March 22, 2007 - Washington, D.C. - Today, Senate Democrats voted to continue to spend the Social Security surplus. U.S. Senator Jim DeMint (R-South Carolina) introduced an amendment to the budget resolution that would have allowed the Senate to create a reserve fund to protect the Social Security surplus. The amendment failed by a vote of 45-52.
“Today, Senate Democrats voted to continue to spend Social Security taxes on other government programs,” said Senator DeMint. “The Democrats voted against saving surplus Social Security taxes for future retirees. The Democrats voted against putting real money in the Social Security trust fund.”
“For years, Democrats have paid lip-service to protecting Social Security, but when given the chance they turned their backs on America’s seniors. For years, Democrats have used personal accounts and Republican control of Congress as excuses. But, even after they took the majority and Republicans didn’t require personal accounts, Democrats still can’t give up their secret slush fund.”
“I will continue to force this issue on behalf of America’s seniors until we stop stealing their retirement,” said Senator DeMint.
Congress has been raiding the Social Security surplus for over twenty years and has now spent $1.9 trillion of Social Security money on other government programs. According to the Social Security Administration, Social Security will continue to run surpluses until 2017 at which time benefits will exceed revenues. The DeMint amendment would have helped Congress pass legislation to protect these surpluses for the next 5 years (FY 2008-2012), which will total $449 billion.
One Democrat, U.S. Senator Claire McCaskill (D-Missouri), voted in support of the DeMint amendment. “I applaud Senator McCaskill for doing the right thing for America’s seniors. It’s difficult to break with your party, but protecting Social Security should be a nonpartisan issue,” said Senator DeMint.
Specifically, the DeMint amendment would have created a reserve fund in the budget resolution that would allow (but not force) Congress to pass legislation protecting all or part of the Social Security surpluses. The DeMint amendment stipulated 3 requirements for any legislation considered under the budget:
• Social Security surpluses must be used to pay for future Social Security benefits
• No changes can be made to Social Security benefits for those born before Jan. 1, 1951
• Begin pre-funding the Social Security system by providing workers with the benefits of savings and investment
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