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.
Everyone acknowledges that the federal deficits are unsustainable. Social Security reform is necessary to ensure the federal debt does not create a serious economic crisis that could devastate those, like Social Security recipients, living on fixed incomes. Preventing the use of Social Security trust fund monies for non-Social Security purposes is a necessary first step in reforming Social Security in a manner that does not hurt those currently relying on the system. I therefore call upon all my colleagues, to stand up for America's seniors and taxpayers by cosponsoring the Social Security Preservation Act.