Steven Holt: “I rise in opposition. I am most concerned that this bill will undermine the very idea of Social Security by taking money…”

“I rise in opposition. I am most concerned that this bill will undermine the very idea of Social Security by taking money out of Social Security and promising to make it whole with general revenues. When FDR and others created Social Security in 1935, it was a political master stroke. Social Security was created as an insurance program and has remained intact for 75 years because Americans have a real sense of ownership for the program. FDR said Social Security should not use general tax revenues. This bill puts Social Security on the table with tax breaks for the top 2 percent, with estate tax, alternative minimum tax, accelerated depreciation, making it essentially another bargaining chip. If we allow Social Security to become another bargaining chip for dealing politicians, then it will not be long for this world. In good economic times and bad, this sense of ownership that Americans will get their due from Social Security has allowed it to survive despite determined efforts by determined enemies. We can find better ways to boost our economy that do not add billions of dollars of debt to pay for tax cuts for the privileged few and do not jeopardize Social Security. It is with regret that I rise in opposition to this legislation.”