Summary

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http://www.zwire.com/site/news.cfm?newsid=14745770&BRD=1817&PAG=461&dept_id=222077&rfi=6

Details

• Calling it a "first step towards stopping the raid on Social Security," Congressmen Jim McCrery (4th Dist.-La.), Clay Shaw (22nd Dist.-Fl.), Sam Johnson (3rd Dist.-Texas), and Paul Ryan (1st Dist.-Wis.) discussed their intent to introduce the GROW Accounts Act (Growing Real Ownership for Workers).
• Ultimately, the proposal walls off Social Security surplus money from other government spending through the creation of GROW Accounts.
• Currently Social Security taxes pay for retiree benefits, as well as benefits for widows, orphans and the disabled.
• This measure would change that by directing money from the surplus to fund newly created GROW Accounts.
• An independent Board, similar to the one which manages the retirement plan for Federal workers, will manage and administer GROW Accounts.
• In January 2009, the board will submit a plan to Congress that would allow for workers to choose other prudent investment options or stay in low-risk marketable treasury bonds.
• Chairman McCrery said, "This bill will provide future retirees with fully inheritable Social Security accounts that can't be spent by Congress, ensuring that taxes paid into Social Security are used for Social Security."
• Congressman Clay Shaw, the immediate-past Chairman of the Social Security Subcommittee said, "This new idea is a good first step toward putting Social Security on a sustainable path.
• We can all agree that Social Security dollars should be spent on Social Security.
• I believe that time has come to lay our best thoughts on the table and work towards a clear bipartisan solution, with only the motivation of leaving the Social Security system better than how we found it.
• Congressman Sam Johnson said, "It's just common sense that the funds in the Social Security surplus are spent on Social Security.
• I am for that and this bill is a first step in that direction.

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