[Congressional Record Volume 148, Number 23 (Wednesday, March 6, 2002)]
[Extensions of Remarks]
[Page E289]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                     THE FUTURE OF SOCIAL SECURITY

                                 ______
                                 

                         HON. CAROLYN McCARTHY

                              of new york

                    in the house of representatives

                        Wednesday, March 6, 2002

  Mrs. McCARTHY of New York. Mr. Speaker, I rise to discuss the future 
of Social Security.
  Social Security is the basis of the American worker's retirement. 
Given the essential role it plays for every generation, regardless of 
gender, race, or socioeconomic status, I believe all my colleagues join 
me in support of this program.
  Unfortunately, that is where our common ground ends.
  We all know Social Security is in danger, and we all know something 
must be done. We just disagree as to how we can accomplish this 
difficult--yet necessary--task.
  Each year, more Americans retire and begin collection of Social 
Security, but not enough people are joining the workforce to supplement 
the depleting funds. We must find a way to finance the Social Security 
Trust Fund without cutting guaranteed benefits.
  I firmly believe investment is a critical part of the American 
worker's future, but I don't believe the government can promote 
investment at the expense of current retirees. Today, as my generation 
approaches retirement age, and we plan our finances for the future, I 
count on receiving Social Security benefits.
  I don't recommend the American public rely solely on Social Security 
for their retirement. I want every generation to think constructively 
about their retirement by saving and investing money outside of Social 
Security. Since I want my constituents to retire in comfort, I want to 
make sure their money is secure. That is why I support pension reform 
legislation, why I believe each and every American worker should be 
actively involved in their finances, and why I know Social Security 
must be saved--not replaced by an alternative and faulty solution.
  There is nothing to debate--if Congress doesn't do something to 
strengthen and finance Social Security, the trust fund will run out in 
2038. My colleagues and I are good at waiting until the last minute to 
solve a problem . . . but this isn't one with which we should play 
political games.

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