Political Quotes

Nick Smith: “One thing that came from almost all the cities was that we should stop using the Social Security trust fund money to…”

On the recordMarch 24, 1998
One thing that came from almost all the cities was that we should stop using the Social Security trust fund money to mask the deficit and that we should stop using, taking that money, and in return giving nonmarketable IOUs. ... I suggested that we really did not have a surplus in this country and that only because this current year we are borrowing about $85 billion from the Social Security trust fund, next year we are going to be borrowing closer to $100 billion from the Social Security trust fund, that borrowing is what is allowing us to say that we have a balanced budget. I think it is very important that we stop, in effect, hoodwinking the American people.
Said by
Nick Smith
Republican · Michigan
Source
govinfo.gov

Editor's note · Context

Discussing the misuse of Social Security trust fund money during a forum organized by the Pew Foundation.

Share

Share on XShare on FacebookEmail this quote

More from Nick Smith

Oct 5, 2004

The reason we are here is to make clear to the world that we are not going to have military conscription right now for active military duty. I introduced a bill last year, H.R. 3598, because I think we need to seriously discuss the…

govinfo.gov
Apr 21, 2004

It is a whole different 1-hour debate and discussion; but just, for example, one country, we have $100 billion deficit trade with China, and what does China do with that extra $100 billion? They probably invest it in our companies, or buy…

govinfo.gov
Apr 21, 2004

How do we change? How do we develop the kind of discipline, intestinal fortitude to start slowing down this huge growth of government to the extent that we have decided we will simply borrow more and more money to take home to our…

govinfo.gov
Jul 9, 2004

I oppose H.R. 2828, the California Water Bill because it preauthorizes wasteful projects. It forces federal taxpayers to pick up more than a $1.5 billion tab for a California-only project. It would not prevent taxpayers from getting stuck…

govinfo.gov
View all Nick Smith quotes

Other voices in this conversation