| WASHINGTON,
D.C. – U.S. Representative Jan Schakowsky (D-IL) today warned that $4 trillion
from the Social Security Trust Fund would go to pay for more tax giveaways
to the rich just at the time when the baby boom generation begins to retire.
The
Republican-controlled House of Representatives voted to make permanent
parts of the 2001 tax cuts that benefits the highest income people, while
leaving behind millions of middle-income families. The cost of just the
first two years (2012 – 2014) of this is nearly $400 billion and the cost
in the second ten years – when 40 million baby boomers will be retiring
and drawing their Social Security benefits – will exceed $4 trillion.
Senate Majority Leader Tom Daschle (D-SD) has stated that the Senate will
not consider the House-passed bill.
“Republicans
are shameless. They squandered a $5.6 trillion budget surplus
to pay for the first installment of a tax cut for the rich, and blame Democrats
for being fiscally irresponsible. Now, they’re robbing trillions
of dollars from Social Security to finish paying off their investors, and
demanding that Democrats stop scaring seniors,” Schakowsky said.
“We
must guarantee the future of Social Security, and Democrats are united
to ensure that the promise of Social Security will be there for generations
to come,” Schakowsky said.
Schakowsky
is the author of the First
Things First Act of 2001, H.R. 2999. The legislation would save
$340 billion over ten years by delaying future portions of the tax cut
that benefit the wealthiest taxpayers until critical goals, such as ensuring
the future of Social Security and providing seniors with a prescription
drug benefit under Medicare, are met. |
