Marge Roukema (R)
The budget surplus offers us an opportunity to consider options that go beyond the tired, old solutions of either raising already high payroll taxes or reducing benefits and cost of living adjustments (COLAs) for seniors. We have an opportunity to consider fundamental changes in the system, which give the American people better retirement options and great financial security. Clearly, personal retirement accounts and other forms of limited privatization should not be automatically ruled out. They deserve further study. However, I want you to know that I am strongly opposed to any scheme that would invest Social Security Trust Fund monies in the stock market. I agree with Federal Reserve Board Chairman Alan Greenspan who believes that such a program would give the federal government too much power in the stock market and present unnecessary risks for the beneficiaries. After all, the stock market can go down, just as it has been going up and we must ensure that we maintain the "security" in Social Security and the "trust" it the Trust Fund.