[Congressional Record Volume 145, Number 8 (Tuesday, January 19, 1999)]
[House]
[Page H249]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




LET WORKERS OWN THEIR PORTION OF THE SOCIAL SECURITY FUND INVESTMENT IN 
                            THE STOCK MARKET

  (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 rise to commend the President 
for his decision to tackle the social security issue in his tonight's 
State of the Union Address. I welcome his leadership on this critical 
issue, and I look forward to his proposal that I hope is complete and 
that can be scored by the Social Security Administration actuaries in a 
way that will keep social security solvent.
  I am encouraged that the President has recognized the power of the 
capital markets to increase the return on social security taxes, and 
that he specifically is suggesting investments in the stock market. I 
urge the President to let workers own these investments themselves, 
rather than have government use and spend these revenues, as they have 
the social security trust fund.
  The Supreme Court has ruled that there is no relation between the 
taxes that a worker pays and what the worker is entitled to receive in 
benefits when they retire. This means that worker-owned accounts are 
the only way to make sure workers benefit from these investments, 
rather than government.

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