pphilfran
9/20/2011, 10:43 AM
I like this guy!
Mr. Pphilfran
Lawton, Oklahoma 73507
Dear Mr. Pphilfran,
Thank you for contacting me regarding your concerns about Social Security. I appreciate the opportunity to hear from you, and for your kind words of support, and I apologize for the delay in my response. It was not my intention to keep you waiting.
You ask good questions about the nature of the Social Security "trust funds." The unfortunate reality, as you point out, is that the Social Security trust funds are separate funds from the general U.S. treasury in name only. Congress has repeatedly and unacceptably raided any excess funds taxed for Social Security purposes to pay for non-Social Security related spending. By most estimates, approximately $2.6 trillion has been stolen from the Social Security trust funds since 1987. I am appalled by Congress' irresponsible stealing from the retirement savings of America's workers. The Social Security trust fund is not Congress' personal piggy bank. What's more, the government can only raise this "IOU" money in the trust funds at taxpayer expense-by issuing more public debt, raising taxes, or cutting spending elsewhere.
You are correct that beneficiaries would be better off had Congress not spent surplus Social Security tax payments, and had truly invested such funds in the appropriate mixture of investments. However, it may also interest you to know that even if Congress had not behaved so recklessly in spending funds due the Social Security trust funds, that Social Security reform would still be a pressing need. According to the Social Security trustees, those already in Social Security will get back $18.7 trillion (present value) more than they contributed to the program. Meaning, even if the $2.6 trillion Congress spent, wrongfully, on other priorities had been saved, trillions more would be needed to fund the benefits of current retirees.
As a result, I feel strongly that Congress must protect current and future beneficiaries by immediately reforming the system. It may interest you to know that I recently released a Social Security reform proposal that ensure the program continues to serve those who rely on it, and to deter waste, fraud and abuse currently present in the system. If you are interested, you may access a copy of this plan, called "Back in Black," on my website at: <a href="http://www.coburn.senate.gov/">www.coburn.senate.gov</a>.
Thank you again for taking the time to contact me. If you would like to further our conversation, please do not hesitate to write to me again. Best wishes.
Sincerely,
Tom A. Coburn, M.D.
United States Senator
Mr. Pphilfran
Lawton, Oklahoma 73507
Dear Mr. Pphilfran,
Thank you for contacting me regarding your concerns about Social Security. I appreciate the opportunity to hear from you, and for your kind words of support, and I apologize for the delay in my response. It was not my intention to keep you waiting.
You ask good questions about the nature of the Social Security "trust funds." The unfortunate reality, as you point out, is that the Social Security trust funds are separate funds from the general U.S. treasury in name only. Congress has repeatedly and unacceptably raided any excess funds taxed for Social Security purposes to pay for non-Social Security related spending. By most estimates, approximately $2.6 trillion has been stolen from the Social Security trust funds since 1987. I am appalled by Congress' irresponsible stealing from the retirement savings of America's workers. The Social Security trust fund is not Congress' personal piggy bank. What's more, the government can only raise this "IOU" money in the trust funds at taxpayer expense-by issuing more public debt, raising taxes, or cutting spending elsewhere.
You are correct that beneficiaries would be better off had Congress not spent surplus Social Security tax payments, and had truly invested such funds in the appropriate mixture of investments. However, it may also interest you to know that even if Congress had not behaved so recklessly in spending funds due the Social Security trust funds, that Social Security reform would still be a pressing need. According to the Social Security trustees, those already in Social Security will get back $18.7 trillion (present value) more than they contributed to the program. Meaning, even if the $2.6 trillion Congress spent, wrongfully, on other priorities had been saved, trillions more would be needed to fund the benefits of current retirees.
As a result, I feel strongly that Congress must protect current and future beneficiaries by immediately reforming the system. It may interest you to know that I recently released a Social Security reform proposal that ensure the program continues to serve those who rely on it, and to deter waste, fraud and abuse currently present in the system. If you are interested, you may access a copy of this plan, called "Back in Black," on my website at: <a href="http://www.coburn.senate.gov/">www.coburn.senate.gov</a>.
Thank you again for taking the time to contact me. If you would like to further our conversation, please do not hesitate to write to me again. Best wishes.
Sincerely,
Tom A. Coburn, M.D.
United States Senator