The Social Security Trust Fund's lack of any actual economic assets was noted back in 2000 by President Clinton's Office of Management and Budget, which wrote that, "These balances are available to finance future benefit payments ... only in a bookkeeping sense. They do not consist of real economic assets that can be drawn down in the future to fund benefits. Instead, they are claims on the Treasury that, when redeemed, will have to be financed by raising taxes, borrowing from the public, or reducing benefits, or other expenditures."
While Social Security must rely on outside funding sources to repay the trust fund, the program's trustees note that the trust fund itself lasts only until 2033, at which point no more outside funding can be transferred into program. At that point, beneficiaries will see an approximate 25 percent decrease in benefits.
This must not happen. Social Security is vital to millions of our seniors who currently rely on it, and should be in place as a core safety net for future generations. We need to strengthen and preserve Social Security. I am committed to a bipartisan solution to ensure the sustainability of the program, and to avoid the drastic cuts to benefits that would result if the Trust Fund were exhausted.
We must act sooner rather than later to avert massive tax increases or benefit cuts that would result from further inaction. I will keep your views in mind as I work to strengthen and preserve the program for future generations.
Thank you again for taking the time to write. For more information, I encourage you to visit my website at http://www.portman.senate.gov. Please keep in touch.
By Senator Portman's admission the Social Security Trust Fund was raped by the United State Congress during the period from1983 -- 2009. Now they are saying the taxpayer -- YOU and ME -- must pay it back! Well, we have already paid into the fund and they stole it, therefore I find it only the lawful thing to have those who took it to pay it back. Therefore, why not look at the FERS fund to repay at least a portion. In addition maybe each lawmaker can look at cutting back on their staff. At present the average Senator receives $3,350,000 annually to support their staff. This does not include members of the U.S. House as I could not locate the average amount spent by each of them, but one can assume it is similar. In view of the fact these individuals actually spend approximately - year doing the job they were elected for, they could cut their staff and not be hurt by it.