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Congressional Corner from Representative Ralph Hall: Preserving and Protecting Social Security
Since its inception, Social Security has enabled our senior citizens to retire with some measure of financial security and quality of life. It is the challenge of the 107th Congress and the new Administration to ensure the solvency of Social Security for future generations, and I am pleased that Social Security has been given a top priority by President Bush. For years Congress and previous Administrations have recognized the need to preserve Social Security, but there has been no consensus on what action should be taken. Various commissions have ended their work without agreeing on a specific plan. It is important to continue our national dialogue on Social Security to increase public awareness of the challenges we face-as well as the possible reforms that could be taken to ensure long-term solvency. The most responsible and immediate action that we could take-one that I strongly support-is to use a portion of the projected surplus to shore up Social Security for the `baby boomer` generation that soon will be retiring. Another important initiative would be to remove the Social Security Trust Fund from the general budget. To that end, I have introduced the Social Security Preservation Act of 2001, which would amend Title II of the Social Security Act to prevent the Federal government from using Social Security surpluses for anything other than the preservation of Social Security. This bill also requires the Social Security surplus to be invested in either marketable or interest bearing obligations of the United States or certificates of deposit in insured depository institutions. I also am continuing my effort to make things right with the senior citizens affected by Social Security reform in 1977, when legislation was enacted that altered the way Social Security benefits were computed. The 1977 changes created unfair benefit disparities between the `Notch Babies`-those born from 1917 through 1926-and those retirees who came before and after them. I have introduced a bill, H.R. 97, which would amend Title II of the Social Security Act to allow workers who reached age 65 between 1981 and 1992 to choose from two options. The first would be a lump-sum payment over four years totaling $5,000. The second option would be an improved benefit computation formula. As we consider these and other Social Security reform issues during the 107th Congress, TREA Senior Citizens League and other seniors` organizations will be vital in our efforts to reach consensus and to keep our senior citizens informed of pending legislation. It will require all of us working together in the spirit of bipartisanship to achieve our goal of preserving the future of Social Security. The American people deserve this protection-and they expect us to work together to find solutions that will benefit all Americans. This article first appeared in Volume 6, Issue 5 of "The Social Security and Medicare Advisor" newsletter (April/2001). To receive future editions of "The Advisor" in its special, free e-mail version, please click here. | ||||||||
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By Representative Ralph M. Hall (D-TX) 