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Entries in Social Security (38)

Tuesday
Apr242012

ALG - Social Security, Medicare bankruptcy accelerates, Trustees report 

April 23, 2012, Fairfax, VA—Americans for Limited Government President Bill Wilson issued the following statement reacting to the latest Social Security and Medicare Trustees Report:

"It is no surprise that particularly the Social Security program has lost three years off the life of its trust fund in a single year. Obama and Congress foolishly underfunded the program by $95 billion with its election year extension of the so-called payroll tax holiday. They are consciously facilitating the bankruptcy of the program. Now the program's trust fund will be exhausted three years sooner in 2033, at which point, benefits will be cut sharply.

"In particular trouble is Social Security's disability program, according to the Trustees.  The trouble with that program is systemic more than anything, as Congress has so dramatically expanded the definition of disability it now costs over $125 billion annually.

"Medicare is even worse off, with its trust fund set to be exhausted in 2024. This is hardly surprising, too, considering how Obamacare's expansion of millions on to the Medicaid rolls and into the taxpayer-subsidized insurance exchanges was paid for in large part by cutting $500 billion from Medicare over 10 years. But even without Obamacare, Medicare would still be in dire straits. Like the other entitlement programs, it has promised far more than can be delivered on a sustainable basis.

"All of these programs are lies that promise too much. The trillions of contingent liabilities in these programs are not even factored into our current $15.6 trillion national debt, which is already larger than our entire economy. If those contingent liabilities in entitlements were included, it would be trillions more still in debts that cannot be repaid, only refinanced.

"No nation can long sustain itself when it offers more in benefits than it collects via revenue. Borrowing to fill in the shortfall is only a temporary stopgap measure, and in the end this system will collapse because we cannot tax at a high enough rate to save these programs. When we needed real reform to our nation's finances, all we got from Obama was a hastening of our national decline."

Attachments:

"Defining Disability Down," ALG Chairman Howard Rich, Wall Street Journal, April 16, 2012 at http://online.wsj.com/article/SB10001424052702304299304577346341282507300.html

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Americans for Limited Government is a non-partisan, nationwide network committed to advancing free market reforms, private property rights and core American liberties. For more information on ALG please call us at 703-383-0880 or visit our website at www.GetLiberty.org.

Wednesday
Mar212012

Shea-Porter statement on House Republican Budget

New Hampshire-  Today, former Congresswoman Carol Shea-Porter, who is running for the NH-01 Congressional seat, released the following statement on the House Republican Budget.

"Congressman Guinta and his fellow Republicans have once again taken aim at the old, the young, the sick, the poor, and the middle class. We need  to shrink the deficit, but I will not support doing that by giving tax cuts to the very wealthy and to oil companies, rewarding companies that send jobs out of the country, ending Medicare and turning it into a voucher program, cutting Pell grants that help students pay for college, and by cutting too deeply into the budget. Congressman Guinta supports this budget because he does not believe in government--he has said that he wants to privatize Social Security and Medicare, the Department of Education, the EPA, the Department of Energy, Amtrak, medical research, and so many other programs. Congressman Guinta is too extreme for New Hampshire, and his budget is too extreme for New Hampshire also."

Friday
Mar022012

Shea-Porter statement on NH HCR 39-Urging Congress to privatize Social Security

New Hampshire- Today, Former Congresswoman Carol Shea-Porter released the following statement on HCR 39, a New Hampshire House Resolution which urges Congress to privatize Social Security.
 
"Representative Frank Guinta has sent out mailer after mailer claiming he is protecting Social Security. Now, as the New Hampshire House is looking towards a vote on a resolution asking the U.S. Congress to privatize Social Security, Rep. Guinta needs to denounce this Republican resolution that has already cleared the State-Federal Relations and Veterans Affairs Committee."
 

Thursday
Mar012012

NHDP - House Republicans Ask Congress To Privatize Social Security

Concord, NH - Once again, Bill O'Brien's radical Tea Party friends in Concord seem to believe that they have the answer to everything. Now they have decided they know how to fix social security. All that needs to been done is to privatize it. All of it. No exceptions.

 

Last Tuesday the State-Federal Relations and Veterans Affairs Committee voted 8-6 to pass HCR 39, a resolution which urges congress to privatize social security. The Resolution is expected to be voted on by the full House next week.

 

"Not content with asking Congress to withdraw from the United Nations, the House Republican Caucus would now like to see Congress 'privatize all aspects of social security,'" said New Hampshire Democratic Party Chair ray Buckley.

 

Neither Mitt Romney, Newt Gingrich, nor Rick Santorum's plans involve privatization of ALL aspects of Social Security. Even Ron Paul, when he talks about privatization is sure to provide a number of caveats. Bill O'Brien and his House Republican Caucus are so out of touch with mainstream Granite State values that they have managed to put themselves to the right of the entire Republican Presidential field.

 

"One only needs to look back at the final years of the Bush Administration to know that private investing has no guaranteed return. Markets rise and fall for a myriad of reasons," said Buckley. "Yet now, the dangerous Republican House wants to take the security out of social security by putting everyone, young or old, in charge of managing their own retirement accounts, with nary a safety net in sight."

 

Social Security reform is a nuanced and complicated issue that is sure to be well debated between now and November. Yet the House Republicans continue to prove their recklessness by believing that they can fix everything with just seven sentences.

Wednesday
Feb222012

AFP - Saving Social Security: Personal Accounts Offer Workers Better Choice

Last week the President released his latest budget, proposing policies that would result in a $1.33 trillion deficit this year and continued budget deficits for as far into the future as government bureaucrats project.  As budget experts like the non-partisan Congressional Budget Office have explained, the main cause of the looming fiscal problems going forward is unsustainable spending in entitlement programs like Social Security.  Yet the President’s FY 2013 budget does not propose major reforms to this broken program. 

Social Security has nearly $18 trillion in unfunded liabilities, and with continued waves of Baby Boom retirees and sluggish growth in the number of workers to support them, the problem is only likely to get worse.  Opponents to reform often argue that the program can be fixed with minor tweaks around the edges, but those changes tend to make what is already a bad deal even worse for workers. 

Unless the program sees major structural reforms, massive benefit cuts, tax increases, or more government borrowing will be needed.  This would be a huge disappointment to retirees, a drag on the American economy, or an even bigger debt burden onto the shoulders of our children and grandchildren. 

Thankfully, there is a better way.

Today, Americans for Prosperity Foundation is launching an effort to educate the American people about the benefits of optional personal savings accounts for Social Security.  It’s a policy that relies on freedom and choice instead of forcing Americans to stomach benefit cuts and tax increases.

And it’s a policy with several success stories where it has been tried.  For example, more than 94 percent of Chilean workers have opted in to their country’s personal account system, taking advantage of the retirement benefits that are 50 to 100 percent more generous than what their old system offered. 

Click here to read AFPF’s new paper and check out all the materials on our new homepage for Social Security reform.