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53 Senators vote to raid the Social Security trust fund
TownHall.com ^ | 3/17/06 | Tim Chapman

Posted on 03/18/2006 3:04:56 PM PST by 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.


TOPICS: Business/Economy; Constitution/Conservatism; Culture/Society; Government; News/Current Events; Politics/Elections
KEYWORDS: 109th; nothingbutious; senatecrooks; socialsecurity; thereisnotrustfund
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To: Racer1

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!!!!!!!


41 posted on 03/18/2006 3:34:43 PM PST by napscoordinator
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Comment #42 Removed by Moderator

To: eeevil conservative
...Kennedy (D-MA), Kerry (D-MA)...


Massachusetts Politicans doing what they do best
43 posted on 03/18/2006 3:35:06 PM PST by MassachusettsGOP (Massachusetts Republican....A rare breed indeed)
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To: raybbr
"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.

44 posted on 03/18/2006 3:35:18 PM PST by DannyTN
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To: JayNorth

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.


45 posted on 03/18/2006 3:37:15 PM PST by napscoordinator
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To: Cobra64
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.

46 posted on 03/18/2006 3:37:40 PM PST by KarlInOhio (The tree of liberty is getting awfully parched.)
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To: KarlInOhio
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


47 posted on 03/18/2006 3:41:32 PM PST by Wolverine (A Concerned Citizen)
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To: Howlin

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


48 posted on 03/18/2006 3:43:05 PM PST by Paul C. Jesup
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To: JayNorth; gafusa

>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.


49 posted on 03/18/2006 3:43:32 PM PST by Paperdoll (On the cutting edge)
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To: gafusa

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


50 posted on 03/18/2006 3:45:00 PM PST by isom35
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To: eeevil conservative

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


51 posted on 03/18/2006 3:45:57 PM PST by Mark17
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To: eeevil conservative; Howlin; All

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.


52 posted on 03/18/2006 3:50:55 PM PST by Txsleuth (Bush-Bot;WaterBucket Brigader;and fan of defconw;Cboldt is my mentor!)
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To: eeevil conservative

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


53 posted on 03/18/2006 3:51:34 PM PST by sofaman ("The Argument from Intimidation is a confession of intellectual impotence." Ayn Rand)
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To: DannyTN


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


54 posted on 03/18/2006 3:53:02 PM PST by Paperdoll (On the cutting edge)
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To: eeevil conservative

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


55 posted on 03/18/2006 3:54:03 PM PST by manwiththehands (Islam is as Islam does.)
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To: Txsleuth

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


waaaaaaaaaaaaah!


56 posted on 03/18/2006 3:56:22 PM PST by eeevil conservative (the GREATONE THINKS I'M GREAT! AND HE AGREES WITH WHATEVER I SAY!)
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To: DannyTN; mc6809e
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.

57 posted on 03/18/2006 4:00:49 PM PST by raybbr
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To: Diana in Wisconsin

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


58 posted on 03/18/2006 4:07:23 PM PST by joesnuffy (A camel once bit our sister..but we knew just what to do...we gathered rocks and squashed her!)
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To: eeevil conservative

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

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


59 posted on 03/18/2006 4:08:48 PM PST by Txsleuth (Bush-Bot;WaterBucket Brigader;and fan of defconw;Cboldt is my mentor!)
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To: napscoordinator

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


60 posted on 03/18/2006 4:10:33 PM PST by marvlus
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