MT-Sen: Max Baucus (D), ‘By law, Social Security separate from Federal Budget’

[ProSense]

MT-Sen: Max Baucus (D), ‘By law, Social Security separate from Federal Budget’

by poopdogcomedy

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On May 10th, 2011, Senate Finance Committee Chairman Max Baucus (D. MT) clearly stated that Social Security doesn't contribute to the deficit:

http://www.advisorone.com/2011/05/10/sen-max-baucus-keep-social-security-out-of-deficit

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“Social Security benefits are financed only through payroll taxes and the Trust Fund,” Baucus (left) said during a hearing held by his committee entitled “Perspectives on Deficit Reduction: Social Security.” Social Security, he continued, “is not responsible for the deficits we face in the general fund today. Therefore, I believe Social Security should not be part of our efforts to reduce those deficits.” - Advisor One, 5/10/11

Baucus also stated that by law, Social Security must remain separated from the rest of the Federal budget and the program cannot borrow money from the general Federal budget. Social Security advocates who were at this hearing agreed with Baucus' statements:

Nancy Altman, co-Chair of the Strengthen Social Security Campaign and Chair of the Pension Rights Center, agreed during her testimony, stating that “the law is clear, Social Security shall not be counted for purposes of the federal budget.” She said that cutting Social Security benefits would not have any impact on efforts to reduce the nation’s $14.3 trillion deficit.

Charles Blahous, research fellow at the Hoover Institute in Washington, backed up Altman’s statement, stating “I do agree with that.”

James Roosevelt, president and CEO of Tufts Health Plan, and President Roosevelt’s grandson, countered that “the truth about Social Security is that it has contributed to the financial wellbeing of almost every American family.” The truth about Social Security, he continued, “is that it is solvent today because it has a dedicated income stream that covers its costs and is actuarially sound; and more importantly, with minor adjustment it will remain solvent for decades to come.” - Advisor One, 5/10/11

I called Senator Baucus' office today to remind him of that statement he made and if he still stands by what he said last year. His staffer assured me he does and it sounds like he won't support a Chained CPI but you should keep the pressure on him too. When a Democrat who a lot of people here don't like, especially that Chairman of a powerful committee, says what we've been saying, that should be a sign for President Obama and Leader Pelosi to not advocate a Chained CPI as part of a budget negotiation. I recommend you call Baucus and remind him of what he said last year and stick by it. No Social Security cuts. You can contact Baucus here:

[phone]

And if you're a Montana resident, you can call him on any one of his local offices to urge him no cuts to Social Security:

Billings: [phone]

Bozeman: [phone]

Butte: [phone]

Glendive: [phone]

Great Falls: [phone]

Helena: [phone]

Kalispell: [phone]

Missoula: [phone]

While you're at it, give Pelosi a call and tell her that a Chained CPI is indeed a cut and would hurt seniors, veterans and the middle-class:

[phone]

San Francisco: [phone]

http://www.dailykos.com/story/2012/12/19/1172070/-MT-Sen-Max-Baucus-D-By-law-Social-Security-separate-from-Federal-Budget

Note:

Kos Media, LLC Site content may be used for any purpose without explicit permission unless otherwise specified

[RomneyLies]

1. The bluest of the blue dogs gets it, but Barack Obama doesn't.

[madrchsod]

2. if they cut it by linking it to federal budget

it will end up in front of the supremes

[ProSense]

3. Kick! n/t

[Autumn]

4. Damn it, I'm going to rec this one too.

K/R

[PoliticAverse]

5. "and the program cannot borrow money from the general Federal budget."

As a result of the payroll tax cut bill money from the general federal budget now goes into the trust fund
(to make up the revenue lost).

[ProSense]

6. Not the same

Social Security didn't "borrow" the money.

The government diverted money from the trust fund and repaid the amount it diverted.

[PoliticAverse]

7. If you reduce taxes the money you don't collect isn't 'diverted' it's just not collected.

The payroll tax cut effectively transferred some of Social Security's funding from the payroll tax to
the general budget.