53 Senators vote to raid the Social Security trust fund

TownHall.com ^ | 3/17/06 | Tim Chapman

[eeevil conservative]

53 Senators vote to raid the Social Security trust fund

Yesterday, Senators Jim DeMint and Mike Crapo introduced an amendment to prevent the current Social Security Surplus from continuing to be spent. 53 Senators voted against it.

After the vote, DeMint issued the following statement:

“Sadly, fifty-three senators turned their backs on America’s seniors,” Senator DeMint said. “There is simply no way to save Social Security if we don’t have the courage stop using the surplus as a secret slush fund. I’m thankful there were forty-six senators who stood with America’s seniors to end the raid. We will not be deterred by cynics who offer no solutions.”

“Those who voted against this amendment voted to raid Social Security,” said Senator DeMint. “Now, every senator will be on record whether they oppose or support the raid. This said absolutely nothing about personal accounts, it was about whether you believe Social Security should be saved or allowed to wither on the vine.”

Details about the amendment via a DeMint press release are in the extended section.

UPDATE: Pasted below are the 53 Senators who voted to raid the fund -- Republicans who should no better are in bold. Click here to see the whole breakdown.

Akaka (D-HI) Baucus (D-MT) Bayh (D-IN) Biden (D-DE) Bingaman (D-NM) Boxer (D-CA) Burns (R-MT) Byrd (D-WV) Cantwell (D-WA) Carper (D-DE) Chafee (R-RI) Clinton (D-NY) Collins (R-ME) Conrad (D-ND) Dayton (D-MN) Dodd (D-CT) Domenici (R-NM) Dorgan (D-ND) Durbin (D-IL) Feingold (D-WI) Feinstein (D-CA) Harkin (D-IA) Inouye (D-HI) Jeffords (I-VT) Johnson (D-SD) Kennedy (D-MA) Kerry (D-MA) Kohl (D-WI) Landrieu (D-LA) Lautenberg (D-NJ) Leahy (D-VT) Levin (D-MI) Lieberman (D-CT) Lincoln (D-AR) Lugar (R-IN) Menendez (D-NJ) Mikulski (D-MD) Murray (D-WA) Nelson (D-FL) Nelson (D-NE) Obama (D-IL) Pryor (D-AR) Reed (D-RI) Reid (D-NV) Rockefeller (D-WV) Salazar (D-CO) Sarbanes (D-MD) Schumer (D-NY) Smith (R-OR) Snowe (R-ME) Stabenow (D-MI) Talent (R-MO) Wyden (D-OR)

---

The current Social Security system allows Congress to spend the Social Security surplus on other government programs. Including interest, Congress has raided $1.7 trillion from Social Security since 1985. The surplus now only consists of IOU’s stacked in a vault in West Virginia that can only be paid back by raising taxes or cutting spending.

The DeMint-Crapo Amendment to Stop the Raid on Social Security would have allowed the Senate to pass legislation with the following requirements:

· Social Security surpluses must be used to help pay for future benefits

· That it make no changes to the benefits of those Americans born before January 1, 1950

· That it provide a voluntary option for younger Americans to obtain legally binding ownership of a portion of their benefits.

[napscoordinator]

Both PA Senators voted yea. I will not be voting for either one next time.

You know I am stunned by Santorum. All the FREEPERS keep telling me that he is the best. Don't worry about these stupid things he has been doing and now once again he is voting something that I don't agree with. How much longer do I have to support him. I just can't believe him!!!!!!!

[MassachusettsGOP]

...Kennedy (D-MA), Kerry (D-MA)...


Massachusetts Politicans doing what they do best

[DannyTN]

"Can I ask where the interest comes from on those bonds?"

When the federal government borrows funds, it pays interest. That interest is paid back from future tax receipts.

To tell the government not to spend funds it borrows from social security. Is to tell it not to borrow from Social Security. And since loaning funds to the Federal government is the only investment Social Security is allowed to make, it's effectively telling Social Security to put the funds under a mattress and never invest them and never collect interest.

