[Congressional Record Volume 146, Number 135 (Wednesday, October 25, 2000)]
[House]
[Page H10813]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




  VICE PRESIDENT'S ATTACK OF GOVERNOR BUSH'S SOCIAL SECURITY PLAN IS 
                                 FALSE

  (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 heard again yesterday Mr. 
Gore's attack on Governor Bush; that he was spending over the next 10 
years the same $1 trillion twice, once to start up an investment 
account so that retirees could end up with more money, and once on 
Social Security benefits. I just wanted to set the record straight.
  Over the next 10 years, there will be $7.8 trillion coming in to the 
Social Security Trust Fund. Benefits, or the cost during the next 10 
years, is going to be $5.4 trillion. That leaves a balance, a surplus, 
of $2.4 trillion, and $1 trillion out of that $2.4 trillion is what 
Governor Bush is suggesting to use during the transition to start 
setting up personal retirement savings accounts that will supplement 
Social Security and add to benefits. It will stay in Social Security.
  I think our goal has got to be to deal honestly with this problem; to 
get a better return on investments than the 1.9 percent that the 
average retiree now gets from the money sent in from the employer and 
employee.

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