[Congressional Record Volume 145, Number 154 (Thursday, November 4, 1999)]
[House]
[Page H11486]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                  LET US KEEP SOCIAL SECURITY SOLVENT

  (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, somehow, sometime, some place we 
are going to have to get over this partisan bickering and start working 
together on serious problems facing this nation. Yesterday I introduced 
a bipartisan bill that keeps Social Security solvent. In trying to 
convey the seriousness of the Social Security problem, I said that in 
the next 75 years the taxes coming in from Social Security are going to 
be short $120 trillion from accommodating what we have promised in 
benefits; $120 trillion over Social Security taxes collected over the 
next 75 years.
  My wife Bonnie said, Nick, nobody understands what a trillion is. How 
else can we convey the seriousness? So, here is a quick try. A worker's 
income will be less if we don't solve Social Security. Poland has just 
exceeded 48 percent of their payroll tax for senior citizens. France is 
over 70 percent for their payroll tax. That means the cost of 
production goes up and fewer sales and less employment.
  We have created less take home pay, more jobs in the U.S. in the 
first quarter of this year than Poland and France have in those two 
countries combined since 1980. Our pay roll tax is heading in that 
direction. Let's fix Social Security.

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