Congressional Corner

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Congressional Corner

By Representative Tim Bishop (NY)
Everywhere I go in New York’s First Congressional District, I meet seniors who are determined to make their voices count as Washington debates the future of Social Security and Medicare. Eastern Long Island is home to a growing movement of more than 2,600 TSCL members, and it has been a privilege to work closely with seniors who understand the importance of economic security in retirement, and are concerned about the decisions we face as a society. Earlier this year, I sat down with Former Member of Congress David Funderburk and TSCL Legislative Affairs Director Patty Gaul concerning my opposition to the Medicare Prescription Drug bill, and our shared commitment to preserve and strengthen Social Security and Medicare. As one of the 77 million baby boomers who will begin to retire over the next decade, I am all too well aware that decisions we are making today are leading us down a path of misplaced priorities when it comes to the economic security of our seniors.

In recent months, Alan Greenspan presented a series of false choices concerning the future of Social Security. On the one hand, he continues to maintain that our society can afford yet another round of the Bush tax cuts. On the other hand, he points out that our government may “have promised more than our economy has the ability to deliver” in terms of benefits to our seniors. Greenspan’s opinion that we must either raise the retirement age or cut Social Security benefits draws into focus the stark choices ahead of us as a nation.

If we extend the entire Bush tax package, which primarily benefits the top 1% of Americans, we will continue to jeopardize Social Security benefits by driving up the deficit beyond the projected level of $422 billion ($571 billion outside the surplus in the Social Security Trust Fund) in FY2004 alone. I believe we must stand strong against those who would reduce benefits because they say Social Security is in a crisis. Social Security is currently estimated to be solvent until year 2052, so we have an opportunity to restore the fiscal discipline needed to shore up Social Security and Medicare for future generations.

In my opinion, it is outrageous to suggest that we should reduce Social Security benefits so we can continue paying for enormous tax breaks for millionaires. The non-partisan Center for Budget and Policy Priorities has estimated that the cost to the deficit of the President’s tax cuts is three times the impact of the projected Social Security shortfall. If we rollback the portion of the tax cut for millionaires, we can maintain the tax cuts that benefit working families, and get back on track to protecting Social Security and Medicare.

Social Security is the major source of income for older Americans. We owe it to each other to restore the fiscal discipline needed to ensure the economic security of future generations of Americans by working to strengthen and protect Social Security and Medicare.

September 2004