Earlier this week, Congressman Ron Paul sent a letter to all Members of Congress asking them to support his legislation HR 219 The Social Security Preservation Act, which simply states that all monies raised by the Social Security Trust Fund will be used only in payments to beneficiaries or invested in interest-bearing certificates of deposit.
“This year the Social Security trust fund will pay out more in benefits than it takes in in taxes, is only 5 years away from being permanently in the red, and will be totally bankrupt by 2037,” Congressman Paul states.
The letter goes on to point out that despite Social Security’s pending financial crises, big-spending politicians continue raiding the Social Security trust fund to hide the true size of the federal deficit while they create new spending programs at the expense of America’s seniors and taxpayers.
“Whatever long-term Social Security plan you favor, I hope you agree the first step in treatment is to stop the bleeding,” Paul concludes.
HR 219 was introduced in January of this year, has been referred to the Committee on Ways and Means, and currently has 14 cosponsors.