Tom Tancredo on Social Security Republican Representative (CO-6)

Give people the ability to control their own money

A: We have to structurally change both Social Security and Medicare. All the stuff that we talk about in terms of discretionary spending that we can cut, ridiculous. It won’t matter in the total scheme of things. You’ve got to go after those and structurally change them. I agree entirely with the idea of doing it by giving people the ability to control their own money, moving it from--just exactly like they would in their 401(k).

Private Social Security accounts needed to end deficit

But the reality is this: If you don’t do it, forget about reducing federal spending. It’s not going to happen. You better address Social Security. You better come up with a way to allow for private Social Security accounts, structurally fix both of those things, or forget the idea of ending deficit spending.

Personal retirement accounts allow investing in one’s future

• HUCKABEE: Yes.
• TANCREDO: Yes.
• COX: Yes.
• BROWNBACK: Yes.
• PAUL: Yes.
• HUNTER: Yes.
• KEYES: Yes.

There is no question that the system is broken

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

Voted YES on reducing tax payments on Social Security benefits.

Voted NO on strengthening the Social Security Lockbox.

Invest surplus Trust Fund in market certificates.

OFFICIAL CONGRESSIONAL SUMMARY: To ensure the integrity of the Social Security trust funds by requiring the Managing Trustee to invest the annual surplus of such trust funds in marketable interest-bearing U.S. obligations, and certificates of deposit in institutions insured by the FDIC, and to protect such trust funds from the public debt limit.

SPONSOR'S INTRODUCTORY REMARKS: Rep. PAUL: The Social Security Preservation Act is a rather simple bill which states that all monies raised by the Social Security trust fund will be spent in payments to beneficiaries, with excess receipts invested in interest-bearing certificates of deposit. This will help keep Social Security trust fund monies from being diverted to other programs, as well as allow the fund to grow by providing for investment in interest-bearing instruments.

The Social Security Preservation Act ensures that the government will keep its promises to America's seniors that taxes collected for Social Security will be used for Social Security. When the government taxes Americans to fund Social Security, it promises the American people that the money will be there for them when they retire. Congress has a moral obligation to keep that promise.

The return of massive federal deficits, and the accompanying pressure for massive new raids on the trust fund, make it more important than ever that Congress protect the trust fund from big spending, pork-barrel politics. I call upon all my colleagues, regardless of which proposal for long-term Social Security reform they support, to stand up for America's seniors by cosponsoring the Social Security Preservation Act.

LEGISLATIVE OUTCOME:Referred to House Subcommittee on Social Security; never came to a vote.

Rated 30% by the ARA, indicating an anti-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.