EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted. Green numbers along left margin indicate location on the printed bill (e.g., 5-15 indicates page 5, line 15).

1-1 Whereas, The Social Security system provides benefits to 44 million

1-2 Americans, including over 27 million retirees, 4 1/2 million people with

1-3 disabilities, almost 4 million surviving children and over 8 million

1-4 surviving adults, and is essential to the dignity and security of a large

1-5 number of the residents of this country; and

1-6 Whereas, The Trustees of the Federal Old-Age and Survivors

1-7 Insurance and Disability Insurance Trust Funds have reported to Congress

1-8 that the "total income" of the Social Security system "is estimated to fall

1-9 short of expenditures beginning in 2019 and in each year thereafter . . .

1-10 until [trust fund] assets are exhausted in 2029"; and

1-11 Whereas, Intergenerational fairness, honest accounting principles,

1-12 prudent budgeting and sound economic policy all require saving Social

1-13 Security to ensure that our country may better afford the demands placed

2-1 on Social Security upon the retirement of the "baby boomer" generation

2-2 beginning in 2010; and

2-3 Whereas, If efforts were expended to save the Social Security system,

2-4 the national savings would be expanded, interest rates would be reduced,

2-5 private investments would be enhanced, labor productivity would increase

2-6 and the economy of this country would grow; and

2-7 Whereas, The Social Security system produces an annual surplus that

2-8 is invested in government bonds and the United States Department of

2-9 Treasury currently borrows the "surplus," which is projected to approach

2-10 $100 billion dollars by the end of 1999, and spends this money on

2-11 programs that are unrelated to Social Security; and

2-12 Whereas, The United States House of Representatives introduced a

2-13 bill into Congress 1 year ago, designated H. R. 3207, that would have

2-14 created the "Save Social Security First Reserve Fund" into which the

2-15 Secretary of the Treasury would be required to deposit budget surpluses

2-16 pending Social Security reform; and

2-17 Whereas, This bill was referred to the Subcommittee on Social

2-18 Security on February 19, 1998, but died in committee; and

2-19 Whereas, Similar bills have been introduced to protect the Social

2-20 Security system, but to date none have been acted upon; now, therefore, be

2-21 it

2-22 Resolved by the Assembly and Senate of the State of Nevada,

2-23 Jointly, That the members of the 70th session of the Nevada Legislature

2-24 hereby urge the Federal Government to invest all surplus money from

2-25 Federal Old-Age and Survivors Insurance for the benefit of the Social

2-26 Security system; and be it further

2-27 Resolved, That such investments must be in public debt securities with

2-28 suitable maturities and bearing interest at rates determined by the Secretary

2-29 of the Treasury, taking into consideration current market yields on

2-30 outstanding marketable obligations of the United States of comparable

2-31 maturities; and be it further

2-32 Resolved, That the income on such investments must be credited to

2-33 and form a part of the fund for use in the future; and be it further

2-34 Resolved, That the Chief Clerk of the Assembly prepare and transmit

2-35 a copy of this resolution to the Vice President of the United States as the

2-36 presiding officer of the Senate, the Speaker of the House of

2-37 Representatives, the Secretary of the Treasury and each member of the

2-38 Nevada Congressional Delegation; and be it further

2-39 Resolved, That this resolution becomes effective upon passage and

2-40 approval.