[Congressional Record Volume 141, Number 68 (Wednesday, April 26, 1995)]
[Senate]
[Page S5733]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                    SOCIAL SECURITY--FAMILY SECURITY

 Ms. MIKULSKI. Mr. President, I rise today to discuss the real 
contract with America. This contract was not written last summer, and 
it was not designed to last 100 days. It was written 60 years ago and 
was designed to last indefinitely. Mr. President, I am referring to 
Social Security, our primary contract with the American family.
  There has been a lot of talk recently about Social Security, much of 
it negative. There are many misconceptions about what Social Security 
stands for, what it does, and how it works. Today, I want to set the 
record straight.
  Social Security is a sacred compact between the U.S. Government and 
the American people. It is a system that gives help to people who 
practice self-help. Since it was created by President Roosevelt during 
the New Deal, it has provided financial security, and most importantly, 
family security for millions of Americans. There are so many problems 
in our Nation today that are robbing our families of their security. 
Crime, violence, drugs and divorce are some of the biggest fears that 
American families face. I do not want to add Social Security to that 
list of fears.
  Social Security is family security. If any of my colleagues doubt 
that, consider this fact: Twenty-four million Americans rely on Social 
Security to provide more than half their income. Almost 5\1/2\ million 
Americans rely on Social Security as their only source of income. To 
all those millions of Americans, Social Security means the ability to 
put food on the table, to support their families, and to live 
independently.
  Let me address some other misconceptions about Social Security. It is 
not the cause of our budget deficit. It has never added one penny to 
our deficit or our national debt. It is an independent, self-financed, 
and dedicated fund. Social Security is not welfare either. Today's 
retirees paid into the system and have earned a secure retirement, not 
a handout.
  I will not rob American families of their secure retirement. I will 
not vote to cut benefits and I will not support legislation that 
threatens the Social Security trust fund. Throughout my career, I have 
voted to defend Social Security. I have defended cost of living 
adjustments, which protect against the erosion of benefits by 
inflation. I have opposed a reduction in the Social Security tax, which 
would jeopardize the trust fund. I supported making Social Security an 
independent agency, which will ensure that it is run efficiently and 
smoothly. Finally, I voted to exempt Social Security from the balanced 
budget amendment to the Constitution.
  If we do not exempt Social Security from a balanced budget amendment, 
the trust fund will be in jeopardy. Right now there is a surplus in the 
trust fund. In other words, there is more money being paid into the 
system by working people than there is being paid out to retirees. By 
law, this surplus can only be used to pay benefits, the administrative 
costs of Social Security, and to buy Government securities. These 
Government securities become part of the trust fund and earn interest, 
just like Government bonds that we might purchase as an investment. I 
strongly believe that without it being exempted, this surplus will be 
raided by politicians in the name of deficit reduction. This would 
result in emptying the trust fund of the current Government securities, 
which must be paid back to Social Security. Make no mistake, this means 
cuts. It means going back on promises we made. It means saying no to 
people who have spent a lifetime playing by the rules and contributing 
to the success of this country. It means that the Government cannot 
hold up its end of the primary contract with American families. And it 
means robbing families of their security.
  My colleagues on the other side of the aisle said, ``Don't worry. We 
won't touch Social Security. We want to protect it just like you do.'' 
Yet they were not willing to write a protection into the constitutional 
amendment. I know I will not vote to raid the trust fund, and it may be 
true that my friends on the other side of the aisle won't either. But I 
cannot speak for members of a future Congress, and I don't believe they 
can either. This is the danger that we faced during the balanced budget 
amendment debate. I am happy to say that it is a danger that we have 
temporarily avoided.
  I am a middle-class Senator. I have spent my career helping those who 
are not in the middle class get there, and making sure that those who 
are in the middle class have the security to stay there. Social 
Security is the linchpin that holds the majority of our retired 
citizens in the middle class. Promises made must be promises kept. I 
will continue to fight for the promise of family security that 
America's retirees have earned.


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