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Introduction of the Social Security Preservation Act

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Date:
Location: Washington, DC


INTRODUCTION OF THE SOCIAL SECURITY PRESERVATION ACT -- (Extensions of Remarks - January 04, 2005)

SPEECH OF HON. RON PAUL OF TEXAS
IN THE HOUSE OF REPRESENTATIVES
TUESDAY, JANUARY 4, 2005

* Mr. PAUL. Mr. Speaker, I rise to protect the integrity of the Social Security trust fund by introducing the Social Security Preservation Act. The Social Security Preservation Act is a rather simple bill which states that all monies raised by the Social Security trust fund will be spent in payments to beneficiaries, with excess receipts invested in interest-bearing certificates of deposit. This will help keep Social Security trust fund monies from being diverted to other programs, as well as allow the fund to grow by providing for investment in interest-bearing instruments.

* The Social Security Preservation Act ensures that the government will keep its promises to America's seniors that taxes collected for Social Security will be used for Social Security. When the government taxes Americans to fund Social Security, it promises the American people that the money will be there for them when they retire. Congress has a moral obligation to keep that promise.

* With federal deficits reaching historic levels the pressure from special interests for massive new raids on the trust fund is greater than ever. Thus it is vital that Congress act now to protect the trust fund from big spending, pork-barrel politics. Social Security reform will be one of the major issues discussed in this Congress and many of my colleagues have different ideas regarding how to best preserve the long-term solvency of the program. However, as a medical doctor, I know the first step in treatment is to stop the bleeding, and the Social Security Preservation Act stops the bleeding of the Social Security trust fund. I therefore call upon all my colleagues, regardless of which proposal for long-term Social Security reform they support, to stand up for America's seniors by cosponsoring the Social Security Preservation Act.

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