Las Vegas — FOR IMMEDIATE RELEASE — United States Senate Republican nominee candidate Juston Preble (R–Nevada) blasted Congressman Joe Heck (R–The Pyramids) for describing our national public old age pension plan as a “pyramid scheme”.
“Social Security is not a pyramid scheme despite Congress allowing the Federal Government to ‘borrow’ from Social Security and leave behind a pile of IOU’s in the form of U.S. Treasury notes. It’s like irresponsible grandchildren having access to their grandparents’ retirement funds to fund their daily living expenses with no oversight,” said Juston Preble. “If I am elected to the United States Senate I will introduce legislation to prohibit the Federal Government from borrowing from the Social Security Trust Fund. That is something Joe Heck should have done as a Congressman instead of allowing the current system to exist — which I find disgraceful.”
Preble explained that the Social Security Trust Fund holds all money paid by American workers plus the amounts required to be paid by their employers. Rather than keep all the money in the Social Security Trust Fund, Congress decided that the Federal Government should have the ability to ‘borrow’ excess amounts not immediately needed to pay benefits to retirees. The total amount currently owed by the U.S. Treasury to Social Security is about $3 Trillion.
“In the end, the American worker needs to be assured that the Federal Government will have the money to pay their Social Security checks from the Social Security Trust Fund and from the bonds redeemed from the U.S. Treasury by the Social Security Trust Fund,” said Preble. “In order to make sure the Social Security Trust Fund is fully funded and that retirees feel safe, Congress needs to do two things: First, stop being a deadbeat and pay back the full $3 Trillion that was already borrowed; second, start cutting the Federal budget so that the $3 Trillion being paid back isn’t borrowed from the Chinese government or through higher taxes on American families; and, third, start work on the passage of a Constitutional Amendment that will prevent Congress from ever borrowing from Social Security again.”
Press release source: Tom Mannix. Contact Juston Preble For United States Senate at 312-622-8962. www.JustonForUSSenate.com/
Justin Shimko
