Congressional Response: Representative John Sullivan (R-1st, Oklahoma) Responds To Your Lockbox Petition

Send this article to a friend.

Printer friendly version.

Congressional Response: Representative John Sullivan (R-1st, Oklahoma) Responds To Your Lockbox Petition

Thank you for writing me with your concerns over Social Security Trust Fund. I was happy to hear your thoughts and suggestions. As you know the House has already taken action to secure the Social Security lockbox. It is my hope that the Senate will do the same.

Enacted in 1935 to provide continuing income during retirement, Social Security was designed to supplement employer pensions and private savings. One of the main concepts was that those with greater economic need should receive extra protections. The Social Security system is not a savings account. It issues Treasury Securities that are more like an "IOU." Every penny of the Social Security surplus is credited to the Trust Funds in the form of Treasury bills, as required by federal law. Social Security has been a success. Elderly poverty rates have fallen by over 70%.

In the long-term, Social Security must see changes to ensure benefits for our grandchildren. But in the short term, seniors should not be scared into thinking their benefits are at risk. Social Security is a "pay-as-you-go" system: today's workers pay for today's retirees. Unfortunately, the number of current workers has fallen in comparison to the number of seniors eligible for benefits. Older generations have done very well, in current form, though younger workers and future generations will do worse.

My principles for saving Social Security include: 1) No cuts in benefits of retirees or near retirees; 2) No payroll tax increases; 3) No government investment in stock market; and 4) Preserving disability and survivors benefits. Strengthening Social Security must be a bipartisan effort. We need to find common ground. If we fail, future generations will pay the price for our inaction. I am absolutely committed to making sure that Social Security stays solvent, so current beneficiaries continue to receive their checks.

Again, thank you for contacting me. It is an honor to serve you in Washington. Please do not hesitate to contact me again should you have further concerns on Social Security or any other issue of concern to you or your family.

John Sullivan
Member of Congress

October 2002