Politicians have broken their promise to the American people and put our Social Security system even closer to insolvency. For too long members of Congress have borrowed funds from the Social Security Trust Fund to finance programs that are clearly beyond our means . Unfortunately, actuaries are now predicting that for the second year in a row, the Social Security Trust Fund will pay out more in benefits than it receives from payroll taxes. Alarmingly, the Social Security Administration’s 2010 annual report, noted that the Social Security Trust Fund will be bankrupt by 2037.
The Social Security Trust Fund should only be used to make benefit payments to Social Security recipients. Taxpayers know only too well the way politicians in Washington D.C. spend money on wasteful and inefficient government programs, like a $315 million “bridge to nowhere.” Politicians need to be prevented from raiding the Social Security Trust Fund.
Our Generation supports common sense legislative fixes to Social Security such as H.R. 219, the Social Security Preservation Act. This legislation would wall off the Social Security Trust Fund and ensure that resources collected through payroll taxes are spent on payment s to Social Security beneficiaries and not diverted to other programs. Congress should adopt this legislation.
The Council for Retirement Security, a project of Our Generation, will continue to advocate for policies that make sure that taxpayers retirement benefits are secure.