Rob Simmons (R)
In 1953, with the Social Security Act, the federal government committed itself to the task of providing the public with insurance that covered old age, disability and sickness. Washington must honor the pledge it has made to the American people. Despite problems with the system, it can be honored, but only if elected officials demonstrate the leadership and vision necessary to enact meaningful reform. Many people think of their Social Security benefits as a bank account, which holds cash for their retirement. This is not the case. The money people thought was building up a reserve has been allocated to other government programs. The Social Security trust fund is full of IOUs that have no value other than a promise to impose higher taxes on tomorrow’s workers. Social Security tax revenue has been used to bring down the national debt or has been used for other unrelated programs. This has got to stop. Social Security cannot be taxed back to vitality. It needs a new beginning. Earlier this year the Social Security Board of trustees released their annual report. Between 2015 and 2075, the cumulative unfunded liability (the amount to be paid above the amount received in future taxes) will be about $21 trillion. That is more than six times greater than the national debt. The report estimates the trust fund will accumulate enough government bonds to pay Social Security Old Age and Survivors and Disability Insurance benefits through 2037, only if tomorrow’s lawmakers dramatically raise taxes, reduce benefits or assume new debt. Those are unacceptable alternatives. First, I will not support any measure that lowers the benefits current recipients are receiving. Second, I will vote against any bill that takes Social Security tax dollars and diverts them to any purpose other than Social Security benefits. Third, I believe in a two tier Social Security system. The foundation is the current system with all benefits intact and with all Social Security tax dollars dedicated to Social Security benefits. The second tier promotes private savings and investment. In this plan workers are allowed to invest increased amounts of current wages into IRA and 401(k) accounts. The plan builds on the existing system but allows flexibility. Given the current status of Social Security and given the reality that partial private investment is working elsewhere, this scenario warrants serious congressional debate. I plan to make Social Security reform a priority.