[Congressional Record Volume 145, Number 29 (Wednesday, February 24, 1999)]
[House]
[Pages H724-H725]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                  SAVE AND STRENGTHEN SOCIAL SECURITY

  (Mr. PITTS asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. PITTS. Mr. Speaker, Social Security was created many years ago, 
back in the days when perjury was considered a crime. It helped bring 
peace of mind to millions of Americans who feared destitution or 
disability in their retirement years.

[[Page H725]]

  Now, Social Security is running headlong into fiscal reality that no 
amount of spin or denial or rhetoric will change. If reforms are not 
made, the system will renege on its promises within a generation.
  The President himself has acknowledged this reality. However, his 
proposal, announced in the State of the Union speech, has a few major 
problems, problems so big that Federal Reserve Chairman Alan Greenspan 
has spoken out against them.
  One problem is slick accounting. It just does not add up. The other 
major problem is the dangerous idea of making Uncle Sam the largest 
investor in Wall Street, a huge windfall for lobbyists but a deadly 
strike against retirement security for seniors.
  We must work together, Republicans and Democrats, to save and 
strengthen Social Security for current and future generations.

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