DeMint to Force Vote to “Stop the Raid” on Social Security

DeMint to Force Vote to “Stop the Raid” on Social Security
Congress Raided $2 Trillion in Last 20 Years for Wasteful Washington Spending

Washington D.C. – Today, U.S. Senator Jim DeMint (R-South Carolina) announced he will force a vote during the budget resolution on an amendment that would allow Congress to “Stop the Raid” on Social Security surpluses.

 

“It’s time for politicians to stop stealing from our seniors to secretly finance trillions in wasteful Washington spending,” said Senator DeMint. “Congress has been raiding the entire Social Security surplus every year to pay for bridges to nowhere, teapot museums, and bloated government agencies. Politicians in Congress are using Enron-styled accounting, but if this were done in the private sector they’d be sent to jail. It is time to stop spending the Social Security surplus on other government programs and begin saving it for this generation and the next.”

 

Every year, Congress raids the entire Social Security surplus to pay for wasteful earmarks and other government programs. In the last 20 years, Congress has already raided two trillion dollars from Social Security, including interest. Without Senator DeMint’s “Stop the Raid” amendment, the Social Security Administration estimates that Congress will raid an additional $452 billion from Social Security between 2009 and 2013, which including interest would exceed $1 trillion.

 

“There is nothing but stacks of IOU’s in the Social Security trust fund because Congress has spent all of the money and will continue to spend it if we don’t take immediate action. Because of this raid by politicians, Social Security will not be able to pay promised benefits to seniors in less than 10 years.”

 

“Americans have lost trust in Congress because we have failed to keep our promises. Every member of the Senate has campaigned on protecting Social Security, but we are about to find out who is willing to match their rhetoric with action,” said Senator DeMint.

 

Specifically, the DeMint amendment would create a reserve fund in the budget resolution that would allow Congress to pass legislation protecting the Social Security surpluses. The DeMint amendment stipulates 3 requirements for any legislation considered under the budget:

 

•       Social Security surpluses must be used to pay for future Social Security benefits;

•       No changes can be made to Social Security benefits for those born before Jan. 1, 1951;

•       Begin pre-funding the Social Security system and provide workers with the benefits of savings and investment.

 

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