Protecting Social Security
Senator Dorgan has worked with his Senate colleagues to ensure the well–being of the Social Security trust fund for future generations.
He strongly disagrees with President Bush’s plan to dismantle and privatize the Social Security program, which for many years has provided a safe and dependable foundation for every citizen’s retirement plan.
In his recent FY 2008 budget proposal, President Bush attempts to revive his ill-advised private Social Security accounts plan that Congress has rejected. The President’s proposal, Senator Dorgan believes, would undermine the fiscal solvency of the Social Security program.
President Bush proposes to divert hundreds of billions of dollars of needed Social Security revenues into Social Security “private accounts.” Private account investments would then face the uncertainty of the rise and fall of the stock market instead of the reliability of the Social Security trust fund.
According to Bush’s own budget documents, the plan would drain $637 billion over the next 10 years from the Social Security trust fund, which has been accruing surpluses, to help pay benefits to retiring baby boomers. This fiscal policy could lead to future Social Security benefit cuts of 40 or more for many middle–income workers.
Senator Dorgan believes Congress should preserve the successful Social Security program and work to ensure Americans can continue to depend on it. He wants Congress to stop using Social Security surpluses for unrelated spending and to pay back the surpluses that they have already used.
As Social Security faces financial challenges as the baby boomers retire in the years ahead, Senator Dorgan will continue to work with his Senate colleagues from both sides of the aisle on reforms to extend the life of the Social Security trust fund for generations to come.
