[Congressional Record Volume 144, Number 124 (Thursday, September 17, 1998)]
[House]
[Pages H8019-H8020]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   WE MUST SAVE SOCIAL SECURITY FIRST

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from Arkansas (Mr. Berry) is recognized for 5 minutes.
  Mr. BERRY. Mr. Speaker, I rise today in support of the most 
successful government program ever created: the Social Security system.
  Over 500,000 retired Arkansans and 160 million retired Americans 
depend on their Social Security system monthly check as a necessary 
source to supplement their retirement income. Many retired seniors in 
my district and across the country rely on the Social Security system 
as their only source of income.
  Right now, millions of working Americans, including our children and 
grandchildren, are paying into the Social Security system and are 
counting on it for when they retire. Although no one in the next few 
years has to worry about whether they will receive their monthly check, 
the Social Security system will face undeniable problems in the future 
which need to be addressed now.
  These problems are due to demographics which include the baby boom 
generation, declining birth rates, and increasing life expectancies. 
The number of people 65 and older is predicted to rise by 75 percent by 
the year 2025. The number of workers whose payroll taxes finance the 
Social Security system benefits of retirees is projected to grow by 
only 15 percent. This year the Social Security system will collect $100 
billion more in payroll taxes and interest than it pays out to the 
Social Security beneficiaries.
  By the year 2010, when 76 million baby boomers begin to retire, the 
Social Security systems cash flow surplus will begin to decline. 
Because Social Security is financed by payroll and self-employment 
taxes on a pay-as-you-go basis, meaning that today's

[[Page H8020]]

workers are paying for the benefits of today's retirees, by the year 
2032 there will not be enough people paying into the system to pay for 
those who should receive the Social Security payments. At that point, 
payroll taxes will only generate approximately 75 percent of the 
revenues needed to pay for the benefits of those current retirees.
  Before we reach this critical point, Congress must be willing to 
carefully examine the issues surrounding the Social Security system and 
take corrective action. Until such action is taken, nothing should be 
removed from the Social Security Trust Fund.
  This year some have suggested that we have a budget surplus. That 
just simply is not so. Excluding the Social Security Trust Fund, there 
is a $137 billion deficit in the next 5 years. We will not have a 
surplus for another 10 years, and then it is only $31 billion, and that 
is assuming a good economy.
  Of course there is an enormous temptation to spend this so-called 
surplus. We should cut taxes. But we should resist the temptation to 
rob the Social Security Trust Fund. We must not rob our children's 
future.
  While Social Security is sound today, we in Congress have a 
responsibility to worry about tomorrow. We must ensure that Social 
Security will continue to provide the benefits promised to those who 
have paid into the system. No one should have to worry that one day 
Social Security will not be there for them. Our children and our 
grandchildren deserve to know that Social Security will be there when 
they need it.
  We must save Social Security first.

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