Dr. Coburn Supports Bill to Stop the Raid of the Social Security Surplus
U.S. Senator Tom Coburn, M.D. (R-OK) today joined U.S. Senators Jim DeMint (R-SC), Rick Santorum (R-PA), Lindsey Graham (R-SC) and Michael Crapo (R-ID) to announce the introduction of the "Stop the Raid on Social Security" bill. The legislation authored by DeMint would dedicate the entire Social Security surplus to individually-controlled, voluntary personal retirement accounts.
"The only lockbox that will work is your wallet," Dr. Coburn said. "For the past 30 years, Congress has proven itself incapable of setting aside Social Security surplus dollars for Social Security. Any Social Security surplus dollars left in Washington will be spent by politicians. Senator DeMint's reasonable and common sense plan will allow workers to own a portion of the retirement dollars they have earned."
"Any honest economist and politician will admit that Social Security, and our entire federal budget, is on an unsustainable course. If career politicians in Congress continue to place the interest of the next election ahead of the next generation we could become the first generation of Americans to pass on a lower standard of living to the next generation," Dr. Coburn said. "This bill gives us a better choice. Rather than pass on a legacy of debt, we can pass on a legacy of savings. Every dollar set aside in individually-owned accounts will double in about 18 years and triple in about 27 years using today's modest rate of return on government bonds."
"I urge the leaders of the Senate and House to bring this bill to a vote and force members of Congress to go on record in support of individual ownership and savings or the status quo. If members of Congress want to continue their Enron-style management of the nation's retirement fund let them explain that to the voters. What has happened to the Social Security surplus in the past 30 years is nothing but the wholesale theft of Social Security dollars. This bill gives Congress a way out of this corrupt, self-serving and fiscally-irresponsible practice," Dr. Coburn said.