Mike Crapo on Social Security

Last Updated : Jul 08, 2010

Summary

Senator Crapo has stated that social security will begin paying out more than it takes in in 2018, and be bankrupt by 2042. When there was a surplus of social security funds in 2005, Senator Crapo advocated for a lock-box type system to protect those funds.  In recent years, he has introduced amendments to prevent the use of trust funds in other government projects. 

He has voted to create a social security trust fund.

 

Press release - Securing Social Security

In March of 2006, Senator Crapo's office released a press statement noting his feelings on the state of social security.

 

Press Release - Raiding Social Security

In March of 2006, in response to a vote in the Senate which struck down a reserve fund for social security, Senator Crapo's office released a press statement declaring that the senators who voted against the measure were voting to raid social security.

 

Press Release - Social Security Surplus

In 2005, Senator Crapo's office released a press statement noting his desire to create a "lock box" type system in which social security funds would be placed and not able to be used by the government for other purposes.

 

Official website statements

Social Security

Voting Record

Temporary Payroll Tax Cut Continuation Act of 2011

In February of 2012, the Senate voted on accepting the conference report for the Temporary Payroll Tax Cut Continuation Act of 2011. The legislation extended unemployment benefits, forced a decision on the Keystone Pipeline project, and provided for certain medicare levels. Mainly, the legislation continued the 2% employer side reduction in payroll taxes for social security. This reduction is funded by bringing money into social security from the general revenue fund, thus adding to the debt. The legislation passed the Senate 60-36. Mike Crapo voted against the legislation.

Mike Crapo voted against the legislation.

Amendment - Social Security Reserve Fund

In 2007, congress attempted to pass an amendment to create a reserve fund for social security. This action was prompted by the increasing awareness that the Social Security program may not be financially solvent in the near future. Opponents claimed that the move was an end-around method to privatize social security. The amendment was largely supported by Republicans and largely opposed by Democrats. The amendment failed in a 45-52 vote. Mike Crapo voted in favor of the amendment to create a reserve fund for social security.

Mike Crapo voted in favor of the amendment to create a reserve fund for social security.

Amendment - Balanced Budget without Social Security

In April of 1999, the Senate voted on an amendment to prevent the government from using the social security surplus from balancing the federal budget. It created a "locbox" for the social security surplus and established limits on the federal debt. The amendment established four findings and two resolutions with multiple points of order to enforce those resolutions. These findings and resolutions were:

Congress finds that--

(1) the $69,246,000,000 unified budget surplus achieved in fiscal year 1998 was entirely due to surpluses generated by the social security trust funds and the cumulative unified budget surpluses projected for subsequent fiscal years are primarily due to surpluses generated by the social security trust funds;

(2) Congress and the President should balance the budget excluding the surpluses generated by the social security trust funds;

(3) according to the Congressional Budget Office, balancing the budget excluding the surpluses generated by the social security trust funds will reduce the debt held by the public by a total of $1,723,000,000,000 by the end of fiscal year 2009; and

(4) social security surpluses should be used for social security reform or to reduce the debt held by the public and should not be spent on other programs.

SEC. 203. PROTECTION OF THE SOCIAL SECURITY TRUST FUNDS.

(a) PROTECTION BY CONGRESS.--

(1) REAFFIRMATION OF SUPPORT.--Congress reaffirms its support for the provisions of section 13301 of the Budget Enforcement Act of 1990 that provides that the receipts and disbursements of the social security trust funds shall not be counted for the purposes of the budget submitted by the President, the congressional budget, or the Balanced Budget and Emergency Deficit Control Act of 1985.

(2) PROTECTION OF SOCIAL SECURITY BENEFITS.--If there are sufficient balances in the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund, the Secretary of Treasury shall give priority to the payment of social security benefits required to be paid by law.

The vote failed to overcome a cloture motion. However, it did get the majority of a 54-45 vote. Mike Crapo voted in favor of the amendment to create a lock box for social security surpluses and limit the federal debt.

Mike Crapo voted in favor of the amendment to create a lock box for social security surpluses and limit the federal debt.

 

Sponsored and Cosponsored Legislation

Session-110; Bill Number-S 43; Social Security Totalization Agreement Reform Act of 2007 - Cosponsor

A bill to amend title II of the Social Security Act to preserve and protect Social Security benefits of American workers and to help ensure greater congressional oversight of the Social Security system by requiring that both Houses of Congress approve a totalization agreement before the agreement, giving foreign workers Social Security benefits, can go into effect.

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