[Congressional Record Volume 144, Number 81 (Friday, June 19, 1998)]
[House]
[Page H4842]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


PRIVATIZATION SCHEMES TRADE AWAY SOCIAL SECURITY'S GUARANTEE FOR A WALL 
                             STREET GAMBLE

  (Mr. KUCINICH asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. KUCINICH. Mr. Speaker, investing Social Security in the stock 
market concedes to the hysteria manufactured by Wall Street. They 
exaggerate Social Security's actuarial imbalance and call it a crisis. 
There is no crisis. With current tax and benefit rates remaining 
constant, Social Security will pay 100 percent of the benefits of 
future recipients until 2032 without any change whatsoever. That is 
according to the most conservative estimates which assume extremely low 
economic growth rates and high unemployment.
  What private sector initiative can promise the same? What other 
program backed by the full faith and credit of the United States? None. 
Only Social Security is guaranteed.
  Privatization schemes trade away Social Security's guarantee for a 
Wall Street gamble. What goes up must go down. All forms of 
privatization constitute a cave-in and a back-track.
  Members of Congress will soon be offering a resolution that says 
Congress must guarantee that all obligations to current and future 
Social Security beneficiaries will be paid in full. Americans need to 
hear Congress reaffirm its commitments to its citizens.
  Stand up for Social Security.

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