Washington, D.C. – U.S. Senator Joe Manchin (D-W.Va.) issued the following statement regarding how the Gang of Six proposal will protect Social Security for the next 75 years.
“With our nation facing a death spiral of debt, it will take bipartisan compromise to ensure we keep our promises to our seniors and protect vital programs, like Social Security and Medicare. Like all West Virginians, I believe in those programs and want to keep them strong now and into the future. The current Gang of Six proposal will help keep our promises by assuring the solvency of Social Security for another 75 years, as well as create a fairer tax system that closes unnecessary loopholes and attacks waste and fraud. Unlike the Ryan plan or the ‘Cut, Cap and Balance’ plan – which would decimate these vital programs – the Gang of Six plan will responsibly reduce the debt by $4 trillion over the next decade, protect Social Security and Medicare and begin putting our fiscal house in order.
“Although I may not agree with every detail that the Gang of Six proposes, this is the first and only commonsense, bipartisan proposal that balances our nation's moral responsibilities with the need to address our growing debt and fiscal nightmare.
“While it may be easy to find fault and choose to do nothing, I believe elected leaders have a sacred responsibility to the next generation to reach a responsible compromise – not dig in their heels and do nothing. We must be honest with ourselves and realize that doing nothing is not an option when we face a level of debt that will exceed $20 trillion in a decade. Instead, we must work together and make this proposal even better – and that is what I will try to accomplish.
“As your Senator, I can proudly say that the Gang of Six proposal is the first time in eight months that a diverse group of 50 Republicans and Democrats, conservatives and liberals, stopped talking past each other, put politics aside and worked on a compromise that puts out country first. And I’m asking every West Virginian to do the same. For the sake of our seniors, our children, our state, and our nation, we cannot not waste this moment.”
- The Gang of Six plan assures the solvency of Social Security for the next 75 years.
- Social Security would shift to a chained Consumer Price Index. According to the Washington Post “the most vulnerable beneficiaries would be shielded from some of the impact of the change by exempting the Supplemental Security Income program for the poorest seniors for five years and setting a minimum benefit equivalent to 125 percent of the poverty level.” http://www.washingtonpost.com/opinions/the-gang-of-six-new-hope-in-the-debt-crisis/2011/07/19/gIQAZXUfOI_story.html