[Congressional Record Volume 147, Number 26 (Thursday, March 1, 2001)]
[Extensions of Remarks]
[Page E264]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                     SOCIAL SECURITY GUARANTEE ACT

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                          HON. WALTER B. JONES

                           of north carolina

                    in the house of representatives

                        Thursday, March 1, 2001

  Mr. JONES of North Carolina. Mr. Speaker, I rise today to introduce 
legislation to protect the Social Security benefits of our senior 
citizens. With the prospect of Social Security reform looming in the 
not so distant future, it is important that we assure seniors that 
their benefits will not be cut to expedite Social Security reform. 
Seniors have worked too hard for a secure retirement, to see it 
jeopardized by a short-sighted effort to ensure future Social Security 
solvency.
  Under current law, Americans have no property right to their Social 
Security benefits. Many Americans have paid Social Security taxes over 
their working lifetimes and are planning for retirement with the 
expectation that they will receive these Social Security benefits. 
However, at any time, Congress could eliminate or reduce these benefits 
in the name of Social Security reform.
  The Social Security Guarantee Act would eliminate concerns over 
benefit reduction by seeking to give seniors a property right to their 
retirement benefits. Specifically, it would require the Secretary of 
the Treasury to issue to each recipient of Social Security retirement 
benefits a certificate that includes a written guarantee of a fixed 
monthly benefit, plus a guaranteed annual cost-of-living increase. By 
doing so, we hope to eliminate the use of senior scare tactics that 
have doomed Social Security reform prospects in the past.
  I believe this is an important first step toward meaningful Social 
Security reform. We as members of Congress have a duty to our seniors 
to ensure their retirement security will not be jeopardized. At the 
same time, we cannot lose sight of the overall goal of reforming the 
Social Security program so that today's workers will have the 
retirement that they deserve as well.
  Please join me in supporting this legislation as the beginning of 
meaningful discourse on Social Security reform.

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