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November 18th, 2005The Ultimate Social Security Calculator
November 18th 01:54:32 AM
Still not convinced personal accounts are a good idea? Check out Patrick Ruffini's Social Security calculator based on the principles lead out by President Bush.
Posted by Chris Schrimpf| Comments (1)
They Voted For It Then Why Not Now
November 18th 01:41:03 AM
On the Senate floor Senator Santorum pointed out that Senators, including all Democrats, voted in favor of a resolution similar to the bill that he has introduced. This makes the expected filibuster of the Santorum bill seem very disengenuous.
"Senators, including every Senate Democrat, in a rollcall vote, voted for the Graham-Santorum amendment to the budget resolution. If we look at the language, I will point to the part A. It says that Social Security reform 'must protect current and near term retirees from any changes to Social Security benefits.'
So what the Social Security Guarantee Act does, which I am proposing, is to actually make it a Federal law, not just a resolution, something that we all think is a good idea, which is what a resolution is, but actually put legislative language in place, put something in law that says that your benefits are guaranteed, your cost-of-living increases are guaranteed in the Federal law which, contrary to what most seniors believe, is not the case. There is a Supreme Court case from 1960 which says that there is, in fact, no legal right that you have."
Posted by Chris Schrimpf| Comments (2)
November 17th, 2005Americans Can Manage Their Own Money
November 17th 03:32:57 PM
From Larry Kudlow
"A brand new, hot-off-the-press survey shows that the American investor class continues to grow by leaps and bounds. In the last three years, the number of families owning stocks has risen to 56.9 million from 54.1 million, meaning that nearly 60 percent of U.S. households are invested in equities today. That number is even more striking when you look back twenty years, when only a fifth of households were card-carrying members of the investor class. The Investment Company Institute, one of the sponsors of the survey (which was based on five thousand interviews), proclaims that the U.S. has “become a society of equity investors.” The Securities Industry Association, another survey sponsor, believes that these trends will only intensify with the aging of the post-war baby-boom generation."
Personal Accounts would make the power of the market available to all Americans.
Posted by Chris Schrimpf| Comments (3)
Senate May Vote on Personal Accounts Next Week
November 17th 02:12:48 AM
From Cato
Senate Majority Leader Bill Frist has agreed to allow supporters of Social Security reform to bring two bills directly to the floor for a vote, possibly as early as next week. The bills are S1302, sponsored by Sen. Jim DeMint, which would use Social Security surpluses to fund personal accounts, and S1750, sponsored by Sen. Rick Santorum, which would guarantee currently promised Social Security benefits to everyone age 55 and older. The move would come under an expedited procedure that bypasses committee action. An exact date for a vote has not been announced, but Sens. DeMint and Santorum are expected to act quickly. A White House spokesman announced this week that the president "believes the approach by Sens. Santorum and DeMint moves in the right direction."
Reform supporters do not believe that they have sufficient votes to pass either bill, particularly in the face of an expected Democratic filibuster. But a vote (even on cloture) would be the first opportunity to put Senators on the record for or against personal accounts. A strong pro-account vote could build momentum and keep the debate alive into 2006.
Supporters of reform generally regard S1302 as an incremental, but positive first step on the road to reform. (See, Michael Tanner, "The Personal Lockbox: A First Step on the Road to Social Security Reform,
" Cato Institute Social Security Paper no. 36, September 13, 2005.) A similar bill, HR3304, known as GROW (Growing Real Ownership for Workers) has been introduced in the House by Reps. Jim McCrery (R-LA), Sam Johnson (R-TX), Clay Shaw (R-FL), and Paul Ryan (R-WI). That bill is currently stalled in the Ways and Means Committee, although Rep. McCrery has indicated that it could receive a vote next spring.
S1750 is generally regarded as a symbolic measure intended to reassure seniors and those close to retirement that they have nothing to fear from reform.
Posted by Chris Schrimpf| Comments (1)
November 16th, 2005They Said It... Sens. Santorum, DeMint, and Reid on Ending the Raid
November 16th 11:19:22 AM
Senator Santorum on the Senate Floor:
Every attempt at bipartisanship on Social Security "met with a partisan obstructionism that is as rock-solid as the marble before me on the rostrum"
Right on cue was Minority Leader Reid's response: "This legislation is a sham. S-H-A-M... Social Security benefits are guaranteed today. ... It's the law of the land."
Senator DeMint said of his Democratic counterparts: "My Democratic colleagues oppose ownership. They want the government to continue to spend the money on other things. ... They say it's going to increase the deficit. Again, not true. All this does is make us honest with our accounting."
Support the Senators visit Americans Against the Raid.
Posted by Chris Schrimpf| Comments (3)
Washington Post's Robert Samuelson on the AARP
November 16th 10:42:24 AM
This column is required reading. Even opponents of reform recognize that the AARP is America's most dangerous lobby.
"Among AARP's 36 million members, there must be many decent people who benefit from the 5 to 50 percent discounts offered on car rentals, hotel rooms and airline tickets. But I won't be joining, because AARP has become America's most dangerous lobby. If left unchecked, its agenda will plunder our children and grandchildren. Massive outlays for the elderly threaten huge tax increases and other government spending. Both may weaken the economy and the social fabric. No thanks.
