Senate Democrats want to put the Social Security trust fund in a lockbox and insulate it from a broader budget-cutting package designed to reduce the national deficit.
It’s a revival of the concept that former Vice President Al Gore (D) made famous when he sparred with George W. Bush over a proposal to invest a portion of Social Security funds in the private market. ...
Senate Budget Committee Chairman Kent Conrad (D-N.D.), who is at the center of bipartisan talks, said he wants to prolong the solvency of Social Security to 75 years. ...
But Conrad does not want Social Security to be part of a broader proposal to reduce the $1.6 trillion federal deficit.
“It might be useful to have Social Security treated on a separate track because it is not part of the deficit reduction package,” Conrad told The Hill before the Presidents Day recess. “I think it should be separated."
Feb 25, 2011
Lockbox Revisted
From The Hill:
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I think the lockbox proposal would be a good one, not to reduce the annual deficit, but to pay down the total debt.
Currently, the surplus IS being used to reduce the annual deficit.
Don Levit
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