MARCH 11, 2015
Social Security fund is currently borrowing 33 cents of every dollar in outlays
Since 2010 it has been paying out more in benefits than in the taxes it collects
WASHINGTON, DC – Lawmakers joined with the Association of Mature American Citizens last week at a Social Security Working Group meeting intended "to light a fire" in Congress on the issue, according to association president Dan Weber.
"On its current financial track, Social Security is not sustainable and AMAC members recognize that Congressional action is needed to protect this benefit for current seniors and future generations of Americans. This working group demonstrates a commitment by AMAC, many Members of Congress and policy professionals to finding a better path forward through responsible, commonsense legislation," Weber said.
Rep. Diane Black [R-TN] was on hand for the session. She pointed out that the fix in which Social Security is in "is not a manufactured crisis. The numbers don't lie. It becomes extremely unlikely that Congress will ever be able to balance the payments if something isn't done now."
She offered support for timely action in resolving issues, noting that one of the things we have already done is to pass a rule that says you cannot simply move money from the OASI fund to disability insurance.
Congresswoman Black's colleague from Tennessee, Rep. Marsha Blackburn, offered up a few alarming numbers. She said that the Social Security fund is currently borrowing 33 cents of every dollar in outlays and that since 2010 it has been paying out more in benefits than in the taxes it collects.
Representative Blackburn's bill, the "Savings for Seniors Act," is a contribution to a comprehensive solution, she said. The measure would force Congress to stop spending Social Security money on non-Social Security programs.
Under her legislation, if Social Security funds are not paying recipients, the money would go into an off-budget account where it would remain until Congress approves suitable investment vehicles other than the obligations of the U.S. government.
Also participating in the meeting were Jim Renacci (R-OH), Tom Reed (R-NY), Mike Kelly (R-OH), Frank Guinta (R-NH), and Keith Rothfus (R-PA).
Weber said that the Working Group meeting this week was part of an ongoing effort to
make sure the AMAC Social Security Guarantee message is getting across in Congress. "We'll continue to have frequent one-on-one meetings with lawmakers and to sponsor additional Group meetings until we make it the law of the land."
