[Congressional Record Volume 148, Number 24 (Thursday, March 7, 2002)]
[Extensions of Remarks]
[Page E297]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                            SOCIAL SECURITY

                                 ______
                                 

                            HON. BARBARA LEE

                             of california

                    in the house of representatives

                        Thursday, March 7, 2002

  Ms. LEE. Mr. Speaker, I rise today in strong support of preserving 
Social Security and protecting millions of seniors and individuals with 
disabilities from the dangers of privatization and from the problems of 
raiding the Social Security Trust Fund.
  Today, there are approximately 45 million Americans who receive 
Social Security benefits in our nation. Over 4 million of these 
individuals reside in the state of California but Americans all over 
our nation depend on this benefit as a major source of retirement 
income.
  Currently, Social Security provides guaranteed, lifelong benefits. No 
matter what the stock market does the day you retire or in the months 
leading up to your retirement, your benefits will be unaffected.
  While the Bush Administration's budget proposes to raid the Social 
Security Trust Fund, they also believe in privatizing parts of Social 
Security.
  Unfortunately, privatization plans and cuts to the Social Security 
budget will hit women the hardest. Poverty among American women over 65 
is already twice as severe as among men over 65. Women are also more 
likely to earn less than men and are more likely to live longer. Women 
also lose an average of 14 years of earnings due to time out of the 
workforce (to raise children or to care for ailing parents or spouses) 
and since women generally have a higher incidence of part-time 
employment, they have less of an opportunity to save for retirement.
  The current Social Security program recognizes this problem; however, 
most privatization proposals make no provision for these differences 
and would thus make poverty among women even worse.
  Many women depend on Social Security income to survive. What will 
happen to these individuals when the Social Security Trust Fund is 
completely raided and substituted by a destructive privatization plan?
  This Congress has an obligation to strengthen Social Security because 
working people have earned and deserve Social Security.
  We must work to ensure that Social Security survives for our seniors 
today as well as for our future generations. We owe it to the American 
people who have paid into the system for so long. We must increase the 
flow of funds into Social Security, not divert funds from it.
  The Bush Administration's budget specifically proposes to divert $1.5 
trillion of the Social Security Trust Fund surplus to other programs 
over the next ten years, effectively raiding the Social Security Trust 
Fund.
  While the budget provides a $48 billion increase in defense spending, 
it calls for a $15.8 billion decrease in domestic programs. Providing 
for our homeland security is critical, but it cannot come at the 
expense of our seniors.
  President Bush's proposals on Social Security directly harm our 
seniors' entitlement to retirement benefits.
  The Bush Administration must understand that privatization does not 
eliminate the challenges Social Security must confront, it exacerbates 
them and puts millions of people at risk. If the Bush Administration 
continues to spend the surplus unwisely and promote privatization, our 
seniors will be without a retirement program. President Bush, please 
don't raid the Social Security Trust Fund. Our seniors are depending on 
you.




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