Connie Mack on Social Security

Last Updated : Oct 11, 2012

Summary

The Ryan-Johnson Plan

In 2005, Congressman Mack supported the reform plan put forth by Congressman Paul Ryan and Congressman Sam Johnson. The plan maintained social security for those over 55 and allow those under that age to divert some of that money to private accounts. He stated that of all the plans and ideas on the table today, the Ryan plan and the Johnson plan offer the best opportunities to protect the sacred trust of Social Security for current retirees and those near retirement.

In noting the benefits of the plans as proposed, Congressman Mack noted that:

  • Workers age 55 and over would remain covered under the traditional Social Security system with no change in benefits.
  • Workers will be enrolled in a “life-cycle” fund that automatically adjusts the worker’s portfolio based on his or her age - moving near-retirees into safe, government-backed bond funds. Workers may stay with this “life-cycle” fund or choose from a list of five index funds similar to those found in the federal Thrift Savings Plan (TSP).
  • The accounts are backed up by a guaranteed minimum benefit equal to Social Security promises under current law.

The Payroll Tax

In December of 2011, Congressman Mack supported a one year extension of the payroll tax cut of 2%. He stated that a two-month extension is not fair to American workers or businesses, who are trying to plan for the year and that Congress should be able to extend these cuts for a year without any problem.

 

Support for Reform

In May of 2005, Congressman Mack spoke on the House floor in support of two different plans to reform social security.

 

Support for the Ryan Plan

In May of 2005, Congressman Mack issued a press statement noting his support for the Social Security reform plan introduced by Congressman Paul Ryan.

 

Discussing Social Security Reform

In June of 2005, Congressman Mack issued a press statement noting his support for various social security reform plan.

 

Temporary Continuation of Payroll Tax

In December of 2011, Congressman Mack issued a press statement noting his support for extending the payroll tax cut for more than a few months and for at least a year.

 

 

Sponsored and Cosponsored Legislation

Session-109; Bill Number-H R 1776; Social Security Personal Savings Guarantee and Prosperity Act of 2005 - Cosponsor

The Social Security Personal Savings Guarantee and Prosperity Act of 2005 would have created private savings accounts for anyone born after 1950.

Session-109; Bill Number-H R 1776; Social Security Personal Savings Guarantee and Prosperity Act of 2005 - Cosponsor

This legislation, proposed by Congressman Paul Ryan was an early precursor of the Social Security section of the Path to Prosperity - also known as the Paul Ryan Plan. This legislation allows for people under the age of 55 to place some of their funds into a private account system if they chose to do so. The system creates a tiered set of accounts and invests those accounts according to the age of the person, adjusting risk accordningly. It ensures that no funds paid into social security are used for other spending items.

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