The following is a statement by Nancy Altman, President of Social Security Works, in reaction to almost all Republican members of the House of Representatives, as well as to seven Democrats, who vote for a constitutional amendment requiring that all annual revenue and expenditure be compensation each year:
“Every pay period, starting with our first jobs, American workers contribute to social security, the program uses these funds to pay all the benefits and related administrative costs, and social security does not add a cent to the deficit, as clearly declared Republican President Ronald Reagan when he was president.
When social security is in surplus, social security holds trust funds. Social security currently has an accumulated surplus of $ 2.9 trillion. In the guise of a so-called balanced budget amendment, 233 members of the House of Representatives have just voted to pretend that the accumulated surplus does not exist.
Ninety seven percent of the Republicans have just voted to steal those past contributions. They have voted, in effect, not to return the diligent Americans when those funds are needed to pay for their benefits. (Ninety-six percent of the Democrats voted to honor their commitment to the American people).
That 233 politicians would vote to steal this money is shameful. It helps explain the poor consideration that the American people have for Congress. Fortunately for the beneficiaries of social security, the amendment did not reach the two-thirds majority required to pass the Assembly. But those who voted for this are now registered to steal the benefits of American social security. “