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Entries in Social Security (44)


McCotter - Continuing my service to you Social Security Reform Legislation

Last Thursday I ended my Presidential bid and announced my intent to continue to serve the sovereign citizens of the 11th District in Congress.

My decision to seek the Presidential nomination was based on my belief our nation was in need of leadership based on Principled Conservatism, one which would unite, rather than divide our party and our nation in a time of great challenge. The time has come for the Tea Party and the Republican Party to come together to serve and save this great nation.  During this time, I am proud of the fact our campaign was focused on the same issues you, my fellow citizens of the 11th District are focused on.

And so, I am committed to continuing my service for you, fighting to bring common sense to Washington. At the top of my list is to create economic opportunity for all, fulfill our promises to the greatest generation, and in doing both, creating the largest reduction of government spending in world history.

This is no small feat, but to accomplish these goals, I need your help, as President Obama and his most liberal friends are lining up millions to defeat me.

At midnight tonight, the third quarter fundraising reports are due and we can send a strong message to Washington.

I know money may be tight right now, but what we must achieve for our children and grandchildren is too important to ignore. Your donation of $10, $25, $100 or more will make a differenceand I appreciate whatever you can chip in.

Now, let's get back to the largest reduction of government spending in world history.

Earlier this month I introduced legislation (H.R. 2889) designed to save the Social Security retirement and disability trust funds from insolvency, which the Social Security Board of Trustees forecasts may otherwise occur as early as 2029.

The Trustees' 2011 Annual Report projects insolvency is likely to occur in 2036 given the most reliable current assumptions.  The McCotter plan salvages both the Old Age and the Disability trust funds from that projected insolvency without reducing benefits, raising taxes, or increasing the age of retirement eligibility.

My legislation achieves this through the creation of personal savings accounts eligible for reasonably flexible investment in the free market, offered to all workers aged 50 and younger.  Participation is voluntary, and a minimum return on investment is guaranteed.

Because the personal investment accounts replace as much as 50% of each participating worker's retirement benefit, the trust funds experience significant relief as soon as the first participants commence retirement.  Benefits for current retirees will be unaffected, as will future benefits for workers above the age of 50, and those who choose not to participate.

Funding for the personal savings accounts will come not from new taxes (which the legislation specifically forbids), but from efficiencies realized by block granting specific federal programs to the states, and from savings realized from the elimination of other federal programs to be identified in companion legislation.

The Chief Actuary of Social Security has confirmed that the legislation, if implemented, would eliminate all future deficits while satisfying all current obligations.  According to former Reagan administration appointee Peter J. Ferrara (author of four books on Social Security reform), if the McCotter plan were enacted it would generate "the single largest spending and debt reductions of government in world history." The legislation enjoys the support of Americans for Tax Reform, Americans for Prosperity, and 60Plus.

Thank you for your generous contribution!

Thaddeus McCotter


NRN - Must Reads from September 14, 2011


AUFC - Nashua Telegraph editorial: 'Quite the debut for 'Ponzi' Perry' & New Webvideo

See must read Nashua Telegraph editorial: 'Quite the debut for ‘Ponzi’ Perry' – Key point: “We understand politics and hyperbole go together like ice cream and apple pie, but Perry calling Social Security a Ponzi scheme is just factually incorrect.”

See also today from Politico:

By James Hohmann

A SOCIAL SECURITY OPENING - DEMOCRATS ATTACK ROMNEY: Americans United for Change posted a web video last night with dated footage of Romney talking about his openness to private retirement accounts. The title: "Mitt Romney, Rick Perry, George W. Bush -- 3 Amigos, Gunnin' for your Social Security." The video:

Additional comment: "Rick Perry and Mitt Romney may use different degrees of extreme rhetoric when it comes to Social Security, but their goal is very much the same: dismantling Social Security via privatization and slashing benefits -- the same risky scheme President Bush pushed for that was overwhelmingly rejected by the American people.”

