Put a Lock on the Social Security Trust Fund!
The Seniors Coalition has fought long and hard to have a
lockbox on the Social Security Trust Fund, and we will continue to do so.
How it works: Social Security works on a pay-as-you-go
basis. Tax income is deposited in the
Social Security fund every day. What
workers pay in daily goes first to current SS beneficiaries and the excess goes
to the trust fund. The trust fund money
is then loaned to the general fund of the Federal Government where Congress can
do whatever they darn well please with it.
Meanwhile, an IOU, rather than cash, sits in the Trust Fund.
Congress uses this money to fund all sorts of pork barrel
projects; they dare to use this increased spending to win favor with their
constituents, bragging that taxes weren’t raised to fund these “wonderful”
projects. But it isn’t that easy. Within the next 12-15 years, the ratio of
workers to retirees will dwindle to the point that there is less being paid
into the system than there is being paid out.
At that point, Social Security will need to start using up the trust
fund; we will find ourselves rushing to pay those IOUs off, with interest. Congress will surely have to raise taxes to
do so, unless they greatly decrease their spending- and we aren’t holding our
breath on that one.
The lock box will help to protect the future that Americans
have earned by preventing Congress from spending anymore of the trust
fund. A lock box would mean that by law,
the money in the trust fund may not be spent for anything other than the
promised Social Security benefits.
Social Security is a promise made to seniors; seniors who
have worked hard and been forced to contribute to this system all their
lives. Out- of- control- spending is
jeopardizing that promise. The Seniors
Coalition refuses to accept that. We
will continue to fight hard on Capitol Hill for a lock box to protect what you and
millions of Americans have earned.
