Jim Gerlach opposes privatizing Social Security and has opposed it ever since it was raised as an issue under President Bush in 2005. Creating private accounts would have pulled funding from today's beneficiaries, and put a significant dent in the availability of those funds during the current recession.
Strengthening Social Security
The funding crisis is real for Social Security. Although the program dipped into the red this year - years ahead of projections - the reality is the system will bounce back when the economy recovers and workers begin paying into the system again. Jim believes that a national referendum on stabilizing Social Security should be put before voters, with a commission deciding the right mix of options that would be put before voters. Putting democracy in action within town hall meetings and more, we can create a national dialogue and come to a consensus on the best way forward.
In addition, Jim has co-sponsored legislation that would keep Social Security trust funds off-limits from the public debt and require annual surpluses to be invested in interest-bearing accounts and certificates of deposits in institutions insured by the FDIC.
Ending the Double Taxation on Social Security Benefits
Jim is a co-sponsor of legislation to end the double-taxation seniors pay on income derived from Social Security.
Cost of Living Increase
For the first time in roughly 35 years, Social Security did not see a cost of living adjustment due to a bureaucratic formula which is tied to the rate of inflation. With little growth in our economy, this year's COLA was zero. To assist seniors who count on Social Security benefits, Jim has co-sponsored a one-time $250 cost of living payment to help seniors on fixed incomes.
New Health Care Reform Law Which Cuts Medicare Advantage
Jim opposed the health care reform law which cut $500 billion from Medicare.