The following is a statement from Nancy Altman, President of Social Security Works, in reaction to nearly every Republican member of the House of Representatives, as well as seven Democrats, voting for a Constitutional amendment requiring that all annual revenue and spending balance every year:
“Every pay period, starting with our first jobs, America’s workers contribute to Social Security. The program uses those funds to pay all benefits and related administrative costs. Social Security does not add even a penny to the deficit, as Republican President Ronald Reagan so clearly stated when he was president.
When Social Security runs a surplus, Social Security holds the funds in trust. Social Security currently has a $2.9 trillion accumulated surplus. In the guise of a so-called balanced budget amendment, 233 members of the House of Representatives just voted to pretend that the accumulated surplus does not exist.
Ninety-seven percent of Republicans just voted to steal those past contributions. They voted, in effect, to not pay back hardworking Americans when those funds will be needed to pay their earned benefits. (Ninety-six percent of Democrats voted to honor their commitment to the American people.)
That 233 politicians would vote to steal this money is shameful. It helps explain the low regard the American people have for Congress. Fortunately for Social Security beneficiaries, the amendment did not attain the two-thirds majority required to pass the House. But those who voted for it are now on the record in support of stealing the American people’s earned Social Security benefits.”
A list of the Members of Congress who voted for the so-called balanced budget amendment is here and on the graphic below.