[Congressional Record Volume 151, Number 1 (Tuesday, January 4, 2005)]
[Extensions of Remarks]
[Page E6]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          INTRODUCTION OF THE SOCIAL SECURITY PRESERVATION ACT

                                 ______
                                 

                             HON. RON PAUL

                                of texas

                    in the house of representatives

                        Tuesday, January 4, 2005

  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.
  With federal deficits reaching historic levels 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. Social Security reform 
will be one of the major issues discussed in this Congress and many of 
my colleagues have different ideas regarding how to best preserve the 
long-term solvency of the program. However, 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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