End Mass Criminalization of Black and Brown Youth

End Racism and Discrimination

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 4911 times Last modified on Thursday, 07 April 2016 00:24

Latest Economic and Social Justice News

  • 1

Willie Nelson - Keeping the Postal Service Alive

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

Economic and Social Justice Calls

  • 5-4-2016 Economic and Social Justice Call
    The team explores the concept, economic theories and realities of achieving Full Employment in the current economy. Guests include Conor Williams, the secretary of the Transitional Jobs Collaborative in Milwaukee and Michael Darner, Executive Director of the Congressional Progressive Caucus.
  • 02-03-2016 Economic & Social Justice
    Listen to this month's call led by Jim Carpenter as we discuss the state of our current economy, the impact of poor economic choices, and the other factors that play into the declining situation around the country, and in the world in this open and guided conversation.
  • 01-06-2016 Economic & Social Justice
    PDAction Board Member Donald Whitehead, and former Ex. Dir. of the Coalition for the Homeless leads the discussion on homelessness, with input from Joel Segal, PDAmerica founding member and National Director of the Justice Action Mobilization Network. Special focus is given to the housing crisis, the role of the banks, programs used by other countries to alleviate the problem, as well as the fact that women are the most adversely affected by this issue. H Con Res 98 - Resolve to Eliminate Homelessness - has been introduced in Congress by Rep. Alma Adams (NC-12) and is endorsed on this call.