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Social Security Lockbox Resurrected From Dead
Social Security Lockbox Resurrected From Dead
No Members of Congress Signed Onto Legislation Last Session; Dozens Likely on Board This Year
WASHINGTON, March 27 /PRNewswire-USNewswire/ -- Regular viewers of Saturday Night Live will remember Darrell Hammond's skewering impression of Al Gore during the 2000 presidential election. When asked by the moderator to sum up, in a single word, the best argument for his candidacy, Hammond's Gore slowly drawled, "lockbox."
Although the Social Security lockbox enjoyed a prominent place on the national stage just eight years ago, it has since virtually disappeared from public discourse. In fact, not a single Member of Congress signed onto lockbox legislation during the 109th Congress (January 3, 2005 - January 3, 2007).
However, the 110th Congress is reconsidering lockbox legislation, with 20 Members already announcing their support and dozens more expected.
A Social Security lockbox would require the government to use surpluses exclusively to pay future beneficiaries. Currently, all "surpluses" exist only as IOU's on paper, while the actual money is received by the general treasury and spent on everything from war to Hurricane Katrina's toxic trailers.
However, if the budget continues to operate in deficit as it is now, lawmakers will have to reduce benefits, raise the retirement age, and/or raise taxes in order to pay back those IOU's.
According to its Trustees, the Social Security Trust Fund is expected to be in deficit by 2017 and bankrupt by 2041.
"The Social Security lockbox has been almost completely absent from conversation on Capitol Hill in recent years, but this session's Congress is showing new excitement around this issue," said Fmr. Rep. David Funderburk, Legislative Consultant for The Senior Citizens League. "We expect dozens of co-sponsors for lockbox legislation in this 110th Session of Congress, a positive sign that they're taking the needs of seniors more seriously."
The Senior Citizens League supports three lockbox bills currently pending in Congress: H.R.1353, introduced by Rep. Dennis Moore [D-KS], H.R. 4338, introduced by Rep. Timothy Walberg (R-MI], and S.302, introduced by Sen. David Vitter [R-LA].
With 1.2 million supporters, The Senior Citizens League is one of the nation's largest nonpartisan seniors groups. The Senior Citizens League is a proud affiliate of The Retired Enlisted Association. Visit www.SeniorsLeague.org for more information.
SOURCE The Senior Citizens League
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