Mark Sanford on Social Security
Republican SC Governor; previously Representative (SC-1)
This creative accounting was the type of behavior that consistently undermined people’s trust in government Even before we could get started on the hard work of cutting government down to a manageable size, the old bulls who publicly said they wanted to balance the budget and cut wasteful programs were already hard at work cooking the books. And they were doing it with Social Security, the one program almost everyone privately admitted was headed for trouble.
OFFICIAL CONGRESSIONAL SUMMARY:
SPONSOR'S INTRODUCTORY STATEMENT: One of the things I have consistently heard from folks back home is the very simple idea that the first part of saving Social Security is making sure that Social Security taxes stay with Social Security. That is what this bill does because it takes the Social Security surplus, whatever that happens to be, and simply rebates it back to the people paying Social Security taxes, not to go out and fix up the car or buy a refrigerator with it, but instead to go into their own personal Social Security savings account that would be held by a fiduciary like the local bank.
The individual could not get their hands on the money until they turn 65, but they would get a monthly statement and for the first time, because of the private property rights that come with an account like that, for the first time have a firewall created between political forces in D.C. and their Social Security surplus.
LEGISLATIVE OUTCOME: Referred to the House Committee on Ways and Means; never called for a House vote.
[As part of the Contract with America, within 100 days we pledge to bring to the House Floor the following bill]:
The Senior Citizens Fairness Act:
Raise the Social Security earnings limit, which currently forces seniors out of the workforce; repeal the 1993 tax hikes on Social Security; and provide tax incentives for private long-term care insurance to let older Americans keep more of what they have earned over the years.
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Mayor Rudy Giuliani(NYC)
Gov. Mark Sanford(SC)