[Congressional Record Volume 155, Number 1 (Tuesday, January 6, 2009)]
[Extensions of Remarks]
[Page E3]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          INTRODUCTION OF THE SOCIAL SECURITY PRESERVATION ACT

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                             HON. RON PAUL

                                of texas

                    in the house of representatives

                        Tuesday, January 6, 2009

  Mr. PAUL. Madam 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 moneys 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 moneys 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, and with new demands 
being made on the U.S. Treasury on an almost weekly basis, 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. 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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