Ryan and Colleagues Propose Plan to Devote Social Security Surplus to Social Security
June 22, 2005
WASHINGTON, DC - First District Congressman Paul Ryan and several colleagues on the House Ways and Means' Subcommittee on Social Security today announced a new proposal to give workers under 55 the choice of having their portion of the Social Security surplus put in a personal account that they would own that would help pay their Social Security benefit when they retire. This would be the first step toward stopping Washington's decades-long raid on the Social Security surplus and building consensus for needed Social Security reform. The accounts would be both voluntary and inheritable.
"I think we should all be able to agree that Social Security's surplus should go to Social Security. Ever since I came to Congress, I have been fighting to stop the raid on the Social Security surplus. This puts us on a path to do just that. By giving workers the choice to put their Social Security surplus dollars in a personal account for their retirement, we are making a significant step. While this isn't a comprehensive reform package, like my earlier legislation, it makes progress on fixing Social Security by protecting the surplus."
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