Jeremy J. Funk

Communications Director, Americans United for Change


DNC - Perry Punts on Social Security, Blames Popover 



Perry Suggests Social Security And Medicare Are Unconstitutional, Saying The Founding Fathers Did Not Intend “General Welfare” To Include Federally Operated Pension Or Health Care Programs. Perry: “I don’t think our founding fathers when they were putting the term ‘general welfare’ in there were thinking about a federally operated program of pensions nor a federally operated program of health care. What they clearly said was that those were issues that the states need to address. Not the federal government. I stand very clear on that. From my perspective, the states could substantially better operate those programs if that’s what those states decided to do.” [Andrew Romano Interview with Rick Perry in the Fall 2010, via The Daily Beast, 8/12/11]


Three Times During A November 2010 Interview With Newsweek, Perry Called Social Security “A Ponzi Scheme.” “Whether it’s Social Security, whether it’s Medicaid, whether it’s Medicare. You’ve got $115 trillion worth of unfunded liability in those three. They’re bankrupt. They’re a Ponzi scheme…I think the first step in finding the solutions is admitting we have a problem—and admitting that Social Security is a Ponzi scheme…What I did say is, We have to be courageous as a country and stand up and admit that we have a Social Security program that is bankrupt, that is a Ponzi scheme…” [Rick Perry Newsweek Interview in November 2010 (published in full by The Daily Beast, 8/12/11)]


Rick Perry: “By Any Measure, Social Security Is A Failure.” In his book Fed Up!: Our Fight to Save America from Washington, published in 2010, Rick Perry wrote, “By any measure, Social Security is a failure.” ["Fed Up!: Our Fight to Save America from Washington," Gov. Rick Perry]


Perry: “I Challenge Anybody To Stand Up And Defend The Social Security Program That We Have Today." “I challenge anybody to stand up and defend the Social Security program that we have today…” [Rick Perry Newsweek Interview in November 2010 (published in full by The Daily Beast, 8/12/11)]




“But you said Social Security is unconstitutional,” Mitchell repeated.


“I don’t think I — I’m sorry, you must have,” Perry said before stopping himself.


Instead of elaborating, Perry stuffed a generous piece of popover in his mouth. (Perry called them “pop ups.”)


Rick Perry Can’t Defend His Claim That Social Security Is Unconstitutional Because He’s ‘Got A Big Mouthful’

By Ian Millhiser on Aug 18, 2011 at 12:48 pm

At a campaign stop at a New Hampshire restaurant today, Texas Gov. Rick Perry (R) refused to explain his previous claim that Social Security violates the Constitution. Rather than clarify how this firm stance can be squared with his post-presidential campaign announcement position that “Social Security’s going to be there” for the elderly, Perry stuffed some food in his mouth and then refused to answer because his mouth was full:

Inside the café, Gail Mitchell and a companion grilled him: “You said Social Security was unconstitutional.”

“Social Security’s going to be there for those folks,” Perry answered his inquisitors, making reference to the elderly.

“But you said Social Security is unconstitutional,” Mitchell repeated.

“I don’t think I — I’m sorry, you must have,” Perry said before stopping himself.

Instead of elaborating, Perry stuffed a generous piece of popover in his mouth. (Perry called them “pop ups.”)

“I’ve got a big mouthful,” Perry said and then ordering a glass of water. He later tripped over one of the women standing at his side pressing him on Social Security.

“I’m sorry, sweetheart,” Perry said to her.

Popovers, a hollow egg batter roll similar to a Yorkshire pudding, are delicious. But they are no excuse for Perry’s refusal to answer a basic question. In an interview with the Daily Beast’s Andrew Romano, Perry claimed that “pensions” and “health care” are not issues the federal government can address under the Constitution, so it’s difficult to see how Perry expects Social Security (or Medicare, for that matter) to be there for seniors when he is convinced that they violate our nation’s founding document.

