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H. 4860

STATUS INFORMATION

Concurrent Resolution
Sponsors: Rep. G. Brown
Document Path: l:\council\bills\ms\7169ahb04.doc

Introduced in the House on March 2, 2004
Currently residing in the House Committee on Invitations and Memorial Resolutions

Summary: Alan Greenspan, Social Security, federal debt

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
    3/2/2004  House   Introduced HJ-9
    3/2/2004  House   Referred to Committee on Invitations and Memorial 
                        Resolutions HJ-9

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VERSIONS OF THIS BILL

3/2/2004

MEMORIALIZING THE CONGRESS OF THE UNITED STATES OF AMERICA NOT TO FOLLOW THE ADVICE OF FEDERAL RESERVE CHAIRMAN ALAN GREENSPAN TO CUT SOCIAL SECURITY BENEFITS FOR FUTURE RECIPIENTS IN ORDER TO REDUCE BUDGET DEFICITS.

Whereas, on February 25, 2004, Federal Reserve Chairman Alan Greenspan urged Congress to cut Social Security benefits for recipients "as soon as possible" in order to reduce mounting budget deficits; and

Whereas, in addition to the spending cuts to lower deficits, Mr. Greenspan stated Congress should consider a measure, other than the Consumer Price Index, to calibrate increases in Social Security payments and other entitlement programs; and

Whereas, Mr. Greenspan's plan would trim retirement benefits by pushing up the age at which beneficiaries could begin to receive Social Security and Medicare; and

Whereas, the members of the General Assembly of the State of South Carolina value the hardworking citizens of the State and the United States of America and oppose attempts to cut deficits by reducing benefits for retirees; and

Whereas, the members of the South Carolina General Assembly ask Congress to study other options which may eliminate the need for a cut in Social Security benefits such as a proposal to create personal accounts within Social Security that could be invested in the stock market; and

Whereas, America's seniors kept their promise to America by working hard and contributing to the well-being of the nation's economy and America must keep its promise to them. Now, therefore,

Be it resolved by the House of Representatives, the Senate concurring:

That the members of the South Carolina General Assembly memorialize the Congress of the United States of America not to follow the advice of Federal Reserve Chairman Alan Greenspan to cut Social Security benefits for future recipients in order to reduce budget deficits.

Be it further resolved that a copy of this resolution be forwarded to the United States Senate, the United States House of Representatives, and to each member of the South Carolina Congressional Delegation.

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