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Congressman John T. Salazar -- Defending Rural Values -- Third District of Colorado
  For immediate release  
  March 16, 2005  
 

Congressman Salazar Introduces Bill to Protect Social Security

 
 

Salazar Legislation to Keep Trust Fund Intact

WASHINGTON, DC – Congressman John T. Salazar (CO-3) offered legislation today - H.R. 1330: The Social Security Trust Funds Protection Act - to make sure that Social Security payroll contributions are used only for paying out Social Security benefits. Salazar led the effort to bring the bill up for immediate consideration as part of the current debate on the Budget resolution. Salazar’s legislation was prevented from coming to the Floor by a party line vote of 230-202.

The following is the text of Salazar’s prepared remarks:

“My bill would ensure that Social Security payroll contributions cannot be diverted to establish private accounts. 

“Social Security was not meant to be the only source of retirement income – but the sad reality is that for too many people, it is the only source of money.

“Amelia Valdez from Pueblo, CO gave me this photograph of FDR signing the Social Security Act into law.  She had tears in her eyes– and she said to me: “Hang it in your office as a reminder - please, do not let them dismantle my only source of income.”

“In rural America, Social Security keeps tens of thousands of people from falling into extreme poverty.

“My Democratic colleagues and I are committed to keeping our promises to American workers – we will fight to strengthen Social Security so that American workers get the benefits they were promised.

“Creating private accounts will only hasten the demise of Social Security by draining trillions of dollars from Social Security trust fund.

“We cannot forget the lessons we learned from Enron. A retirement fund that relies on the stock market is simply not a secure benefit. 

“The proposal to privatize Social Security would mean a 40% cut in benefits - it simply does not make sense to change the Social Security program to cut benefits.

“The first step towards saving Social Security is making sure that payroll monies are used only to pay out Social Security benefits.

“I urge my colleagues to VOTE NO on the previous question so that we can protect Social Security for every American.”

 

 
 

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