Christopher Smith on Social Security
Republican Representative (NJ-4)
OFFICIAL CONGRESSIONAL SUMMARY:
SPONSOR'S INTRODUCTORY STATEMENT: One of the things I have consistently heard from folks back home is the very simple idea that the first part of saving Social Security is making sure that Social Security taxes stay with Social Security. That is what this bill does because it takes the Social Security surplus, whatever that happens to be, and simply rebates it back to the people paying Social Security taxes, not to go out and fix up the car or buy a refrigerator with it, but instead to go into their own personal Social Security savings account that would be held by a fiduciary like the local bank.
The individual could not get their hands on the money until they turn 65, but they would get a monthly statement and for the first time, because of the private property rights that come with an account like that, for the first time have a firewall created between political forces in D.C. and their Social Security surplus.
LEGISLATIVE OUTCOME: Referred to the House Committee on Ways and Means; never called for a House vote.
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.
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.
[As part of the Contract with America, within 100 days we pledge to bring to the House Floor the following bill]:
The Senior Citizens Fairness Act:
Raise the Social Security earnings limit, which currently forces seniors out of the workforce; repeal the 1993 tax hikes on Social Security; and provide tax incentives for private long-term care insurance to let older Americans keep more of what they have earned over the years.
|2012 Governor, House and Senate candidates on Social Security:||Christopher Smith on other issues:|
Left 113th Congress, 2013-2014:
AL-1: Jo Bonner(R,resigned)
IL-2: Jesse L. Jackson(D,convicted)
LA-5: Rodney Alexander(R,resigned)
MA-5: Ed Markey(D,elected)
MO-8: Jo Ann Emerson(R,resigned)
NJ-1: Rob Andrews(D,investigated)
SC-1: Tim Scott(R,appointed)
Newly-elected special elections 2013-2014:
AL-1: Bradley Byrne(R)
FL-19: Pending Nov.4
IL-2: Robin Kelly(D)
LA-5: Vance McAllister(R)
MA-5: Katherine Clark(D)
MO-8: Jason Smith(R)
NC-12: Pending Jul.15
NJ-1: Pending Nov.4
SC-1: Mark Sanford(R)
Won primary 2014:
TX-4: John Ratcliffe(R)
VA-7: Dave Brat(R)
Retiring to run for Senate in 2014:
AR-4: Tom Cotton(R)
CO-4: Cory Gardner(R)
GA-1: Jack Kingston(R)
HI-1: Colleen Hanabusa(D)
IA-1: Bruce Braley(D)
LA-6: Bill Cassidy(R)
MT-0: Steve Daines(R)
OK-5: James Lankford(R)
WV-2: Shelley Moore Capito(R)
Former Reps running for House in 2014:
AL-5: Parker Griffith(R)
CA-3: Doug Ose(R)
MS-4: Gene Taylor(D)
MT-0: Denny Rehberg(R)
NH-1: Frank Guinta(R)
OH-7: John Boccieri(D)
Lost primary 2014:
TX-4: Ralph Hall(R)
VA-7: Eric Cantor(R)
Retiring to run for State Office in 2014:
AR-2: Tim Griffin(R)
ME-2: Mike Michaud(D)
VI-0: Donna Christensen(D)
Retiring effective Jan. 2015:
AL-6: Spencer Bachus(R)
AZ-7: Ed Pastor(D)
IA-3: Tom Latham(R)
MI-4: Dave Camp(R)
MI-6: Tom Petri(R)
MN-6: Michele Bachmann(R)
NC-6: Howard Coble(R)
NC-7: Mike McIntyre(D)
NJ-3: Jon Runyan(R)
NY-4: Carolyn McCarthy(D)
PA-6: Jim Gerlach(R)
UT-4: Jim Matheson(D)
VA-8: James Moran(D)
WA-4: Doc Hastings(R)
Rayburn HOB 2373, Washington, DC 20515