Anyone who's watched the steel and auto industries can visualize AARP's America. In those industries, companies and unions unrealistically agreed to overly generous pensions and retiree health benefits that, as the number of retirees multiplied, overburdened the companies. Now past promises collide with present economic realities. Workers and retirees suffer. Wages and jobs are cut; so are pensions and retiree health benefits. On a much larger scale, that may be America's fate."
Read the rest here.
Posted by Chris Schrimpf| Comments (1)
Florida Newspaper: Congress Fiddles as Social Security Burns
November 16th 10:16:56 AM
From the South Florida Sun-Sentinel:
"American lawmakers can't say they weren't forewarned about the
problems facing Social Security. Unfortunately, being forewarned
doesn't mean they'll do anything in a timely manner to fix a system
that's in severe financial trouble.
Indeed, Senate Finance Chairman Charles Grassley, R-Iowa, doubts
Congress will take any action until after President Bush is out of
office. That would mean 2009 at the earliest, which is just two years before the first of the Baby Boomers begin collecting full Social
Security benefits.
Under current projections, Social Security revenue during the next 75 years will fall $3.7 trillion short of what's needed to pay full
benefits. By 2018, Social Security will start paying out more than it takes in, and by 2042 it will have exhausted its reserves."
Read more...
Bush this year launched a major effort to reform Social Security by
establishing private accounts, but that initiative fell victim to
partisan politics, with most Democrats refusing to even consider such a reform.
The mid-term elections, just a year away, will preclude any
substantive debate on Social Security. Politicians don't want to
handle so hot a topic when their jobs are at stake. And if Grassley
is correct, Congress will be loath to touch the subject for two years after that.
The issue, however, won't disappear. Social Security is the backbone
of the American retirement system, and for many people it will be the only income they receive after they leave the workforce.
The political dithering on Capitol Hill amounts to a dereliction of
duty by those elected to act in the best interest of the American
people. Voters must demand action while there's still time to
implement effective changes to the nation's social insurance program.
BOTTOM LINE: Lawmakers need to get serious about Social Security
reform now, not in 2009.
Posted by Chris Schrimpf| Comments (0)
Update: Secretary Snow on Santorum/DeMint
November 16th 09:58:28 AM
For those that didn't know Santorum and DeMint were able to address Social Security on the Senate Floor around 6 p.m. yesterday.
"I applaud today's efforts in the Senate to bring Social Security
personal account legislation up for consideration by the full Senate.
Passage of this legislation sponsored by Senators DeMint, Santorum and
others would be a positive first step to a strengthened Social Security system, establishing voluntary personal accounts and protecting Social Security money from being spent on other government programs.
The President is committed to fixing Social Security permanently so
that it remains strong for our children and grandchildren. The longer
we wait for legislative action to comprehensively fix Social Security,
the more difficult our choices will be."
Posted by Chris Schrimpf| Comments (1)
November 15th, 2005Just Released: Santorum and DeMint on the Raid
November 15th 09:15:38 PM
This press release just came out. Support Americans Against the Raid.
Washington, D.C.- U.S. Senator Rick Santorum (R-PA), Chairman of the Senate Republican Conference, and Senator Jim DeMint (R-SC), called on their colleagues in the United States Senate to support their efforts to guarantee Social Security benefits for seniors, and to stop the raid on the Social Security surplus. These two Social Security reforms should have enjoyed the support of the full Senate. While Senate Democrats continue to block the opportunity for bipartisan, comprehensive reform, Senate Republicans will continue to press forward with courage, vision and action to solve the problems facing the Social Security system.
"I am disappointed that some of my colleagues did not recognize the importance of providing our nation’s seniors with the peace of mind they deserve by giving them a written guarantee for their Social Security benefits," said Senator Santorum. "This legislation is far too important to our nation's seniors to be derailed by partisan politics."
Read the rest...
Senator Santorum's legislation would require the Secretary of the Treasury to issue a written guarantee of a monthly benefit, along with a guaranteed annual cost-of-living increase, to each Social Security recipient born before 1950.
"By blocking reform today, Democrats have shown they want to continue the raid on Social Security," said Senator DeMint. "Apparently, Democrats can't stop using Social Security like a secret slush fund to pay for other programs. Republicans and the President believe it’s time to stop the raid and start saving Social Security funds for America's workers. This plan would restore integrity to the program and restore trust with the American. Today is not the end, it is the beginning of a debate on the first step toward saving Social Security."
Senator DeMint's Stop the Raid on Social Security Act would protect the Social Security surplus by creating personal savings accounts that workers would own and that would be fully inheritable.
Posted by Chris Schrimpf| Comments (1)
We have video!!!
November 15th 04:11:46 PM
DeMint and Santorum addressing Students for Saving Social Security and explaining why their proposed bills are so important.
Hear Senator DeMint say Congress should stand up and applaud Students for Saving Social Security!!!
Support the Senators by signing the Americans Against the Raid petition (AARP)
Posted by Chris Schrimpf| Comments (0)
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