[Congressional Record Volume 144, Number 151 (Wednesday, October 21, 1998)]
[Extensions of Remarks]
[Pages E2289-E2290]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                   SENIORS' VIEWS OF SOCIAL SECURITY

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                           HON. BOB SCHAFFER

                              of colorado

                    in the house of representatives

                       Tuesday, October 20, 1998

  Mr. BOB SCHAFFER of Colorado. Mr. Speaker, I rise today to speak 
about issues affecting senior citizens in my district. Recently, I was 
contacted by several seniors' groups. Tired of broken promises from 
liberals in Congress and the administration, they have appealed to the 
rest of us to save Social Security and provide much-needed tax relief.
  In a survey taken by the United Seniors Association, respondents 
expressed grave misgivings about the future of social security. The 
results of the survey are as follows:
  Only 11 percent of respondents believe their Social Security benefits 
will be safe and available for the rest of their lives.
  Sixty-six percent of respondents believe that last year's budget 
agreement will not actually balance the budget over the next 5 years.
  Seventy-two percent know that the Government is spending surplus 
Social Security funds on other Government programs.
  Eighty-four percent do not think that Congress will repay the money 
owed to the Social Security Trust Fund without legislation requiring 
them to do so.
  Mr. Speaker, these seniors have every reason to doubt the long-term 
solvency of the Trust Fund. Their benefits and their children and 
grandchildren's benefits have been imperiled by uncontrolled spending. 
The national debt currently stands at $5.4 trillion. Each year deficits 
continue because there is no Balanced Budget Amendment to ensure 
responsible policy. As a cosponsor and avid supporter of a

[[Page E2290]]

Balanced Budget Amendment, I was deeply disappointed when the President 
and his Congress allies blocked such an essential reform.
  Robert Myers, former Chief Actuary and Deputy Commissioner for the 
Social Security Administration has stated that, ``Regaining control of 
our fiscal affairs is the most important step we can take to protect 
the soundness of the Social Security trust funds. I urge the Congress 
to make that goal a reality.''
  Mr. Speaker, we can make a balanced budget a reality. We can save 
Social Security. I pledge today that I will introduce a Balanced Budget 
Amendment next Congress and will do all I can to see that it passes. 
For our seniors, ourselves, and our children, it is imperative that we 
gain control of our budget and ensure the safety and solvency of the 
Social Security program.
  Moreover, with fiscal responsibility, I believe we can provide 
another much-needed service to our seniors--tax relief. The Senior 
Coalition has developed a straightforward six-point tax relief plan. It 
is as follows:
  Repeal the earnings limit on Social Security; repeal the 1993 tax 
increase on Social Security benefits; reduce capital gains tax from 20% 
to 15%; eliminate the Federal inheritance tax, or ``death tax,'' and 
make health insurance 100% deductible for small business.
  Much of this common-sense plan was incorporated in the tax relief 
bill which passed in the House of Representatives on September 26 this 
year. Known as the Taxpayer Relief Act, the Republican tax cut plan 
will return to Americans 10 percent of the surplus in the form of tax 
cuts, while reserving the remaining 90 percent of the surplus to save 
Social Security. As a cosponsor of legislation to reduce taxes on 
Social Security, capital gains, marriage, and inheritance, I was 
pleased to support this proposal. Given the importance of this bill to 
seniors, I was surprised and saddened by the President's veto threat.
  Mr. Speaker, isn't it time Congress listen to America's seniors? The 
groups I heard from this week have some great ideas. While Republicans 
have made strides toward tax relief and fiscal responsibility, I know 
we can do more. We must. Next year, I plan to use these ideas and 
introduce a Balanced Budget Act and a taxpayer relief bill. I urge my 
colleagues to listen to their elders and join me in this pursuit.

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