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DeMint Press Release Following the Failed Vote
Washington, D.C. – Today, fifty-three U.S. Senators voted against an amendment to the Fiscal Year 2007 Budget Resolution, introduced by U.S. Senators Jim DeMint (R-S.C.) and Mike Crapo (R-Idaho), which would have allowed the Senate to create a reserve fund to protect the Social Security surplus.
“Sadly, fifty-three senators turned their backs on America’s seniors,” Senator DeMint said. “There is simply no way to save Social Security if we don’t have the courage stop using the surplus as a secret slush fund. I’m thankful there were forty-six senators who stood with America’s seniors to end the raid. We will not be deterred by cynics who offer no solutions.”
“Those who voted against this amendment voted to raid Social Security,” said Senator DeMint. “Now, every senator will be on record whether they oppose or support the raid. This said absolutely nothing about personal accounts, it was about whether you believe Social Security should be saved or allowed to wither on the vine.”
“I’m saddened this amendment was characterized inaccurately as a privatization move,” Senator Crapo. “The American public and future generations of taxpayers will suffer if we cannot address the issues regarding Social Security and fiscal discipline. It is unfortunate that we continue to have partisan rhetoric cloud the issue, and I pledge to work with other senators to address the issue.”
The current Social Security system allows Congress to spend the Social Security surplus on other government programs. Including interest, Congress has raided $1.7 trillion from Social Security since 1985. The surplus now only consists of IOU’s stacked in a vault in West Virginia that can only be paid back by raising taxes or cutting spending.
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Did You Know?
SSDI stands for Social Security Disability Insurance
A system of federally provided payments to eligible workers (and, in some cases, their families) when they are unable to continue working because of a disability. Benefits begin with the sixth full month of disability and continue until the individual is capable of substantial gainful activity.
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Definition:
The provision that permits the exclusion from earnings of the costs of items and services which are needed in order for a disabled individual to work, which are paid for by the individual, and which are necessarily incurred by that individual because of a physical or mental impairment.
Plan for Achieving Self-Support (PASS)
Definition:
Under an approved PASS, recipients of federal SSI may set aside income and/or resources over a period of time to reach a goal to become financially self supporting. The income and resources set aside may later be used to obtain occupational training or education, purchase occupational equipment, establish a business, etc.
Cost-of-living adjustments
Definition:
Each January, your benefits will increase automatically if the cost of living has gone up. For example, if the cost of living has increased by 2 percent, your benefits also will increase by 2 percent.
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