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Fred Thompson on Social Security
Former Republican Senator (TN)
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Social Security & Medicare are generational wealth transfers
There is nothing more urgent than the fate that is awaiting our Social Security and Medicare programs. The good news is that we are living longer. However, we don't have enough young working people to finance these programs from their taxes.People say
the programs are going bankrupt. They won't go bankrupt, [because] Washington will raise the taxes necessary to cover the problem. At this rate the federal government is going to wind up as nothing more than a transfer agent--transferring wealth from one
generation to another. It will devastate our economy.
[Some believe] that our generation is too greedy to help the next generation. I believe just the opposite is true. If grandmom and granddad think that a little sacrifice will help their
grandchildren, they will respond to a credible call to make that sacrifice--if they don't think that the sacrifice is going down some government black hole.
It's clear that we need bipartisanship to have any chance at real reform in any of these areas.
Source: The Fred Factor, by Steve Gill, p.173-174
Jun 3, 2007
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