[Congressional Record Volume 141, Number 82 (Wednesday, May 17, 1995)]
[House]
[Page H5090]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


   REPUBLICANS USE MEDICARE TRUST FUND TO BANKROLL TAX CUTS FOR THE 
                                WEALTHY

  (Mr. WAXMAN asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. WAXMAN. Mr. Speaker, the Republicans say they want to save the 
Medicare Program, and they promised not to cut Social Security. What 
they are doing is using the Medicare trust fund to bankroll tax cuts 
for the wealthy.
  Make no mistake about it, cuts in Medicare amount to cuts in Social 
Security. The typical Medicare beneficiary will spend 40 percent to 50 
percent of the cost of living increases in Social Security for 
increases in the Medicare costs they will incur. Cuts in Medicare 
amount to cuts in Social Security. Social Security accounts for half or 
more of the annual incomes for a majority of elderly.
  More than 30 percent of older Americans rely on Social Security for 
80 percent or more of their income. The typical Medicare beneficiary by 
2002 will see 40 to 50 percent of their Social Security COLA eaten up 
by increases in Medicare cost-sharing and premium.
  They are not keeping their promises. Numbers do not lie. Listen to 
these numbers when you see these relatively well-off young Republican 
Members of the House tell us that seniors are going to be better off.

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