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house Bill H.R. 1520

Alternative Investment Options for Social Security Surpluses

Argument in favor

Social Security is approaching fiscal exhaustion; new options must be sought.

Mike's Opinion
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09/09/2015
If congress had not used the Social Security monies to fund unrelated programs, we would not be having this conversation. Congress has no money of their own, all of it belongs to the citizens. Why do we give our money to someone that can't be trusted with it???
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John's Opinion
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06/23/2015
Sure, but what surpluses? Are the feds going to start paying off those IOU's now?
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Larry's Opinion
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02/23/2016
Something has to be done, but under no circumstances should the government ever be allowed to "borrow" these monies again!!!!
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Argument opposed

Investing Social Security funds in Wall Street is a risky proposition at best.

AutumnStarlight's Opinion
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07/30/2015
Has anyone forgotten that Wall Street's unbridled greed and high-stakes gambling with subprime mortgages backed by our tax money singlehandedly destabilized the entire First World's economy back in 2008? Do the Yea-sayers really have such blind faith in a bunch of greedy fat cats that they won't con us out of our retirement (again) the instant they can get their slimy tentacles on it? For that fiasco, Wall Street bankers still deserve to be dragged out into the street and shot. We must remove the cap on Social Security taxes so that Social Security will remain solvent forever. Cutting Social Security will do nothing to alleviate our budget deficit, because the program is budget neutral. No matter the shape that Social Security is in, it will never contribute one penny to any budget deficit, ever. Social Security is only taxed on your first $118,500, so multibillionaires like the Koch Bros. pay the same Social Security tax as someone who's barely making a six-figure salary. They can stand to pay a whole lot more. If we don't remove the Social Security tax cap now, we will likely see a blood-soaked French Revolution-style uprising right here in America when the next financial crisis rolls around.
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David's Opinion
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07/09/2015
Social security should be as risk free as possible. If the concern is fiscal security, Congress should remove the cap on the wages subject to the tax.
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billwdk9's Opinion
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07/01/2015
To remain solvent Social Security must avoid unnecessary risk
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    If congress had not used the Social Security monies to fund unrelated programs, we would not be having this conversation. Congress has no money of their own, all of it belongs to the citizens. Why do we give our money to someone that can't be trusted with it???
    Like (11)
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    Has anyone forgotten that Wall Street's unbridled greed and high-stakes gambling with subprime mortgages backed by our tax money singlehandedly destabilized the entire First World's economy back in 2008? Do the Yea-sayers really have such blind faith in a bunch of greedy fat cats that they won't con us out of our retirement (again) the instant they can get their slimy tentacles on it? For that fiasco, Wall Street bankers still deserve to be dragged out into the street and shot. We must remove the cap on Social Security taxes so that Social Security will remain solvent forever. Cutting Social Security will do nothing to alleviate our budget deficit, because the program is budget neutral. No matter the shape that Social Security is in, it will never contribute one penny to any budget deficit, ever. Social Security is only taxed on your first $118,500, so multibillionaires like the Koch Bros. pay the same Social Security tax as someone who's barely making a six-figure salary. They can stand to pay a whole lot more. If we don't remove the Social Security tax cap now, we will likely see a blood-soaked French Revolution-style uprising right here in America when the next financial crisis rolls around.
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    Social security should be as risk free as possible. If the concern is fiscal security, Congress should remove the cap on the wages subject to the tax.
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    To remain solvent Social Security must avoid unnecessary risk
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    Sure, but what surpluses? Are the feds going to start paying off those IOU's now?
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    If the federal government would pay back the money it took from the SS Trust fund it would be solvent for decades to come.
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    Entitlement... Made into such a dirty word by greedy politicians, but it means SS is our money we paid in so we are ENTITLED to get it back! Stop letting crooked politicians make this a bad word. Pay back the money you stole from our Entitlements! Put our Entitlements in a savings account that earns interest at no risk instead of trusting our future to Wall Street criminals! Raise the tax cap but remove payments to those making over $500,000 a year. This will make our Entitled SS money safe again!
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    Leave our money alone! It is ours! We have all paid into the system and. Quit borrowing from it!
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    It needs to be up to social security recipients to invest social security benefits as they see fit.
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    No. No no no no no. Stop trying to privatize social security. Raise the cap on taxable income and means test benefits so that someone with ten billion in the bank isn't getting the full rate that they absolutely do not need. It completely defeats the purpose of the social security system.
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    Something has to be done, but under no circumstances should the government ever be allowed to "borrow" these monies again!!!!
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    No comment on the investment factors. Space if social Security is growing low on funds it is largely because Congress has stolen those funds for other purposes repeatedly. This bill acts to prevent some of that and for that it has great value
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    Social security Is not in the near future (and would not be) experiencing financial difficulties if the government kept its hands "out of the pot", and kept the money in a separate fund as was originally intended (but changed under President Bush). Just another "smoke and mirrors proposition" created by those benefiting from the stock markets.
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    The fed has already usurped money from social security for other purposes . They should return every penny they have stollen from social security. Over the years.
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    Hey, here's an idea why not let me keep my money and invest it at my own risk, like I've been doing my whole adult life! A 9 person committee of expert just mess they'll be authoritatively wrong half the time.
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    Quit stealing it.
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    Official ID: H.R. 1520 Official Title: To amend titles II and XVIII of the Social Security Act to establish a Social Security Surplus Protection Account in the Federal Old-Age and Survivors Insurance Trust Fund to hold the Social Security surplus and a Medicare Surplus Protection Account in the Federal Hospital Insurance Trust Fund to hold the Medicare surplus, to provide for suspension of investment of amounts held in such Accounts until enactment of legislation providing for investment of the Trust Funds in investment vehicles other than obligations of the United States, and to establish a Social Security and Medicare Part A Investment Commission to make recommendations for alternative forms of investment of the Social Security and Medicare surpluses. Text (13 pgs.) of bill: https://www.gpo.gov/fdsys/pkg/BILLS-114hr1520ih/pdf/BILLS-114hr1520ih.pdf Sponsor: Tim Walberg (R - MI) Cost: A CBO estimate is currently unavailable. Impact: The bill impacts Social Security, and those who receive it, or plan to. Of Note: Roughly 84 million people are on track to use Social Security by 2030.  From Rep. Walberg: http://walberg.house.gov/issues/social-security/ I believe in maintaining a strong Social Security program that will provide retirement stability for its participants. With 10,000 baby boomers retiring and beginning to receive Social Security benefits each day, we must have a national conversation about modernizing Social Security that ensures its fiscal solvency. 

