Harold Ford on Social Security Former Democratic Representative (TN-9, 1997-2007)

Privatization will not enhance solvency

A: Social Security is a contract with the American people. Protecting the solvency of Social Security should, therefore, be one of our highest priorities to assure a balanced Social Security plan for guaranteed benefits. I oppose the privatization of Social Security accounts, as the President proposed, because they will not enhance the solvency of the Social Security trust fund. We must first protect the rights of current beneficiaries, as well as those who have relied on the promise of Social Security and will soon collect benefits. Then we must take steps to protect Social Security for future generations of needy seniors, who are working and living longer.

Voted YES on raising 401(k) limits & making pension plans more portable.

Voted NO on reducing tax payments on Social Security benefits.

Voted YES on strengthening the Social Security Lockbox.

Create Retirement Savings Accounts.

Balance America’s Commitments to the Young and the Old
An ever-growing share of the federal budget today consists of automatic transfers from working Americans to retirees. Moreover, the costs of the big entitlements for the elderly -- Social Security and Medicare -- are growing at rates that will eventually bankrupt them and that could leave little to pay for everything else government does. We can’t just spend our way out of the problem; we must find a way to contain future costs. The federal government already spends seven times as much on the elderly as it does on children. To allow that ratio to grow even more imbalanced would be grossly unfair to today’s workers and future generations. In addition, Social Security and Medicare need to be modernized to reflect conditions not envisioned when they were created in the 1930s and the 1960s. Social Security, for example, needs a stronger basic benefit to bolster its critical role in reducing poverty in old age. Medicare needs to offer retirees more choices and a modern benefit package that includes prescription drugs. Such changes, however, will only add to the cost of the programs unless they are accompanied by structural reforms that restrain their growth and limit their claim on the working families whose taxes support the programs.

Goals for 2010
• Honor our commitment to seniors by ensuring the future solvency of Social Security and Medicare.
• Make structural reforms in Social Security and Medicare that slow their future cost growth, modernize benefits (including a prescription drug benefit for Medicare), and give beneficiaries more choice and control over their retirement and health security.
• Create Retirement Savings Accounts to enable low-income Americans to save for their own retirement.

Strengthen Trust Funds and take them off-budget.

Blue Dog budget framework
• Take the Social Security and Medicare trust fund surpluses off-budget and require that the trust fund surpluses be saved for Social Security and Medicare
• Reserve half of the on-budget surplus over the next five years -- $370 billion -- for debt reduction and strengthening Social Security and Medicare
• Allocate one-quarter of the on-budget surplus over the next five years for investments in priorities identified by the President and supported by both parties in Congress, including defense, Medicare prescription drugs, education, agriculture, low-income programs and veterans.
• Devote one-quarter of the on-budget surplus to tax cuts retroactive to 2001, for a net tax cut of $180 billion from 2001-2006.

Changing Social Security disproportionately affects women.

RESOLUTION: Recognizing the unique effects that proposals to reform Social Security may have on women.

• Whereas the Social Security benefit structure is of particular importance to low-earning wives and widows, with 63% of women beneficiaries aged 62 or older receiving wife's or widow's benefits;
• Whereas 3/4 of unmarried and widowed elderly women rely on Social Security for over half of their income;
• Whereas without Social Security benefits, the elderly poverty rate among women would have been 52.2% and among widows would have been 60.6%;
• Whereas women tend to live longer and tend to have lower lifetime earnings than men do;
• Whereas women spend an average of 11.5 years out of their careers to care for their families, and are more likely to work part-time than full-time; and
• Whereas during these years in the workforce, women earn an average of 70 cents for every dollar men earn:
• Now, therefore, be it Resolved, That the House of Representatives recognizes the unique obstacles that women face in ensuring retirement security and survivor and disability stability and the essential role that Social Security plays in guaranteeing inflation-protected financial stability for women throughout their entire old age, and it is the sense of the House of Representatives that the Congress and the President should take these factors into account when considering proposals to reform the Social Security system.

Rated 88% by the ARA, indicating a pro-senior voting record.

The mission of the Alliance for Retired Americans is to ensure social and economic justice and full civil rights for all citizens so that they may enjoy lives of dignity, personal and family fulfillment and security. The Alliance believes that all older and retired persons have a responsibility to strive to create a society that incorporates these goals and rights and that retirement provides them with opportunities to pursue new and expanded activities with their unions, civic organizations and their communities.

The following ratings are based on the votes the organization considered most important; the numbers reflect the percentage of time the representative voted the organization's preferred position.