[Congressional Record Volume 151, Number 13 (Wednesday, February 9, 2005)]
[Senate]
[Pages S1155-S1156]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      SOCIAL SECURITY'S CHALLENGE

  Mr. DeMINT. Mr. President, I rise to discuss Social Security and to 
say how honored I am to serve along with the President, who has shown 
his willingness to confront very difficult issues to help build a 
better future for America.
  President Bush has clearly laid out that we have a challenge with our 
Social Security system, but he has also made it clear that he believes 
Social Security is a promise we must keep. Social Security was started 
to make sure that no American retiree, no senior citizen lived in 
poverty. It has been successful in accomplishing that. This is a 
promise we need to make sure is part of any changes in Social Security.
  We know that change is frightening for all of us, particularly senior 
citizens. I know in my own family, as my relatives have gotten older, 
the less change the better for them. And we need to make sure of any 
changes in their financial security, that we reassure them that we are 
not taking anything away that will put them at risk. Unfortunately, as 
we discuss needed changes in Social Security, some have taken advantage 
of this to frighten our seniors. What I would like to discuss briefly 
this morning is what retirees and workers in this country need to know 
about the changes that President Bush is discussing.
  One thing is important to make clear: The changes in Social Security 
that we are discussing today and that the President is discussing as he 
travels around the country will not affect anyone over 55. Anyone born 
before 1950 does not have to give these changes a second thought. 
Nothing about their retirement income will be affected. It is secure. 
In fact, the legislation we are discussing will, for the first time, 
guarantee that we won't change their benefits. It is important for 
everyone to know, particularly those over 55, that as the program is 
structured today, this Senate, this Congress, this President could 
change it at any time. In fact, many people who say there is no problem 
with the system and that these things could be corrected with small 
adjustments, unfortunately, when you ask them what these adjustments 
are, they are always small benefit cuts and tax increases, as we have 
done over 30 times in the past.

  The President is talking about making sure that this doesn't happen 
again for anyone over 55. But what folks below 55 need to know--my 
children and, hopefully, someday my grandchildren--is that we are 
actually going to give them a better deal than they have now with 
Social Security because by the time my children retire, the current 
program will begin to cut their benefits dramatically.
  It is important for American workers today to know that the average 
American family contributes over $5,000 a year in Social Security 
taxes. That is a lot of money for families who have very little money 
to save. Unfortunately, we are not saving one penny of what today's 
workers are putting into Social Security.
  When I say that to folks back home, they generally smile at me like I 
am not telling them the truth: You mean we are putting over $5,000 a 
year in Social Security and you are not saving one penny of that?
  I say: That is exactly true, unfortunately.
  This is a very risky situation for people who are working today and 
contributing a lot of money. And folks who are talking about making 
small adjustments to fix Social Security for their future are actually 
asking them to pay more into Social Security in return for a smaller 
benefit in the future.
  Fortunately, our President does not think this is a good deal. The 
plan that the President is discussing--and actually some variations 
that a lot of us have been working on--needs to make sure that any 
changes in the Social Security system are actually a better deal for 
poor and middle-income workers. I know one plan we have worked on is 
actually constructed in a way that the less people make, the bigger 
percentage of their Social Security taxes goes into their account. This 
gives younger and lower income workers the chance to accumulate as much 
money as they need to have a more secure retirement, with a better 
retirement income.
  These plans also give people real ownership. I have heard folks say 
that the President's ideas take money out of Social Security and put it 
in the stock market. That is not true. I don't know if folks are 
confused or just don't have the facts straight, but what we are talking 
about with the President's changes is for the first time actually 
saving the money that people are putting in Social Security. And we are 
talking about, as a government, putting more money into Social Security 
than is now coming in through payroll taxes. So actually we are adding 
dollars to the Social Security system, making it stronger and more 
secure in the future. Younger workers will have the chance, as they 
work and grow toward retirement, to accumulate a savings account. And 
the exciting thing for us in the Congress is recognizing that many 
Americans now have no savings. They own very little. They can't benefit 
from the growth in our economy. And while a part of America owns things 
and it grows and earns interest, so many Americans don't have that 
opportunity.
  What the President has put before the American people is the 
opportunity for every American worker to become a saver and an investor 
and to do it in a way that secures their retirement much more than it 
is secure today and protects their income. I believe that any changes 
in Social Security using personal accounts should guarantee low and 
middle-income workers a level of income so that there is no risk to 
them as they look at changes in the future.
  We know, as we have looked at the program, that the opportunity for 
low-income workers is actually to get a larger income in retirement 
than they have been promised today. But we need to make sure, answering 
the critics of these changes, that we assure workers that there will be 
no benefit cuts, particularly for low and middle-income workers. And 
that assurance can be built into a plan.

[[Page S1156]]

  It is important that all of us in the Senate and the Congress and, of 
course, the President, continue to let the American people know that 
the Social Security system, as it is designed today, needs some changes 
if it is going to be there for tomorrow's workers. But we also need to 
reassure them that these changes actually create a more secure and a 
stronger Social Security system than we have today.
  As we have already said, the seniors of today, those near retirement, 
will not be affected, but younger workers for the first time will have 
the opportunity to actually save what they are putting into Social 
Security. This is an opportunity for a generation, for us in Congress 
to save Social Security, strengthen it, and make every American worker 
a saver/investor. This is an opportunity of which I want to be a part.
  Thank you, Mr. President. I yield the floor.
  Mr. McCONNELL. Mr. President, before the Senator from South Carolina 
leaves the floor, I know this is his first major policy address. I 
think he has addressed the Senate before on another subject, but this 
is his first address.
  I would just like to say to the junior Senator from South Carolina 
that I have already learned that there is no one in this body, whether 
they have been here a while or just gotten here, who knows any more 
about the Social Security subject than the Senator from South Carolina.
  Mr. President, we need that expertise. This is an extraordinarily 
important debate. I thank him for his support and contribution.
  Mr. DeMINT. I thank the Senator.
  The PRESIDING OFFICER. The Senator from Delaware.
  Mr. CARPER. Mr. President, I am happy to be in the Chamber. I recall 
4 years ago when I gave my first speech in the Senate, and I realize my 
colleague from South Carolina has given a lot of speeches over in the 
House of Representatives at the other end of this building, but it was 
a good day for me 4 years ago, and I suspect it is a special day for 
everyone involved.
  It is a great pleasure to know the Senator, and I look forward to 
working with him. I welcome the Senator to the Senate and congratulate 
him on his maiden speech.
  Mr. DeMINT. I thank the Senator.
  The PRESIDING OFFICER (Mr. DeMint). The Senator from Louisiana is 
recognized.

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