[Congressional Record Volume 147, Number 112 (Friday, August 3, 2001)]
[Extensions of Remarks]
[Page E1539]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




    EXPRESSING THE SENSE OF THE CONGRESS THAT THE PRESIDENT AND THE 
CONGRESS SHOULD SAVE SOCIAL SECURITY AS SOON AS POSSIBLE AND VIGOROUSLY 
     SAFEGUARD SOCIAL SECURITY SURPLUSES, AND THAT THE PRESIDENT'S 
 COMMISSION TO STRENGTHEN SOCIAL SECURITY SHOULD RECOMMEND INNOVATIVE 
 WAYS TO PROTECT WORKERS' FINANCIAL COMMITMENT WITHOUT BENEFIT CUTS OR 
                         PAYROLL TAX INCREASES

                                 ______
                                 

                         HON. E. CLAY SHAW, JR.

                               of florida

                    in the house of representatives

                        Thursday, August 2, 2001

  Mr. SHAW. Mr. Speaker, today I, along with Ways and Means Chairman 
Bill Thomas, a number of my Ways and Means colleagues, and other 
Members of this body introduce a concurrent resolution expressing the 
sense of the Congress that the President and the Congress should save 
Social Security as soon as possible and vigorously safeguard Social 
Security surpluses, and that the President's Commission to Strengthen 
Social Security should recommend innovative ways to protect workers' 
financial commitment without benefit cuts or payroll tax increases.
  Social Security is an enormously popular and successful program, and 
has helped keep millions of people out of poverty. It has been and will 
continue to be fundamental income security Americans can rely on.
  However, we cannot ignore the fact that Social Security faces 
financial challenges in the near future. Shortly after the baby boomers 
begin to retire, Social Security's tax income will not be enough to 
cover benefit promises, even though hard-working taxpayers contribute 
billions of dollars of their wages to support the program.
  If we do nothing, we would eventually need to reduce benefits by as 
much as 33% or increase taxes by almost 50% to keep the system in 
balance. Failing to act would be foolhardy and is entirely 
unacceptable. We must act soon to save Social Security for both today's 
seniors and for our kids and grandkids, so that all Americans will a 
have a secure retirement and protection against income loss from 
disability or death of a family's breadwinner.
  That is why I, along with many other Members of Congress, are 
introducing this sense of the Congress--because we have a duty to our 
seniors and to future generations to let them know their retirement 
security will not be jeopardized.
  I urge my colleagues to follow our example and join us in expressing 
our dedication to saving a program that is the cornerstone of income 
security for Americans and has served our country well for over two-
thirds of a century.

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