[Congressional Record Volume 147, Number 173 (Thursday, December 13, 2001)]
[Extensions of Remarks]
[Page E2277]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             KEEPING THE SOCIAL SECURITY PROMISE INITIATIVE

                                 ______
                                 

                               speech of

                          HON. J. RANDY FORBES

                              of virginia

                    in the house of representatives

                       Tuesday, December 11, 2001

  Mr. FORBES. Mr. Speaker, I rise in strong support of H. Con. Res. 
282, which reiterates Congress' commitment to our seniors to keep the 
promise of Social Security.
  For years now, Congress and the public have known that Social 
Security would soon be facing serious financial challenges due to 
shifting demographics. With the aging of the baby boom generation, the 
number of retiring Americans receiving benefits is beginning to 
overwhelm the number of working Americans paying into the Social 
Security system. In addition, thanks to important medical advances and 
healthy behavioral changes, Americans are living longer. The result of 
these factors is that beginning in 2016, Social Security payments will 
exceed worker contributions into the trust funds.
  This is a scary prospect for the millions of Americans who receive 
Social Security benefits. Many of those individuals depend upon their 
monthly Social Security checks to survive. As we fight our global war 
on terrorism, we must not lose sight of the fact that terror can come 
in many forms. It is every bit as frightening to an elderly man or 
woman that the Social Security check might be late--and far more real. 
Too many of these people are living from one check to the next and 
balancing food against medicine. As their Representatives in Congress, 
we should at least provide them with the security of the promise of 
Social Security.
  It is also a scary prospect, Mr. Speaker, for the millions of 
Americans who are approaching retirement. They have been paying into 
the Social Security trust funds because they have to, not because they 
believe in Social Security. In fact, numerous studies have shown that 
more young Americans believe in UFOs than in their future Social 
Security checks.
  It is clear that Social Security in its current form--the form it has 
had since the Great Depression--is unsustainable. If we are to keep the 
promise that so many seniors and working Americans have relied upon for 
years, we must reform this program. There are many possibilities for 
reform, including adding personal investment options. The President 
appointed a commission of experts from business, think tanks, and 
government to explore these alternatives and to make recommendations to 
Congress for change. They are expected to vote on their final report 
today, and Congress should consider their recommendations with due 
deliberative speed. We must act quickly, but more importantly, we must 
act right.
  But throughout our deliberations, Mr. Speaker, we must maintain our 
steadfastness to keep the promise of Social Security. We should not 
raise Social Security taxes and we should not cut benefits. We must use 
the innovative spirit that is America's hallmark to meet this challenge 
and find a way to strengthen and improve Social Security.
  Building upon the Social Security lock box legislation that this body 
has already approved, this resolution lays the groundwork for our 
coming debate, reaffirming our commitment to Social Security's 
beneficiaries, in particular, the most vulnerable beneficiaries--the 
low-income, the women, and the minorities. I look forward to reviewing 
these issues with my colleagues and developing a real solution to this 
challenge.
  I urge all my colleagues to support H. Con. Res. 282.

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