I do not support cuts to current benefits paid to our seniors which have worked a lifetime to earn. I also believe we need to allow our younger workforce to have the ability to create individual savings accounts that can be inherited by family members.   In order to sustain a fiscally strong Social Security for all retiring Americans, we need to implement 21st century solutions to a 20th century program. Social Security Cost-Of-Living Adjustments (COLA) 
Social Security COLA’s are made by calculating percentage changes in the Consumer Price Index from the third quarter of one calendar year to the third quarter of the following year.  Once an increase is calculated, the COLA goes into effect in December, and the first payout occurs in January of the following year.

On October 15, 2015, the Social Security Administration announced the law does not provide for a cost of living increase for 2016 because there was not an increase in the cost of living estimated by the consumer price index (CPI).  For more information, please visit the Social Security Administration’s website. https://www.ssa.gov/news/#/post/10-2015-1 https://www.ssa.gov/news/cola/

I am a cosponsor of the H.R. 3074, the CPI for Seniors Act, as the CPI may not accurately reflect the spending habits of seniors. The bill directs the Bureau of Labor Statistics of the Department of Labor to prepare and publish a monthly index, to be known as the Consumer Price Index for Seniors, that indicates monthly changes in expenditures for consumption that are typical for individuals in the United States who are 62 years of age or older. Protect Surpluses 
In the past, Social Security surpluses were used to fund other government projects and programs. I believe this behavior is unacceptable and has led to serious problems regarding the future of Social Security.  While deficits exist this year, I believe any future surpluses should be guarded to prevent wasteful spending.  In March 2015 I introduced legislation, H.R. 1520, which would protect future surpluses by creating a lockbox that prevents these funds from being spent on other federal programs. Keep Promises to Seniors 
We owe it to Michigan’s seniors to keep our promise of a solvent Social Security Administration.   After a lifetime of work and payment into the system, it is only fair to expect what was originally promised.  I am resolved to find ways to honor our seniors by keeping the program solvent for their generation and those yet to retire. Allow Individual Accounts for Young People 
If the financial troubles of the past few years have taught us anything, it should be that we must be responsible for our own retirement planning.  I believe that we need to reform Social Security so that, while it meets current financial obligations, it allows young workers the freedom to form their own individual savings accounts that they are able to control.  

LEGISLATION 
 03/19/2015 - Sponsored Legislation: H.R. 1520 Social Security and Medicare Lockbox Act: https://www.gpo.gov/fdsys/pkg/BILLS-114hr1520ih/pdf/BILLS-114hr1520ih.pdf 
03/17/2016 – Cosponsored Legislation: H.R. 3074, CPI for Seniors Act: To mandate the monthly formulation and publication of a consumer price index specifically for senior citizens for the purpose of establishing an accurate Social Security COLA for such citizens. https://www.gpo.gov/fdsys/pkg/BILLS-114hr3074ih/pdf/BILLS-114hr3074ih.pdf
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    A 2% tax on the very wealthy would fix the Social Security problem. The very wealthy should be happy to help those less fortunate survive and, in doing so, it will let those people on Social Security be able to afford to keep the very wealthy in business be being able to buy their products! A win win for all!
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    This should have happened years ago when the market was at 8000 and it would have been in great shape today
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    Why am I not surprised this is being suggested by a Republican?
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