Mar 25, 2011
Building on House Republicans’ assault on Social Security and Medicare, Representative Harris told listeners on a telephone town hall that he wants to take the money taxpayers put into Social Security, and gamble those hard-earned dollars in the Chinese bond market.
Josh Schwerin, Northeast Regional Press Secretary at the Democratic Congressional Campaign Committee staed:
Representative Andy Harris has a radical new scheme to gamble seniors’ Social Security benefits in the Chinese bond markets.
Unfortunately for Maryland families, Representative Harris seems more concerned with encouraging economic growth in China than protecting America’s seniors. The Republican plan to invest Social Security in American financial markets is dangerous enough, but Representative Harris’ idea to invest Social Security in Chinese financial markets is the most extreme Social Security proposal we’ve seen yet.
Background
In a surprising twist, Harris then suggested that some government funds could be invested in foreign bonds and that the US could “buy bonds from China.”
He noted that half of US government-issued bonds are now owned by foreign interests and foreign governments use US securities to stabilize their own portfolios.
Social Security trust funds, by law, can only be invested in interest-bearing US government bonds or notes as a way to ensure safety and stability.
Harris said the Social Security trust funds shouldn’t be “lent back to the government” because it only props up deficit spending by Washington.
source: Cecil Times, 3/23/11
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