Frank Lautenberg: “as we continue to debate the so-called Social Security lock box legislation, let me again emphasize that we Democrats…”

“as we continue to debate the so-called Social Security lock box legislation, let me again emphasize that we Democrats strongly support the purported goal of protecting Social Security surpluses. But many of us also feel that this legislation would be a serious mistake, for three reasons. First, it does nothing to protect Medicare. Instead, it allows Congress to squander funds needed for Medicare on tax breaks for the wealthy. Second, it threatens Social Security. Under the amendment, an unexpected economic downturn could block the issuance of Social Security checks. Also, the amendment contains a loophole that would allow Social Security contributions to be diverted for purposes other than Social Security benefits, such as risky new privatization schemes or tax breaks. And, third, the amendment threatens a government default. This could undermine our nation's credit standing, increase interest costs, block benefit and other payments, and ultimately lead to a world-wide economic crisis. For all these reasons, as I explained in more depth yesterday, I believe the pending amendment is seriously flawed.”