Summary and Analysis of Senator DeMint’s “Stop the Raid on Social Security Act of 2005”

Ed Lorenzen

Senators Jim DeMint, Rick Santorum and Lindsay Graham introduced legislation this week that would establish individual accounts that will serve as “personal lockboxes” to save Social Security surpluses. While the sponsors of this bill acknowledge that it will not resolve the financial problems facing Social Security, it could make a useful down payment on reform by establishing a mechanism to save money to pay for future retirement costs. However, a companion bill introduced in the House has serious flaws that could undermine the goals of budget transparency and advancing the prospects for comprehensive reform.

Continue reading Summary and Analysis of Senator DeMint’s “Stop the Raid on Social Security Act of 2005.”

Posted by Kelly Buck at June 24, 2005 10:30 AM