William Orton: “today I am pleased to vote in favor of H.R. 4277, a bill to create an independent Social Security Administration. The…”

“today I am pleased to vote in favor of H.R. 4277, a bill to create an independent Social Security Administration. The Social Security system plays a critical role in providing economic security for millions of elderly Americans struggling to make ends meet on fixed incomes in an inflationary environment. It is not a government handout. It is a retirement plan in which individuals contribute over their working lifetime and receive benefits when they retire. The program is financially self-sufficient. It is funded through FICA contributions, with an annual surplus of $50 billion and a trust fund that has built up to over $400 billion. This self-funded, self-sufficient nature of the program distinguishes itself from most other Federal spending. As a result, it merits appropriate separate treatment. For example, I am a strong advocate of balancing the Federal budget, of making the tough budget cutting choices. I have even drafted my own balanced-budget amendment. However, in recognition of the self-funding nature of Social Security, my balanced-budget proposal specifically exempts Social Security payments from automatic spending cuts in the event of a deficit.”