[napscoordinator]

Both PA Senators voted yea. I will not be voting for either one next time.

On this vote, the "Yea" vote are the good guys.

Oops....sorry about my prior post. I went off the deep end AGAIN!!!!!! Need my meds...sarc.

[KarlInOhio]

I'd feel better if the "surplus" were invested in the private sector. Silly me.

I'm not all that excited about having SS invest in stocks either. Just imagine having Fat Ted or John "I was in Vietnam" Kerry on the board of directors of the companies SS invests in.

[Wolverine]

The NEW Social Security vs The Current Program

 

Get Smart		Don't Get Screwed
Personal Accounts		Security Net
(New Social Security)		(Old Social Security)
	You own taxes withheld		You never own taxes withheld
	Large retirement checks		Small retirement checks
	Large nest egg		No nest egg
	Wealth generator		No wealth generated
	Will remainder to family		Nothing to will to family
	Phenomenal compounding		No growth potential
	You manage your portfolio		No portfolio to manage
	Stock market returns		None
	Bond market returns		None
	You own your account		Government owns it
	No risk, you own		High risk, benefit cuts
	Liquidates unfunded liability		Increases Unfunded Liability
	No benefit cuts		Benefit cuts required
	No new taxes		Tax raises are required
	Low administration costs		Higher administration costs
	Fund democracy worldwide		Government wastes your taxes
	Free market mechanism		Government Socialism
	Business principles		Confiscation and redistribution
	Poor Benefit		Poor kept barefoot

In 2005 Dollars			New	Old
			Social	Social
			Security	Security
			(1)
Annual Wage $15/Hour			$    31,200	$  31,200
Nest Egg at Retirement			$  892,473	$0
Monthly Check at Retirement			$      4,462	$    1,195
Nest Egg Willed to Family			$  892,473	$0

[Paul C. Jesup]

I am glad both the Senators from the state I live in vote Yea for it.

[Paperdoll]

>I do not really care. I am young enough Social Security will have long collaped by the time I retire<

Unfortunately the instant gratification "me" generation is chronically short sighted. "Careless" paves a rough road, gafusa.

[isom35]

same here. by the time I reach that age, I suspect our lives will be like the movie "The Road Warrior"

[Mark17]

I always heard there is NO Social Security trust fund. All taxes go into the general fund.

[Txsleuth]

http://thomas.loc.gov/cgi-bin/query/F?r109:1:./temp/~r109uL7oMb:e230497:

I believe if you scroll down this page, you will be able to read the debate pro/con on this---on the Senate floor.

I think it will clear some misconceptions up about this amendment...but, will also PROVE the mindset of the DEMS and the ones voting against it.

BTW..this was during a Budget debate..the actual change in Social Security would actually have to come out of the Finance committee and appropriations.

[sofaman]

my senators are Boxer and Feinstein...what do you want from me? The dwarf senator and Fineswine...what did I do to deserve this?

[Paperdoll]

Just goes to show ya = too many politicians are fiscally irresponsible, just like the yokels who keep voting them back onto "The Hill."

[manwiththehands]

THOSE DIRTY RATS! I hope Republicans win control of the Senate this November.

[eeevil conservative]

that link doesn't like me!!!!!!!!


waaaaaaaaaaaaah!

[raybbr]

When the federal government borrows funds, it pays interest. That interest is paid back from future tax receipts.

Yeah, I know. I wanted "mc6809e" to answer that question.

What I really wanted to say was: "Listen, you maroon (mc6809e), that interest is paid by future taxes." But I was trying to be polite.

[joesnuffy]

LOL....I KNEW you would be on them rats like a duck ona june bug..

[Txsleuth]

It doesn't like me either...sorry.

I will see if I can find it elsewhere...BBS

[marvlus]

Yea was a good vote, 53 senators voted nea to raid the cookie jar.