Bob Smith on Social Security

Republican Sr Senator (NH; retired 2002)

Allow younger workers to opt into private investments

Q: Do you support or oppose privatizing Social Security?

A: Support by protecting those seniors now receiving--or about to receive--benefits, and gradually allowing younger workers to opt into private investments.

Source: Email interview on 2010 Senate race with OnTheIssues.org Mar 4, 2010

No taxes on retirement benefits; no earnings test.

I voted against a budget bill proposed by President Clinton in 1993 that increased the tax on Social Security benefits for many seniors.
I have consistently voted to eliminate the Social Security earnings test, which penalizes those seniors who choose not to retire.

Source: Smith for president homepage Jul 2, 1999

Keep Trust Fund off-budget; adminster it independently

In the past, I have cosponsored legislation to remove the Social Security Trust Fund from budget calculations, and I continue to support that goal.

In 1994, I supported establishing the Social Security Administration as an independent agency. Independent status has made the agency more accountable and has insulated the program from politics.

I have called for the Congress to “wall off” the Social Security surplus so that it cannot be used for any other purpose. Source: Smith for president homepage Jul 2, 1999

Must act now to avoid insolvency in 2030

When Social Security was created, 16 workers paid into the program for every retiree receiving benefits. By the year 2030, there will be just 2 workers paying taxes to support each beneficiary. The Social Security program will be bankrupt and unable to pay benefits by the year 2032 if Congress does not take action. I will not allow that to happen. I believe that it is irresponsible to “leave Social Security alone” when such a course of action would lead to the demise of the system. Source: Smith for president homepage Jul 2, 1999

Long-term changes needed, via bipartisan approach

Long-term changes are needed to secure the benefits of those in need. The Social Security program is safe for the immediate future. I am committed to ensuring that only responsible changes are made to the Social Security program so those in need may continue to rely on their benefits. Recognizing that a bipartisan approach is the best way to resolve the challenges facing Social Security, I will continue to work with my colleagues to evaluate and discuss the various options for Social Security reform Source: Smith for president homepage Jul 2, 1999

Voted YES on Social Security Lockbox & limiting national debt.

This vote limited debate on the amendment offered by Sen. Abraham (R-MI) that would have created a Social Security "lockbox" and establish limits on the public debt. [A YES vote was for a lockbox]. This vote failed because 3/5 of the Senate did not vote.
Status: Cloture Motion Rejected Y)54; N)45; NV)1 Reference: Motion to invoke cloture on Amdt #254 to S. 557; Bill S. 557 ; vote number 1999-90 on Apr 22, 1999

Voted YES on allowing Roth IRAs for retirees.

Senator Roth (R-DE) offered this amendment to the IRS Restructuring and Reform Act to allow people older than 70.5 with incomes over $100,000 to move funds from an Individual Retirement Account into a Roth IRA.
Status: Amdt Agreed to Y)56; N)42; NV)2 Reference: Roth Amdt #2339; Bill H.R. 2676 ; vote number 1998-120 on May 6, 1998

Voted YES on allowing personal retirement accounts.

Vote on an amendment expressing the sense of the Senate that the Finance Committee should consider legislation to use the federal budget surplus to establish personal retirement accounts as a supplement to Social Security. Reference: Bill S.Con.Res.86 ; vote number 1998-56 on Apr 1, 1998

Voted YES on deducting Social Security payments on income taxes.

Vote on an amendment to establish an income tax deduction for Social Security taxes paid by employees and the self-employed. Reference: Bill S Con Res 57 ; vote number 1996-140 on May 22, 1996

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Page last updated: Nov 26, 2010