Al Franken on Social Security
DFL Jr Senator (MN)
Polls consistently find that more than 2/3 of Americans favor getting rid of the cap entirely. Another strategy is to raise the cap to $120,000, or $150,000. Or the Social Security Administration could invest part of the Trust Fund in stocks, rather than treasury bonds, which would introduce a little bit of risk, but that risk would be shared by everyone.
Reasonable senators could sit down & solve the solvency problem in 5 minutes. Private accounts would do NOTHING to solve the solvency issue. Nothing.
But why did it need saving? Because there was a crisis looming. In 2042, a mere 37 years hence, Social Security would be "bankrupt," "flat broke."
The solution to this crisis? Driving a stake through the heart of the program by transforming it from a system of shared protection into a glorified IRA. Plus cutting benefits.
CONCURRENT RESOLUTION expressing the sense of the Congress that the Chained Consumer Price Index (CPI) should not be used to adjust Social Security benefits.
Opponent's argument against bill:(Congressional Testimony by Jeffrey Kling, Congressional Budget Office Associate Director for Economic Analysis, April 18, 2013):
The chained CPI grows more slowly than the trad
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AK: Begich(D) vs.Miller(R) vs.Treadwell(R) vs.Sullivan(R)
AR: Pryor(D) vs.Cotton(R)
CO: Udall(D) vs.Gardner(R) vs.
DE: Coons(D) vs.O`Donnell(R)
GA: Nunn(D) vs.Perdue(R) vs.
HI: Schatz(D) vs.Hanabusa(D) vs.Cavasso(R)
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MA: Markey(D) vs.Herr(R) vs.Skarin(I) vs.
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MS: Cochran(R) vs.Childers(D) vs.
MT: Walsh(D) vs.Daines(R) vs.
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NJ: Booker(D) vs.Bell(R) vs.
NM: Udall(D) vs.Weh(R) vs.Clements(R)
OK-2: Lankford(R) vs.Johnson(D) vs.
OK-6: Inhofe(R) vs.Silverstein(D)
OR: Merkley(D) vs.Wehby(R) vs.
RI: Reed(D) vs.Zaccaria(R)
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SC-6: Graham(R) vs.Hutto(D) vs.Ravenel(I) vs.
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