[Congressional Record Volume 157, Number 1 (Wednesday, January 5, 2011)]
[Extensions of Remarks]
[Page E4]
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

                       Wednesday, January 5, 2011

  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.
  Everyone acknowledges that the federal deficits are unsustainable. 
Social Security reform is necessary to ensure the federal debt does not 
create a serious economic crisis that could devastate those, like 
Social Security recipients, living on fixed incomes. Preventing the use 
of Social Security trust fund monies for non-Social Security purposes 
is a necessary first step in reforming Social Security in a manner that 
does not hurt those currently relying on the system. I therefore call 
upon all my colleagues, to stand up for America's seniors and taxpayers 
by cosponsoring the Social Security Preservation Act.

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