[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 230 Introduced in Senate (IS)]







107th CONGRESS
  2d Session
S. RES. 230

    Expressing the sense of the Senate that Congress should reject 
   reductions in guaranteed Social Security benefits proposed by the 
         President's Commission to Strengthen Social Security.


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                   IN THE SENATE OF THE UNITED STATES

                             March 21, 2002

  Mr. Corzine (for himself and Mr. Lieberman) submitted the following 
       resolution; which was referred to the Committee on Finance

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                               RESOLUTION


 
    Expressing the sense of the Senate that Congress should reject 
   reductions in guaranteed Social Security benefits proposed by the 
         President's Commission to Strengthen Social Security.

Whereas Social Security was designed as a social insurance program to ensure 
        that Americans who work hard and contribute to our Nation can live in 
        dignity in their old age;
Whereas for \2/3\ of seniors, Social Security is their primary source of income, 
        and for \1/3\, Social Security is their only source of income;
Whereas in fiscal year 2001, the annual level of Social Security benefits for 
        retired workers averaged approximately $10,000;
Whereas $10,000 per year is insufficient to maintain a decent standard of living 
        in most parts of the country, especially for seniors with relatively 
        high health care costs;
Whereas in 2001, President George W. Bush's Commission to Strengthen Social 
        Security (referred to in this resolution as the ``Commission'') produced 
        3 proposals for Social Security reform that included individual accounts 
        and significant reductions in the level of guaranteed benefits;
Whereas the proposed changes to guaranteed benefits could reduce benefits to 
        future retirees by 45 percent;
Whereas the Commission proposals also suggested reducing benefits for early 
        retirees, forcing many Americans to delay retirement; and
Whereas the Commission justified proposed cuts in guaranteed benefits by 
        pointing to long-term projected shortfalls in the Social Security Trust 
        Fund, however, the Commission's proposals to divert payroll tax revenues 
        from the Trust Fund into private accounts would substantially accelerate 
        the date by which the Trust Fund would become insolvent: Now, therefore, 
        be it
    Resolved, That it is the sense of the Senate that Congress should 
reject the reductions in guaranteed Social Security benefits proposed 
by the President's Commission to Strengthen Social Security.
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