[Congressional Record Volume 144, Number 35 (Wednesday, March 25, 1998)]
[House]
[Page H1452]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                    REALLY PUT SOCIAL SECURITY FIRST

  (Mr. SMITH of Michigan asked and was given permission to address the 
House for 1 minute and to revise and extend his remarks.)
  Mr. SMITH of Michigan. Mr. Speaker, I would like to compliment the 
President for saying let us put Social Security first. I would like to 
compliment Senator Moynihan for moving the solutions of this issue to 
the front burner. I would like to invite my colleagues to really put 
Social Security first by co-sponsoring a bill with me today.
  The bill that I will be introducing accomplishes two major 
objectives. Number one, it provides that the money that we are 
borrowing from the Social Security trust fund this next year be 
marketable certificates. Instead of the nonmarketable IOUs, they would 
be marketable so we could, in effect, take it around the corner to the 
local bank anytime the Trust Fund needed that money for paying 
benefits.
  The other provision takes some of the surplus money and allows 
younger workers on a ten year pilot to invest some of that surplus 
money in their own 401(k)--Thrift savings-type retirement accounts. 
That will help in the long term to keep Social Security solvent and let 
these workers accrue more wealth than they would have under the current 
system.
  Mr. Speaker, I invite my colleagues to look at this bill and consider 
cosponsorship.

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