[Congressional Record Volume 151, Number 9 (Wednesday, February 2, 2005)]
[House]
[Page H291]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                            SOCIAL SECURITY

  (Mr. DeFAZIO asked and was given permission to address the House for 
1 minute.)
  Mr. DeFAZIO. Mr. Speaker, the President talks loosely and loudly of 
the pending crisis, the bankruptcy of Social Security. Under 
pessimistic assumptions, 40 or 50 years from today, Social Security 
might only be able to pay 75 percent, or more, of benefits. That could 
be described as a possible potential future problem but certainly not 
an immediate crisis and a long way from bankruptcy.
  So what does the President propose? Privatization which would 
actually make Social Security shortfall certain, precipitate the 
crisis. He would mandate a 40 percent cut in benefits. Think of it. To 
solve the problem, a possible reduction in benefits by 25 percent, he 
mandates up front a 40 percent cut, then would borrow $2 trillion, put 
that on the back of the taxpayers and future workers so people could 
gamble possibly to try and make up that shortfall through privatized 
accounts and most probably would fail.
  What a deal. Let us get real about it. Let us fix Social Security, 
not destroy it.

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