Sen. Graham on Social Security: Fiscally Responsible and Modern
Sen. Graham has been active on the issue of Social Security since taking his seat in Congress after the 1994 election. He supports a plan that would modernize the program by adding an optional private account. However, he does not believe that we should borrow the money to pay the transition costs to the modernized program. He has said that both sides will have to give something in order to achieve the change. He has suggested increasing the retirement age, cutting benefits for wealthy recipients, and increasing the amount of taxable income for Social Security purposes. Needless to say these ideas are unpopular on both sides. Democrats do not want to raise retirement age, Republicans do not want to raise taxes, and neither side wants to take from wealthy beneficiaries. Sen. Graham realizes that inorder to modernize the system their will have to be political sacrifice on both sides.
Sen. Graham has been so involved with this issue because his family was a beneficiary of the program. In a press release he said "I was 22 and my sister was 13 when we lost both my parents. The illnesses were expensive and times were tough. My sister received Social Security survivors' benefits so I know how important Social Security is to families. That's why my commitment to the program is strong and unwavering."
This unwavering commitment to adopt a modern syystem based on new ideas and preserve the old system for those who wish not to opt in to the private account is a reson to support his proposals. THe proposals are well balanced and would create a solvent system.
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Social Security New & Views
- Press Releases
- These are the releases from Sen. Graham's office.
- Lindsey Graham on Social Security
- On the Issues
- Graham's Social Security policy attacked
- An advocacy group charged Tuesday that Republican U.S. Senate nominee Lindsey Graham has backed a proposal that would have required younger workers to invest Social Security taxes in the stock market.
- Graham focuses Senate on Social Security
- Washington Just a few hours before the bombs began falling on Iraq Wednesday night, U.S. Sen. Lindsey Graham labored to turn the Senate's attention, if only for a minute, to Social Security.
The Republican from Seneca, who aims to take a leading role in reforming the retirement system, simply wanted the Senate to agree that it needs to take the issue seriously. - White House Press Briefing
- 6 December 2005
- Lindsey Graham's bargain
- Republican Sen. Lindsey Graham of South Carolina startled the capital's conservative network last month with a speech on Social Security reform at the Heritage Foundation. His call for private accounts was sound conservative doctrine, but he proposed financing it with a huge payroll tax increase for upper bracket Americans. This was heresy, conservatives said, by Strom Thurmond's successor.
- Graham, DeMint try to build momentum to reform Social Security
- WASHINGTON - Rep. Jim DeMint and Sen. Lindsey Graham urged their congressional colleagues Wednesday to learn why Social Security is going broke and to fix the retirement system quickly.
- Graham, DeMint expected to be immersed in US Senate's Soc. Security debate
- (Columbia-AP) Nov. 11, 2004 - Expected debate on Social Security in the Senate next year should give South Carolina's relatively green senators more exposure than newcomers generally warrant.
Social Security Documents
- Providing Social Security Benefits in the Future: A Review of the Social Security System and Plans to Reform It
- Social Security is the best-loved American government program, but how it works and is financed is almost completely unknown. Most Americans have a vague idea that they pay taxes for their benefits and that their benefits are linked somehow to their earnings. Many also know that the program is in trouble and needs to be "fixed" sometime soon to deal with the retirement of the baby boomers. Beyond this, their knowledge of the facts is severely limited and often colored by rumors and stories.
- The Framework for Achieving Social Security Reform
- Web event
Modernizing Social Security
Choices, Markets, and Fiscal Responsibility
I strongly encourage people to look into S. 1878 because it is a balnced proposal that pays for itself, yes through tax increases, and closing loop holes, but we cannot modernize the system without sacrifice.This plan provides for an optional private account. If one opt in to the account, then at $10,000 one may transfer to a teir two approved account that is under individual control. It also provides for a financial education program which is necessary to educatie young people about to enter the workforce about their options. These two provisions are well though out and the legislation as awhole would win a Pulitzer if we gave such awards to legislation.
It is worth investigating this bill from the 107th Congress and advocating for a re-introduction and speedy committe hearings, as well as an up-or-down vote. This legislation is deserving of that respect.
Congressional Record
S3935, S3936, S3937, S3938, S3939, S3940, S3943, S3945, S3947
Press Release
Introduction of the Social Security Solvency and Modernization Act
S. 1878
Modernizing Social Security by Providing a Choice
- DeMint Thanks Senator Lindsey Graham for Promoting Genuine Social Security Reform
- Washington, Nov 18, 2003 - U.S. Representative Jim DeMint (R-S.C.) today applauded Senator Lindsey Graham (R-S.C.) for introducing real Social Security reform in the Senate.
- Social Security Reform Group Praises Graham Bill
- Activist groups and experts supporting Social Security reform were quick to praise Sen. Lindsey Graham's (R-SC) proposal to allow workers to privately invest a portion of their Social Security taxes.
- Estimated OASDI Financial Effects of "Social Security Solvency and Modernization Act of 2003" introduced by Senator Lindsey Graham--INFORMATION
- This memorandum provides long-range estimates of the financial effects on the Social Security (OASDI) program assuming enactment of "Social Security Solvency and Modernization Act of 2003", introduced on November 18, 2003. Specifications of the provisions in the bill were provided by Jen Olson of Senator Lindsey Graham's staff. A description of these specifications, reflecting our understanding of the intent of this bill, is given below. All estimates are based on the intermediate assumptions of the 2003 Trustees Report, as well as additional assumptions described below.
- Sen. Lindsey Graham's Social Security Reform Proposal (S. 1878)
- Sen. Graham has introduced a serious reform proposal. It would gradually phase-in personal accounts and corresponding reductions in defined benefits. The personal account option would be voluntary: workers could opt to remain in the current benefit system by paying an extra 2 percent payroll tax.
- A Preliminary Analysis of Sen. Graham's Social Security Proposal
- The Social Security reform proposal introduced by Sen. Lindsey Graham of South Carolina this morning is serious and worthy of bipartisan consideration. It will not be easy to find the funds to pay its large transition costs (about 1 percent of GDP for 15 years), but the long-run budgetary savings would be well worth it.
My Writings
Articles, Editorials, and Letters
- Sen. Lindsey Graham has the Best Plan for Social Security Reform
- Now that we are done celebrating President Bush's reelection victory, it is time to think about his promise to reform Social Security. President Bush tells us that this is his first priority.
- Sen. Graham's proposal may be basis for Presidnet Bush's plan
- Sen. Lindsey Graham (R-SC) has a proposal to modernize Social Security and make it solvent in to the future and it may be the basis of President Bush's policy. The proposal, called the Social Security Solvency and Modernization Act, was originally introduced late in 2003. It languished in the Senate Finance Committee because of more pressing concerns, like National and Homeland Security. However, it will be reintroduced sometime early next year after the swearing in of the 109th Congress.
Google News: Lindsey Graham, Social Security
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Lindsey Graham
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Our political culture and government processes have become dark places of partisanship and bickering. Those from each side of the aisle form groups and never allow their minds to meet. We desire good policy and clean politics, yet we vote for and enc...
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