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Democrats Vote to Raid Social Security

Posted on Mar. 22, 07 | 03:09 PM by Andrew Roth | Topic:
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The Club for Growth key-voted Jim DeMint's "Stop the Raid" amendment earlier this week. As the following press release from DeMint's office indicates, it lost on a vote of 45-52. Four Republicans voted against it - Senators Gordon Smith (OR), Susan Collins (ME), Olympia Snowe (ME), and George Voinovich (OH). One Democrat voted for it, Claire McCaskill of Missouri.

Democrats Vote to Raid Social Security

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.

ƒ_oToday, Senate Democrats voted to continue to spend Social Security taxes on other government programs,ƒ__ said Senator DeMint. ƒ_oThe Democrats voted against saving surplus Social Security taxes for future retirees. The Democrats voted against putting real money in the Social Security trust fund.ƒ__

ƒ_oFor years, Democrats have paid lip-service to protecting Social Security, but when given the chance they turned their backs on Americaƒ_Ts seniors. For years, Democrats have used personal accounts and Republican control of Congress as excuses. But, even after they took the majority and Republicans didnƒ_Tt require personal accounts, Democrats still canƒ_Tt give up their secret slush fund.ƒ__

ƒ_oI will continue to force this issue on behalf of Americaƒ_Ts seniors until we stop stealing their retirement,ƒ__ 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. ƒ_oI applaud Senator McCaskill for doing the right thing for Americaƒ_Ts seniors. Itƒ_Ts difficult to break with your party, but protecting Social Security should be a nonpartisan issue,ƒ__ 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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