have drawn a hard line in the sand. We are prepared to back up our warning by making the tough budget decisions necessary in the next three weeks to protect the Trust Fund.
I invite the President to act on the same commitment and resolve he has advocated publicly. I would ask him and others in Washington to join us in stopping the raid on Social Security. Help us preserve the retirement security of every working American. Let's start the new century by putting the "trust" back in the Social Security Trust Fund.
It is time to end Washington's 30-year raid on the Social Security Trust Fund.