[Congressional Record Volume 140, Number 84 (Tuesday, June 28, 1994)]
[House]
[Page H]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: June 28, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
    INFORMING MEMBERS OF UPCOMING SOCIAL SECURITY TASK FORCE HEARING

  The SPEAKER pro tempore. Under the Speaker's announced policy of 
February 11, 1994, and June 10, 1994, the gentleman from Wisconsin [Mr. 
Roth] is recognized during morning business for 5 minutes.
  Mr. ROTH. Madam Speaker, I rise to inform my colleagues about a 
Social Security task force hearing tomorrow morning at 11 a.m. I invite 
every Member who wants to strengthen our Social Security system to 
attend. The hearing's topic is the long-term security of the Social 
Security trust fund, a topic of vital interest to every American who is 
counting on a secure income during retirement. Without a stable Social 
Security system, today's workers and retirees face an uncertain future.
  A future in which their retirement income is in jeopardy; 42 million 
senior citizens rely on their Social Security benefits to buy 
groceries, medication, and pay the bills.
  Each year, millions of additional Americans retire and begin 
collecting the benefits they earned and planned for.
  Congress needs to take bold steps to guarantee that their Social 
Security checks do not bounce some day in the future.
  According to the Social Security trustees, that doomsday--the year 
the Social Security system goes bankrupt--moves closer and closer every 
year.
  The latest trustees report predicts our Social Security system will 
become insolvent in the year 2029.
  Only last year, the trustees report predicted the Social Security 
trust fund would be solvent until 2036.
  That means in the past 12 months, the Social Security insolvency date 
advanced 7 years. And some independent analysts say the insolvency date 
could come even sooner. If Congress does not put Social Security's 
fiscal books in order, we will be mortgaging our childrens' future.
  That is why Congress needs to stop spending the surplus funds that 
Social Security collects every year.
  This year, for instance, Social Security will take in $59 billion 
more than it pays out. Every penny of that surplus will be spent by the 
Government on non-Social Security programs.
  In other words, every week the big spenders in Congress spend more 
than a billion dollars of the people's Social Security money on other 
government programs, from food stamps to foreign aid. It is time for 
Congress to stop misusing the trust fund.
  Social Security is not a piggy bank to be raided by the big spenders 
in Congress. Social Security funds must be used for Social Security 
purposes only.
  Tomorrow's hearing will help this task force learn more about these 
issues. Additionally, we will explore ways to ensure the long term 
solvency of the Social Security trust fund, both for today's seniors 
and today's workers.
  Eight expert witnesses will share their ideas and answer our 
questions.
  Our witnesses include seniors advocates, a former Social Security 
Commissioner, an actuary, a taxpayers' advocate, and a representative 
for the Social Security Administration.
  Mr. Speaker, I urge Members to attend this hearing and help me work 
toward a fiscally sound Social Security system. We owe it to today's 
seniors, and to their grand children.

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