GOP Prioritizes Social Security Reform
One of the top priorities of the GOP when they won the presidency was to reform Social Security so that it would remain solvent into the future for the young generation. This idea was controversial becasue it meant changing the system to allow for private accounts based on the Thrift Savings plan. While I did a lens specifically about Sen. Lindsey Graham's ideas for implementation and policy, this lens covers the idea in general.It brings a wider perspective to the issue and grants more information.
Goverment Documents
- The Outlook for Social Security
- Over the past several years, as lawmakers have become more aware of long-term pressures facing the federal government, the Congressional Budget Office (CBO) has been asked to evaluate the long-term economic and budgetary implications of current laws governing major entitlement programs and of legislative changes to those programs. In accordance with its mission to provide the Congress with budget projections and estimates of the costs of legislation, CBO has sought to enhance its capacity to produce long-term analyses. As a starting point, the agency presented comprehensive 50-year scenarios for the federal budget in December 2003 in The Long-Term Budget Outlook.
- Long-Term Analysis of Plan 2
- In response to your request, the Congressional Budget Office has prepared a long-term analysis of Plan #2 in the December 2001 report of the President's Commission to Strengthen Social Security, Strengthening Social Security and Creating Personal Wealth for All Americans. The CBO analysis considers the impact that the proposed reform would have on the Social Security program, the federal budget, the U.S. economy, and present and future beneficiaries.
News
- Bush again eyes Social Security overhaul
- WASHINGTON -- Fresh off reelection, President Bush is dusting off an ambitious plan to overhaul Social Security, a controversial proposal that had been shelved because of politics and the administration's focus on tax cuts and terrorism.
- Would workers build up personal accounts?
- WASHINGTON - President Bush's idea of allowing workers to set up personal investment accounts as part of Social Security gels with his "ownership society" approach to economics - giving citizens more responsibility for the future.
- Social Security's Ticking Bomb
- Presidents never find it politically easy to tackle this explosive domestic issue, and they often dodge it because it comes with such a nice, long fuse. But unless it's revamped, Social Security will run short of money to pay full benefits -- in 2042. Sure, its cash-flow problems will begin much earlier. And, yes, the fixes get harder the longer Uncle Sam waits. But the long jump has never been Congress's best event.
- Savings Plans
- Social Security is one of the issues the presidential candidates are discussing this election year. Ray Suarez explores the Social Security savings issue with John Kerry's advisor on economic policy and a South Carolina senator.
- Bush moves to privatize Social Security
- WASHINGTON (AP) - Fresh from re-election, President Bush is dusting off an ambitious proposal to overhaul Social Security, a controversial idea that had been shelved because of politics and the administration's focus on tax cuts and terrorism.
- Social Security reform mulled
- The White House is considering larger Social Security personal investment accounts than the 2 percent plans often linked to President Bush's proposals to overhaul the New Deal era retirement system, according to advisers who have attended administration briefings.
Stop the Raid On Social Security Act
Senators Introduce Bill to Stop Raid on Social SecurityJune 23rd, 2005 - WASHINGTON, D.C. - At a news conference on Capitol Hill today, eleven Republican Senators announced new legislation to "Stop the Raid on Social Security." The new measure protects the Social Security surplus by creating personal savings accounts that workers would own and that would be fully inheritable.
Senator Press Releases about Social Security
- Tom Coburn
- As Congress discusses various Social Security reform proposals, it is critical for Oklahomans to understand the most risky option is to do nothing, thereby allowing the system to collapse. The nonpartisan Social Security Trustees estimates by 2018, Congress will not be able to pay out scheduled Social Security benefits. The "trust fund" of Social Security, which many politicians claim will keep Social Security solvent, actually contains no real dollars and simply does not exist.
- Mike Crapo
- Social Security has been an important, successful program for over sixty-five years, providing benefits to millions of senior citizens and the disabled. However, I also recognize that Social Security must remain a system on which our children and grandchildren can depend.
- Jim DeMint
- Social Security is an American promise that MUST be kept. Today's seniors have kept their promise to America, and America must keep its promise to them.
- Lindsey Graham
- statetemts
- Rick Santorum
- As we can see from the dwindling worker-retiree ratio, falling birthrates, and longer life spans of our seniors, Social Security on its current course is unsustainable and requires Congress to work in a bipartisan fashion to put the program on solid financial footing. Throughout my tenure in Congress, I have worked to build support for proposals that would safeguard benefits for current retirees and those nearing retirement age, while allowing younger men and women the option of saving part of their earnings in personal accounts that they would own, building a nest egg that would, unlike current Social Security, be an asset that their loved ones could inherit.
- John Sununu
- The Trustees of the Social Security trust fund released a report on March 16, 2003, which states that the fund will begin to spend more than it takes in beginning in 2018, and that it will be exhausted in 2042. John wants to preserve Social Security for future generations, and understands that the worst course of action we can take is to do nothing.
Sente Republican Conference
Save and Strengthen Social Security
Republicans will save and strengthen Social Security by protecting promised benefits for today's seniors and those nearing retirement while offering younger workers increased financial security through a voluntary personal retirement account - a nest egg they can call their own and pass on to their children.
Republicans will save and strengthen Social Security by protecting promised benefits for today's seniors and those nearing retirement while offering younger workers increased financial security through a voluntary personal retirement account - a nest egg they can call their own and pass on to their children.
Commentary
- Good idea - now, make it better and don't ruin it
- It's not an end-all solution to the Social Security problem, but Senators Jim DeMint, Lindsey Graham and Rick Santorum will take the wraps off a new plan tomorrow that reformers should welcome.
They will refer to it as a plan to create "personal lockboxes," borrowing an Al Gore term that makes a lot more sense when applied to the Senate trio's plan. As John Fund of the Wall Street Journal explained the plan today, the three would stop the long-standing practice of Congress borrowing the Social Security surplus for other federal government needs and wants with the promise of paying the money back when its needed.
News
- GOP Senators to Propose New Tack On Social Security
- Key Republican lawmakers, scrambling to keep President Bush's Social Security proposals afloat, plan next week to embrace an idea that many have avoided thus far: funding personal retirement accounts with surplus revenue that now pays for other government programs.
- Republicans to Test Democratic Social Security Stance (Update1)
- U.S. June 20 (Bloomberg) -- U.S. Senate Republicans, faced with solid Democratic opposition to private Social Security accounts, plan to test their adversaries' unity by offering legislation that omits or delays President George W. Bush's plan to fund the accounts from payroll taxes.
by moderateconservativerepublican
My philosophy is to take a moderate approach and accomplish goals in accordance with conservative principles. (more)
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