[Congressional Record Volume 149, Number 2 (Wednesday, January 8, 2003)]
[Extensions of Remarks]
[Page E1]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                    SOCIAL SECURITY PRESERVATION ACT

                                 ______
                                 

                             HON. RON PAUL

                                of texas

                    in the house of representatives

                        Tuesday, January 7, 2003

  Mr. PAUL. Mr. 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 monies 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 monies 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.
  The return of massive federal deficits, and the accompanying pressure 
for massive new raids on the trust fund, make it more important than 
ever that Congress protect the trust fund from big spending, pork-
barrel politics. I 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.




                          ____________________