Congressional Response: Senator Richard Lugar (R, Indiana) Responds To Your Lockbox Petition

Send this article to a friend.

Printer friendly version.

Congressional Response: Senator Richard Lugar (R, Indiana) Responds To Your Lockbox Petition

I am committed to ensuring that Social Security continues to remain strong and that all Social Security recipients receive every dollar they are due. Millions of American seniors depend on Social Security benefits. They paid into it, and the benefits they receive are their money. The well-being of current and future retirees must be one of the government's highest priorities.

Although the Social Security trust fund is projected to be solvent through 2038, safeguards need to be put in place now. Our country must begin to cope with the fact that in the coming decades an increasing proportion of our population will be seniors. Currently, three wage earners pay Social Security taxes to fund the benefits for every one retiree. However, by 2030, there will be only two wage earners per retiree. We must develop a common-sense plan that ensures the long-term financial stability of Social Security.

Along with fiscal prudence, we must work for economic growth. The health of Social Security is closely linked to the health of our economy. Under conditions of a recession, unemployment will increase, revenues from payroll taxes that fund Social Security will fall, and spending on unemployment, welfare and other safety net programs will quickly balloon. Such an outcome will make it harder to fix Social Security.

Consequently, economic policies must be favorable to economic growth. The Federal government must work to pay down the national debt, expand trade, hold down spending, reduce regulations and law suits that hamper job creation, and lower the overall tax burden.

I also favor repeal of the tax on Social Security to allow seniors to keep their benefit money. Just as the government should provide an automatic Social Security COLA to ensure that benefits are not eroded by inflation, it must also avoid eroding Social Security benefits through taxation. I voted against the tax increase on Social Security benefits that was included in former President Clinton's 1993 budget.

Strengthening Social Security will require bipartisanship. Far too often Social Security has been used as a political football. The President and Congress need to examine this issue in a calm and constructive atmosphere. They should focus on enacting policies that will strengthen the program for the good of current and future retirees, and our entire society.

I appreciate knowing your thoughts on this important issue.

Sincerely,
Richard G. Lugar
United States Senator

October 2002