Bob Franks (R)
Social Security and Medicare
Bob Franks has a strong record of preserving and protecting Social Security and Medicare.
He stood up to the special interests and the Democrats’ "Mediscare" campaign and in 1997 worked to save Medicare from the brink of bankruptcy.
As a member of the Budget Committee, Bob Franks worked to end the raid on the Social Security Trust Fund. Last year -- for the first time in 30 years -- Washington stopped the raid on Social Security. No longer is the surplus in the Social Security Trust Fund being used to fund other government programs.
Bob Franks also believes that all seniors should have access to affordable prescription drug coverage.
Bob Franks is committed to making sure that all the $1.8 trillion Social Security surplus -- which is expected to accumulate over the next 10 years -- is locked away and used exclusively to strengthen Social Security and prepare for the enormous challenge facing the system when the Baby Boom generation begins to retire.
Bob Franks believes that younger workers should be given an opportunity to have greater control over their retirement income. He would support allowing workers to take a portion of their payroll taxes and invest that money in personal retirement accounts -- similar to the federal government’s Thrift Savings Plan.
The workers -- not Washington -- would determine how that portion of their retirement money would be invested. By making wise investments, future retirees would have the potential to increase their retirement benefits.