Robert Borski on Social Security Former Democratic Representative (PA-3)

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.

Reject proposals for private saving accounts.

To reject proposals to partially or completely substitute private saving accounts for the lifelong, guaranteed, inflation-protected insurance benefits provided through Social Security. The Congress finds the following:

1. President Bush promised to partially privatize Social Security, and appointed a commission to develop a plan on his behalf.
2. The commission developed three alternative plans that would partially privatize Social Security.
3. The plans divert substantial monies from the Social Security Trust Funds to pay for the private accounts, which threatens benefits for current beneficiaries by significantly weakening the financial condition of the Trust Funds.
4. The plans' cuts in disability and survivor benefits directly contradict the President's promise that disability and survivor benefits would be preserved under privatization.
5. Furthermore, these reductions in guaranteed benefits apply to all workers, regardless of whether they chose to have an individual account or not.
6. Substituting private accounts for guaranteed Social Security benefits increases financial risk for retirees, disabled workers and their families.
7. Moreover, other proposals to privatize Social Security, such as the 'Social Security Guarantee Plus' plan or the 'Social Security Ownership and Guarantee' plan, establish private accounts that directly or indirectly reduce Social Security benefits.

• The Congress hereby commits to preserve the guaranteed, lifelong, inflation-protected benefits provided under the Social Security Act to retirees, disabled workers and their families, and the survivors of deceased workers; and
• Congress therefore rejects the President's plans to partially privatize Social Security, and other proposals to privatize Social Security by establishing private accounts that would undermine traditional Social Security benefits.