And if Perry ever finishes chewing his popover, he has plenty of other questions to answer about his absurd vision of the Constitution, including:

  • ·         Pell Grants & Student Loans: When Perry said, “I don’t think the federal government has a role in your children’s education,” did he mean that all college students must lose their Pell Grants and federal student loans overnight, or can they finish out the current semester?
  • ·         Child Labor Laws: Does Perry’s statement that “national labor laws” are unconstitutional mean that he would like to hire child workers himself, or just that coal mine and factory owners should be free to start hiring 9-year-olds if they chose to?
  • ·         Ending Democracy
  • ·         Workplace Discrimination
  • ·         Jefferson Davis Perry

Clearly, Rick Perry has many, many questions he needs to answer about his twisted view of the Constitution. There probably aren’t enough popovers in New Hampshire to allow him to dodge all of them.


NHDP - Guinta Tours Nursing Home After Voting to Cut Social Security and End Medicare As We Know It

Concord, NH - As Frank Guinta tours the Dover nursing home today, New Hampshire voters will once again be reminded that rather than focusing on creating jobs in Washington, Guinta has voted numerous times to end Medicare as we know it and slash Social Security.  New Hampshire Democratic Party Chair Ray Buckley released the following statement responding to Guinta's misleading event.


"Frank Guinta has had one priority in Washington this year, dismantling Medicare and slashing Social Secuirty benefits.  Rather than look for ways we can create new jobs or grow the economy, he has repeatedly tried to take a hatchet to Social Security and Medicare, cutting benefits for hard working people who have paid into the system for decades. 


"The reckless schemes Guinta has supported, like the irresponsible Ryan Plan and the dangerous 'dodge, duck, and dismantle' proposal, would making it nearly impossible for average folks, working families, and local business owners to ever hope to retire. 


"As long as we are 'Frankly Speaking,' I frankly don't know how Congressman Guinta can look the seniors at the Dover nursing home in eye, after having voted numerous times to cut the Social Security and Medicare programs they rely on to survive."



Guinta's votes to end Medicare as we know it and slash Social Security:


Guinta Voted for the 2012 Republican Budget Proposal that Would "Essentially End Medicare." In April, FrankGuinta to end Medicare by supporting the Republican budget. The Wall Street Journal reported "The plan would essentially end Medicare, which now pays most of the health-care bills for 48 million elderly and disabled Americans, as a program that directly pays those bills." [H Con. Res. 34, Vote #277, 4/15/11; Wall Street Journal, 4/4/11]


Guinta Voted for the Cut, Cap and Balance Plan that is More Extreme than the Republican Budget. The non-partisan Center on Budget and Policy Priorities wrote: "The measure [...] stands out as one of the most ideologically extreme pieces of major budget legislation to come before Congress in years, if not decades. [...] The legislation would inexorably subject Social Security and Medicare to deep reductions." [H.R. 2560, Vote #606, 7/19/11; Center on Budget and Policy Priorities, 7/16/11]


Guinta Voted to Deem the Republican Budget as Having been Passed by Congress. Representative FrankGuinta voted to end Medicare by supporting a "deeming resolution" in H. Res. 287 which states "the provisions of House Concurrent Resolution 34 [...] shall have force and effect [...] in the House as though Congress has adopted such concurrent resolution". [H. Res. 287, Vote #382, 6/1/11]


House Republicans propose Social Security opt-out. "House Republicans on Friday introduced legislation that would allow workers to partially opt out of Social Security immediately, and fully opt out after 15 years." The measure was introduced by NRCC Chairman Pete Sessions (TX-32) and Republican Conference Chairman Jeb Hensarling (TX-05) among others. [The Hill, 6/6/11]


Dallas Morning News: Dow's fall shows peril of changing Social Security. "The stock market fell again Friday, marking a six-week slump. That's bad news for investors - and bad timing for Dallas Rep. Pete Sessions and others who want to transform Social Security by creating investment accounts for workers. Sessions, who runs the Republican congressional campaign effort, has been pushing as long as he's been in the House to partly privatize Social Security. [...] Indeed, after President George W. Bush's failed push for a similar plan early in his second term, most Republicans backed away from the idea." [Dallas Morning News,6/12/11]


Guinta Said He Would Consider Privatizing Social Security. In July 2010, Guinta said that "he would consider creating personal accounts and increasing the retirement age. 'Everything has to be on the table,'" said Guinta. [New Hampshire Union Leader, 7/29/10]

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