Here is Dr. Paul’s official statement on the bill:
INTRODUCTION OF THE SOCIAL SECURITY PRESERVATION ACT
HON. RON PAUL
of Texas
in the house of representatives
Tuesday, January 6, 2009
Mr. PAUL. Madam Speaker, I rise to protect the integrity of the
Social Security trust fund by introducing the Social Security
Preservation Act. The Social Security Preservation Act is a rather
simple bill which states that all moneys raised by the Social Security
trust fund will be spent in payments to beneficiaries, with excess
receipts invested in interest-bearing certificates of deposit. This
will help keep Social Security trust fund moneys from being diverted to
other programs, as well as allow the fund to grow by providing for
investment in interest-bearing instruments.
The Social Security Preservation Act ensures that the
government will
keep its promises to America's seniors that taxes collected for Social
Security will be used for Social Security. When the government taxes
Americans to fund Social Security,
it promises the American people that
the money will be there for them when they retire. Congress has a moral
obligation to keep that promise.
With federal deficits reaching historic levels, and with new demands
being made on the U.S. Treasury on an almost weekly basis, the pressure
from special interests for massive new raids on the trust fund is
greater than ever. Thus, it is vital that Congress act now to protect
the trust fund from big spending, pork-barrel politics. As a medical
doctor, I know the first step in treatment is to stop the bleeding, and
the Social Security Preservation Act stops the bleeding of the Social
Security trust fund. I therefore call upon all my colleagues,
regardless of which proposal for long-term Social Security reform they
support, to stand up for America's seniors by cosponsoring the Social
Security Preservation Act.
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