Sheldon Whitehouse on Social Security
Democratic Jr Senator, previously attorney general
Hinckley countered, saying Democrats have no plan to save Social Security. "Ask yourself, is that fair, to pay into a pension system managed by the government and then get nothing," said Hinckley, who proposed hiring actuaries to bring the system in line. "The problem with Social Security, it's managed by career politicians and not professionals."
|Using Social Security taxes for private accounts|
A: Social Security has been the foundation of our country’s promise that no American will have to face an impoverished retirement. The Republican leadership in Washington is committed to undermining this promise through a risky scheme to put Social Security funds in the stock market as part of new private accounts. We should never again put seniors’ livelihoods at risk from a catastrophic stock market crash. I am opposed to President Bush’s proposal to cut Social Security benefits to middle-income workers through progressive indexing, and am disappointed that Senator Chafee has expressed support for this plan.
Proponents recommend voting YES because:
Perhaps the worst example of wasteful spending is when we take the taxes people pay for Social Security and, instead of saving them, we spend them on other things. Even worse than spending Social Security on other things is we do not count it as debt when we talk about the deficit every year. So using the Social Security money is actually a way to hide even more wasteful spending without counting it as debt. This Amendment would change that.
Opponents recommend voting NO because:
This amendment has a fatal flaw. It leaves the door open for private Social Security accounts by providing participants with the option of "pre-funding of at least some portion of future benefits."
Some 200 Democratic House and Senate candidates have signed on to a pledge rejecting any effort to privatize or scale back Social Security benefits or raise the retirement age. The Progressive Change Campaign Committee sponsored this pledge among Congressional candidates.
CONCURRENT RESOLUTION expressing the sense of the Congress that the Chained Consumer Price Index (CPI) should not be used to adjust Social Security benefits.
Opponent's argument against bill:(Congressional Testimony by Jeffrey Kling, Congressional Budget Office Associate Director for Economic Analysis, April 18, 2013):
The chained CPI grows more slowly than the trad
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