Social Security Preservation Act H.R. 219

Almost everyday I get something in the mail regarding saving Social Security, most of the mailings are from organizations that I am not familiar with. Today I got something from Traditional Values Coalition. I trust them as a reliable source of information and therefore I will relate to you their facts about Social Security and the Social Security Trust Fund.

You may remember that when Al Gore was running for President he wanted to put the Social Security Trust Fund in a "locked box". That sounded like a good idea to me then and it still sounds like a good idea. The problem is that there are people who say that there is no trust fund only a bunch of IOUs. If they are right the locked box would be empty. Others say there is a trust fund but it will be out of money in 2009, and others in 2017. Most young people believe that there won't be any Social Security for them. That does not have to be so, but read on.

The Washington Post reports that there is a Social Security surplus, but that Congress spends it every year and that in four years we will have a budgetary squeeze that will require new taxation or new borrowing.

In a different article the Washington Post says there is in reality a trust fund but in "this year alone [2008], the government will take in nearly $173 billion in payroll taxes that it will spend on programs other than Social Security. [Perhaps the war in Iraq.] [Other sources state $186 BILLION.]

For those dollars borrowed from Social Security taxes, the Social Security Administration receives Treasury bonds equal in value plus interest. When Social Security benefits surpass Social Security taxes, between 2018 and 2020, the Social Security Administration will begin redeeming those trust fund assets, which will peak at nearly $6.6 trillion.

Once redemption begins, future administrations will have to make good on their IOUs, or risk a potentially destabilizing default on U.S. sovereign debt.

To redeem those bonds, the government will have three choices: raise taxes, cut spending or borrow more money."

All this information is very troubling. The primary problem is Congressional spending. Why does Congress spend Social Security money on other programs? When the Social Security laws were written were there no safeguards or guidelines for spending the money collected and limiting there use to the purpose for which they were collected -- Social Security Benefits? Evidently not.

Traditional Values Coalition reports that Congress has been raiding the Social Security Trust Fund for personal political self-interest for 20 years. TWENTY YEARS! They report ". . . many Americans don't know our politicians have already taken and spent a whopping $2.071 TRILLION from the Social Security Trust Fund . . ."

Both my husband and I receive Social Security Benefits. When I hear candidates say they want to revamp the Social Security benefits, scale them down, to balance the budget by reducing benefits, a shiver goes down my back. If you are not at retirement age yet, let me tell you, when you are at retirement age you will need every benefit you ever thought of having.

When you hit 65, you will have to start paying around $100.00 a month for Medicare Part B (Part A is free)and you will also need to start paying for Part D, your drug coverage. That $100.00 for Part B is deducted from your Social Security check. Right now, there is a huge doughnut hole in the Medicare Benefits. Under the standard plan the government picks up the bulk of drug costs only until the beneficiary and the government together have spent $2,250 for the year. At that point, you enter the doughnut hole where you must pay 100 percent of the cost of your medication. When you have spent a total of $3,600 of your own money (That's $7,200 for a couple over 65.), you reach the other side of the doughnut. Then the federal subsidy resumes, paying 95 percent of any additional expenses. The doughnut hole is a tremendous problem for seniors 65 and over. In fact, it spells financial disaster for many seniors. Some seniors could have to spend all the money they get from Social Security on medication alone.

Cutting the Social Security Benefits to balance the budget is NOT a good idea. Lowering Social Security Benefits or eliminating them altogether would bankrupt many seniors.

We don't have to stand by and wring our hands. There is something we can do. There is legislation that has been introduced that would prohibit politicians in Washington from taking our Social Security savings out of the Social Security Trust Fund and spending it on their pet special interest programs. It is called The Social Security Preservation Act (H.R. 219). Traditional Values Coalition reports that ". . . passing H.R. 219 would immediately stop Washington Politicians from robbing the money hard-working taxpayers have contributed to their Social Security retirement, and would:
*Create enough surplus funds to pay all Social security benefits for
many, many decades to come.
*Keep politicians from cutting present Social Security benefits, and
*Stop politicians from raising our taxes."
*require 100% of our Trust Fund money be saved.

Why haven't we heard about this before and why hasn't Congress passed this bill into law? It appears that our elected officials care more about their own reelection and their own welfare than the welfare of their constituents. TVA says, "Politicians are keeping their mouths shut about their shameful and reckless waste of money that is supposed to be SAVED in the Social Security Trust Fund. Instead, they are scaring the present and future retirees with talks of benefit cuts and tax hikes, rather than cutting themselves off from raiding the Social Security Trust Fund "till."'

"Government Officials want to reserve the Social Security Trust Fund savings for "special interest" spending projects as favors to those who will help them get reelected. So far they've spent $2.071 TRILLION of our Social Security Trust Fund money for projects like:
*a $50 million indoor rainforest in Ohio
*$223 million for a "bridge to nowhere" in Alaska
*$800,000 for an outhouse"

Our politicians don't want us to know that they are squandering the Social Security Trust Fund and putting the "golden years" of a majority of Americans in jeopardy. It is scandalous and immoral for politicians to be squandering our Social Security Trust Fund money. We must make them stop. We need a great grassroots movement to do so. What Can You Do?

PRAY
Pray for the passage of HR 219, The Social Security Preservation Act.
TAKE ACTION
Call your Representative and urge him/her to vote for HR 219.
Washington Switchboard: 202.224.3121
If you don't know who your Representative is, tell the operator your zip code and she/he will connect you with your Representative's office.

Tell your friends and neighbors about HR 219.
Ask them to pray for HR 219 to pass into law.
Ask them to call their Representatives.

We can and we must preserve Social Security.
Shalom~