DeMint Introduces Stop the Raid on Social Security Act of 2005
June 23, 2005 - Mr. President, it's time to stop the raid on Social Security. For over twenty years, Congress has maintained the misguided practice of over-collecting Social Security taxes and spending them on other government programs. Congress has used the Social Security Trust Fund to promote the false notion that Social Security actually saves the money workers pay in, and it is time to end this abusive practice. It is time we start saving these resources in personal accounts that politicians cannot spend.
Money cannot have 2 masters--it either belongs to the government or to individual Americans. The only way to prevent Congress from spending Social Security surpluses is to rebate these funds back to a worker in a personal account with their name on it. The only true lock-box is a personal account.
President Bush has done a good job helping Americans understand the problem. Now it is up to Congress to build consensus around some solutions. Every American and nearly everyone in Congress agree on at least one core principle: Social Security money should only be spent on Social Security. Before we can have an honest debate on long-term solutions, we must restore trust with Americans.
Stopping the raid will strengthen Social Security and is the first step toward long-term reform.
I ask unanimous consent that the text of the bill be printed in the RECORD.
