Thursday, 10 March 2016 00:00

The Pro-Social Security Congressional Progressive Caucus Budget

Written by Nancy Altman | Huffington Post Blog
The Pro-Social Security Congressional Progressive Caucus Budget 401(K)2012

Of all the FY 2017 proposed budgets, the Congressional Progressive Caucus People's Budget is by far the best on Social Security. It deserves the support of everyone who supports Social Security.

What makes the CPC budget so strong is what it doesn't do: It does not include Social Security. Finally, a budget that follows the law!

Pub. L.101-508, title XIII, Sec.13301(a), Nov. 5,1990,104 Stat.1388-623, unambiguously states that Social Security "shall NOT be counted as new budget authority, outlays, receipts, or deficit or surplus for purposes of - (1) the budget of the United States Government as submitted by the President, [or] (2) the congressional budget." (Emphasis added.)

The reason for the law is clear. Private employers who sponsor pension plans are legally required to keep plan income and assets segregated from the company's general operating fund. Under the same principle, the law requires that Social Security's income and assets be kept segregated from the general operating fund of its plan sponsor, the federal government.

Too many Americans believe that their Social Security contributions have been stolen by their government, diverted to some unauthorized purpose. All the proposed budgets but the CPC's inadvertently reinforce the false impression that the people's pension monies - the Social Security trust funds -- are not being properly managed. The other budgets treat the funds as commingled in a so-called unified budget -- despite the clear requirements of the law to do the contrary. In contrast, the CPC budget makes it perfectly clear that Social Security's funds are held in trust, separate and apart from the general fund.

The CPC Budget complies with Pub. L. 101-508 by excluding Social Security. It announces its policy recommendations, but makes clear that those should be considered separately:

The People's Budget supports increasing Social Security's modest benefits, separate and apart from budget discussions. Social Security is part of the solution to a looming retirement income crisis, the disappearing middle class, and growing income inequality. It is the most secure, universal, fair and efficient insurance against the loss of wages in the event of disability, death, or old age, but its vitally important benefits are modest by virtually any measure.


Recognizing Social Security for the solution that it is while making clear that its funds are dedicated exclusively to the sole purpose of funding earned benefits (and the associated administrative costs) should not be the rarity that it is. The Congressional Progressive Caucus is to be applauded for seeing this when no other policymakers do. The CPC deserves our gratitude. Its budget deserves our support. Support The People's Budget!

Link to original article from The Huffington Post

Read 4925 times Last modified on Thursday, 07 April 2016 00:24

Latest Expand and Protect Social Security News

  • 1
  • 2

Latest News

  • Repealing the Jim Crow law that keeps 1.5 million Floridians from voting. +

    Repealing the Jim Crow law that keeps 1.5 million Floridians from voting. A seismic political battle that could send shockwaves all the way to the White House was launched last week in Read More
  • Nuclear Weapons: Who Pays, Who Profits? +

    Nuclear Weapons: Who Pays, Who Profits? In an interview with Reuters conducted a month after he took office, Donald Trump asserted that the U.S. had “fallen Read More
  • Sessions issues sweeping new criminal charging policy +

    Sessions issues sweeping new criminal charging policy Attorney General Jeff Sessions overturned the sweeping criminal charging policy of former attorney general Eric H. Holder Jr. and directed Read More
  • Bush’s Iraq Lies, Uncontested, Will Haunt Us Under Trump +

    Bush’s Iraq Lies, Uncontested, Will Haunt Us Under Trump The CODEPINK Tribunal taking place December 1 and 2, and live streamed by The Real News, is a historic collection of testimonies about the lies Read More
  • The System IS Rigged!—The Electoral College and the 2016 Election +

    The System IS Rigged!—The Electoral College and the 2016 Election Donald Trump was right: the system is rigged! But it is rigged for the Republicans, not the Democrats, for conservatives, Read More
  • 1

Featured Social Security News

  • Screwing With and Screwing the Elderly and Disabled +

    Screwing With and Screwing the Elderly and Disabled Social Security checks to rise just 0.3% in 2017 Read More
  • The Damned Lies: Attacking the Trust in America's Retirement System +

    The Damned Lies: Attacking the Trust in America's Retirement System Ever wonder why you hear Republicans and the Right-wing media constantly saying that Social Security is going bankrupt? This drumbeat Read More
  • Elizabeth Warren Wants To Make Up Missing Social Security Increase +

    Elizabeth Warren Wants To Make Up Missing Social Security Increase Elizabeth Warren would like to send every senior citizen and disabled veteran in America a check for $580. Read More
  • Why Is No One Talking About the GOP’s Plan to Send Millions of Disabled Americans Into Poverty? +

    Why Is No One Talking About the GOP’s Plan to Send Millions of Disabled Americans Into Poverty? Despite their virtues, many conservative Republicans have an unfortunate habit of picking on the weak and disadvantaged, slandering the people Read More
  • GOP Assault on Social Security Could be 'Death Sentence' for Nation's Disabled +

    GOP Assault on Social Security Could be 'Death Sentence' for Nation's Disabled Republican opposition to a plan that would shore up a critical government safety-net program amounts to a new front in Read More
  • 'Hostage-Takers': Republicans Go After Social Security on Very First Day +

    'Hostage-Takers': Republicans Go After Social Security on Very First Day Advocacy groups vow to fight back against what they believe is a preliminary "stealth attack" that portends a wider assault Read More
  • Fight for Big Ideas: Expand Social Security +

    Fight for Big Ideas: Expand Social Security Why did Democrats lose on election night? Because not enough of them were fighting for big ideas. As Sen. Bernie Read More
  • Almost Every Slice of American Society Wants To Strengthen Social Security Except Washington Insiders +

    Almost Every Slice of American Society Wants To Strengthen Social Security Except Washington Insiders Most Americans want better benefits, and they agree on how to pay for them. As strengthening Social Security becomes a Read More
  • 1