[Congressional Record Volume 147, Number 104 (Tuesday, July 24, 2001)]
[House]
[Pages H4436-H4437]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                            SOCIAL SECURITY

  (Ms. DeLAURO asked and was given permission to address the House for 
1 minute and to revise and extend her remarks.)
  Ms. DeLAURO. Mr. Speaker, instead of strengthening Social Security, 
the President has used the surplus for tax cuts that overwhelmingly 
benefit the wealthiest Americans. The President's Commission on Social 
Security has issued a report that tries to scare the public into 
thinking that sacrificing their guaranteed income is the only solution.
  Social Security has allowed generations of retirees to live with 
independence and dignity, and in more than 60 years Social Security has 
never once missed a paycheck. Unfortunately, the President wants to 
privatize Social Security, a proposal that removes a promise that 
Social Security will be there. Under privatization, funds in the Social 
Security Trust Fund would be diverted into the stock market, subject to 
an unpredictable outcome.
  Contrary to the report's claims, women and minorities do not do 
better under privatization. Because women and minorities tend to earn 
less during their lifetimes, they have less money to invest and accrue 
for retirement. Social Security guarantees that they will have a secure 
pension that grows with inflation. Privatization erases that guarantee 
and replaces it with a fixed, limited income.
  Social Security's financial challenges are manageable. They do not 
warrant the President's radical restructuring. We need measures to 
preserve and strengthen Social Security, not rescind its guarantee.

[[Page H4437]]



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