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Bob Kerrey on Social Security
Social Security Myths
On July 22, 1996 Senator Kelley spoke on the Senate floor about what he called myths related to the Social Secutiry system and its solvency.
Balanced Budget Act of 1997
On June 24, 1997 Senator Kerrey spoke on the floor of the Senate during a discussion of the Balanced Budget Act of 1997. He notes moving the retirement age to address Social Security.
Social Security Solvency Act of 1998
On March 18, 1998 Senator Kerrey spoke on the Senate floor with Senator Moynihan about the Social Security Solvency Act of 1998.
Using Surplus for Tax Cuts
On July 17, 1998 Senator Kerrey spoke on the Senate floor in support of using the Social Security surpluses to provide a tax cut for those paying Social Security.
Clinton and Social Security
On October 26, 1999 Senator Kerrey spoke on the Senate floor noting the need for reform to Social Security and President Clinton's prompting to address it.
Social Security and General Revenue
On March 19, 1999 Senator Kerrey spoke on the Senate floor about his support for keeping the general revenue fund separate from the social security fund.
Finally Fixing Social Security
On October 1, 1999 Senator Kerrey spoke on the Senate floor in support of finally addressing Social Security.
Social Security Reform
On November 9 1999 Senator Kerrey spoke on the Senate floor about the overall social security reform.
Reforming Social Security and the Budget
On July 27, 2000 Senator Kerrey spoke on the Senate floor about the budget, taxes, and a number of issues. He discussed his desire to reform Social Security to ensure the future economy.
KidSave Act
On October 12, 2000 Senator Kerrey spoke on the Senate floor introducing and supporting his KidSave legislation to take the Social Security surplus funds and give each child $2,000.
Voting Record
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. Robert Kerrey voted against the amendment to create a lock box for social security surpluses and limit the federal debt.
Robert Kerrey voted against the amendment to create a lock box for social security surpluses and limit the federal debt.
Amendment - Private Accounts
In April of 1998, the Senate voted on amendment 2209 to the budget for that year. The amendment contained nine findings and a resolution. The nine findings were:
(1) The social security program is the foundation of retirement income for most Americans, and solving the financial problems of the social security program is a vital national priority and essential for the retirement security of today's working Americans and their families.
(2) There is a growing bipartisan consensus that personal retirement accounts should be an important feature of social security reform.
(3) Personal retirement accounts can provide a substantial retirement nest egg and real personal wealth. For an individual 28 years old on the date of the adoption of this resolution, earning an average wage, and retiring at age 65 in 2035, just 1 percent of that individual's wages deposited each year in a personal retirement account and invested in securities consisting of the Standard & Poors 500 would grow to $132,000, and be worth approximately 20 percent of the benefits that would be provided to the individual under the current provisions of the social security program.
(4) Personal retirement accounts would give the majority of Americans who do not own any investment assets a new stake in the economic growth of America.
(5) Personal retirement accounts would demonstrate the value of savings and the magic of compound interest to all Americans. Today, Americans save less than people in almost every other country.
(6) Personal retirement accounts would help Americans to better prepare for retirement generally. According to the Congressional Research Service, 60 percent of Americans are not actively participating in a retirement plan other than social security, although social security was never intended to be the sole source of retirement income.
(7) Personal retirement accounts would allow partial prefunding of retirement benefits, thereby providing for social security's future financial stability.
(8) The Federal budget will register a surplus of $671,000,000,000 over the next 10 years, offering a unique opportunity to begin a permanent solution to social security's financing.
(9) Using the Federal budget surplus to fund personal retirement accounts would be an important first step in comprehensive social security reform and ensuring the delivery of promised retirement benefits.
(b) Sense of the Senate: It is the sense of the Senate that this resolution assumes that the Committee on Finance shall consider and report a legislative proposal this year that would dedicate the Federal budget surplus to the establishment of a program of personal retirement accounts for working Americans and reduce the unfunded liabilities of the social security program.
The amendment was agreed to in the Senate 51-49. Robert Kerrey voted against the amendment to use surplus social security funds for private accounts.
Robert Kerrey voted against the amendment to use surplus social security funds for private accounts.
Sponsored and Cosponsored Legislation
Session-106; Bill Number-S 3200; Social Security KidSave Accounts Act - Prime Sponsor
Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to create a new part B (KidSave Accounts). Directs the Commissioner of Social Security to establish in the name of each individual born on or after January 1, 2000, an individual retirement account in the Thrift Savings Fund known as a KidSave Account. Requires such Account to be treated in the same manner as an account maintained by a Federal employee under the Federal Employees Retirement System (FERS) (into which contributions by or on behalf of the individual are deposited into one or more designated investment funds).Requires the Secretary of the Treasury to transfer from the Federal Old- Age and Survivors Insurance Trust Fund to each account holder's KidSave Account: (1) $2,000, on the date such individual's KidSave Account is established; plus (2) other, including rollover, contributions, by or on behalf of the individual, the aggregate amount of which in the case of any individual below age 19 is capped at $500 for any taxable year. Provides for the treatment of distributions.Amends the Internal Revenue Code to exclude from gross income any rollovers into a KidSave Account.
Session-106; Bill Number-S 2774; Bipartisan Social Security Reform Act of 2000 - Cosponsor
A bill to amend title II of the Social Security Act to provide for individual savings accounts funded by employee and employer social security payroll deductions, to extend the solvency of the old-age, survivors, and disability insurance program, and for other purposes.
A bill to establish the Social Security Protection, Preservation, and Reform Commission.
Session-106; Bill Number-S 2249; Social Security Reporting Improvements Act of 2000 - Cosponsor
A bill to amend title VII of the Social Security Act to require the Commissioner of Social Security to provide Congress with an annual report on the social security program, and for other purposes.
Session-106; Bill Number-S 21; Social Security Solvency Act of 1999 - Cosponsor
A bill to reduce social security payroll taxes, and for other purposes. Lowers the amount the each person and employer must pay into Social Security and allows them to create private accounts.
Session-105; Bill Number-S 2184; Social Security KidSave Accounts Act - Prime Sponsor
A bill to amend the Social Security Act to provide each American child with a KidSave Account.
Session-105; Bill Number-S 1792; Social Security Solvency Act of 1998 - Cosponsor
A bill to reduce social security payroll taxes, and for other purposes. Lowers payments into the Social Security system and allows for voluntary payments into accounts.
Session-104; Bill Number-S 818; Social Security Retirement Age - Prime Sponsor
A bill to amend title II of the Social Security Act to increase the normal retirement age to age 70 by the year 2029 and the early retirement age to age 65 by the year 2017, to provide for additional increases thereafter, and for other puropses.
Session-104; Bill Number-S 825; Strengthening Social Security Act of 1995 - Prime Sponsor
Amends the Internal Revenue Code and title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to require covered employers to have a plan for withholding certain contributions from the wages of their eligible employees for investment according to the individual employee's personal investment plan.
Session-104; Bill Number-S 2175; Strengthening Social Security Act of 1996 - Prime Sponsor
Amends the Internal Revenue Code and title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to require covered employers to have a plan for withholding certain contributions from the wages of their eligible employees for investment according to the individual employee's personal investment plan.
Session-104; Bill Number-S 2176; Personal Investment Plan Act of 1996 - Prime Sponsor
A bill to amend the Internal Revenue Code of 1986 and the Social Security Act to provide for personal investment plans funded by employee security payroll deductions.