[Congressional Record Volume 151, Number 14 (Thursday, February 10, 2005)]
[Senate]
[Pages S1219-S1220]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                            SOCIAL SECURITY

  Mr. THUNE. Mr. President, I rise today for the first time as a 
Senator from the State of South Dakota. First and foremost, I thank the 
people of South Dakota for putting their trust in me, for sending me to 
fight for their values and to represent them here in Washington, DC.
  I had the distinct pleasure of serving the State of South Dakota for 
three terms in the House of Representatives, and now I am looking 
forward to continuing my service to South Dakota and to our Nation here 
in the Senate. I decided to run for the Senate because I believe we can 
make better progress on an agenda that strengthens our Nation and 
increases the prosperity of every American. We have a lot of work to 
do, and we should not let partisanship or political gamesmanship get in 
the way of this agenda.
  The Senate is known for its deliberative qualities, most commonly 
manifested through the right to free debate. This quality is part of 
the fiber of the Senate, part of the character that makes it one of the 
most august institutions in the world.
  Some of the greatest debates in our Nation's history have taken place 
in this very Chamber, from the 19th century debates on slavery and the 
Republic to the 20th century debates on civil rights and Social 
Security. While there is time to debate, we all came here to solve 
problems, not pass them on to our children. I think I speak for many 
Members when I say that the only thing that sustains me when I am away 
from my children is the knowledge that we are improving their lives 
through our work. That is why I firmly

[[Page S1220]]

hope that Congress can work together to do more than simply debate our 
problems, but work together to solve them.
  There are some goals that we can all agree on: a national energy 
policy that increases the use of renewable fuels, more affordable and 
accessible health care, and meaningful tort reform. We are, in fact, on 
the eve of passing class action reform that will restore fairness to 
the judicial system in this country. Our tort system is broken and, 
without the necessary reforms, beginning with class action lawsuits, we 
deny our Nation not only fair and efficient access to justice, but we 
allow this problem to pull our economy downward. Excessive and often 
unnecessary litigation expenses cost us in terms of lost jobs, lost 
growth, and lost revenues every day that it goes unabated. We have a 
full agenda ahead of us. The American people have put their trust in us 
to make this Nation even greater than it is today, and we cannot let 
them down.
  Part of the task before us, and the reason I rise today, is the need 
to fix Social Security. Social Security as the system exists today is 
in danger. While the system has provided 70 years' worth of benefits to 
our Nation's retirees, the system as we know it today will no longer be 
able to keep that promise for the next generation.
  I understand the intergenerational aspect of this discussion. My 
father turned 85 in December. My mom will be 84 in May. My father has 
served his country as a combat pilot in World War II. He has shot down 
enemy warplanes for his country. He and my mother rely--depend upon 
Social Security. We need to keep faith in our promise to them.
  But I also have teenage daughters. I understand, if we do nothing to 
improve this system, that our children and grandchildren will not see 
the Social Security benefits they are counting on receiving. Today's 
seniors, like my mom and dad back in Murdo, SD, and those nearing 
retirement age, can be assured that their benefits are safe and sound. 
The same cannot be said for my two daughters and the rest of their 
generation.

  The explanation of why this is happening is not that difficult to 
understand. In 1950, there were 16 workers for every retiree. Today, 
there are only three workers for every retiree. Soon there will be only 
two workers for every one retiree. Our Nation is aging and, as more and 
more Americans leave the workforce for retirement, there are fewer and 
fewer workers paying into the system. The current system is 
unsustainable given the changing demographics of this country.
  Some may ask, When will we start to see the effects from these 
changes? The Social Security trustees have told us that beginning in 
2018, Social Security will begin paying out more in benefits than it is 
taking in. This means that we will need to start raising taxes, cutting 
spending, or reducing benefits in just 13 years to cover the promises 
that have been made to our retirees. In 2042 the system will no longer 
be able to pay full benefits without major restructuring.
  Some will say those dates sound like they are a long ways off, but as 
the Vice President recently put it, some might be inclined to ``kick 
the can further down the road,'' leaving the problem for another 
President and another Congress to fix. Thirteen years is not that far 
away. Believe me, if you have children you know how quickly those first 
12 years can go by, and all of a sudden you have a teenager. It 
happened to me twice with my two daughters. So the problems with Social 
Security are not going away, and the longer we wait, the more expensive 
the solution will be and the more painful to the American taxpayer.
  The Social Security trustees have told us that if we wait to solve 
this problem, we are facing a $10.4 trillion shortfall. Experts agree 
that if we work on solving the problem today, that cost will be closer 
to $1 trillion--$1 trillion today, $10 trillion later.
  My teenage daughters--and I daresay most Americans--can understand 
the dimensions of that problem. It is our duty to fix this problem now.
  Possible solutions are numerous. Many include personal retirement 
accounts which would create a nest egg for younger generations. These 
voluntary accounts would allow younger workers to save some of their 
payroll taxes in a personal account for their retirement. In fact, they 
would most likely be fashioned like the Thrift Savings Plan that is 
available to Federal employees. With personal retirement accounts, our 
children and grandchildren will be able to get more out of the Social 
Security system when they retire. In addition, they will have something 
to pass on to their children.
  No matter how the solution is fashioned, current retirees and those 
nearing retirement do not have to worry about their benefits. They have 
put their time in, and their benefits will be there for them, no matter 
what happens.
  I have laid out the stakes here today, and it is clear that they 
could not be much higher. I call on members of both parties to be open 
to the ideas that are put on the table. Refrain from playing on the 
fears that often surround this issue. And for those of you who worry 
about political danger in discussing this issue, know that I am 
standing here today before you as a Senator who has been on the 
receiving end of many of those accusations and attacks--the key words 
being, I am still standing here as a Senator today. I believe we can do 
more than send and receive political attacks on this issue. We can work 
together to find a strong bipartisan solution.
  As those of us here in Washington begin to debate the issue of Social 
Security reform, I ask that we think not about our next election but in 
fact about the next generation--our children and our grandchildren. The 
same goes for seniors. I ask that they fight the temptation to be 
concerned about their next Social Security check, because it is going 
to be there, no matter what. Instead, I ask that they also think about 
our children and our grandchildren. Their future is what this debate is 
all about. I for one intend to fight to make it a better future. I hope 
my colleagues in this Chamber will join me.
  I yield the floor.
  The PRESIDENT pro tempore. The Senator from Kentucky.
  Mr. McCONNELL. Mr. President, I congratulate the new Senator from 
South Dakota on his initial speech in the Senate. I say to him that he 
could not have picked a more important topic than saving Social 
Security for our children. I had the pleasure to be here and listen to 
his speech. I have had an opportunity to get to know the Senator from 
South Dakota over the last few years.
  I want to say again on behalf of all of our colleagues, welcome to 
the Senate, and congratulations on an outstanding speech.
  Mr. THUNE. I thank the distinguished whip for his kind remarks.
  The PRESIDENT pro tempore. The Senator from Utah.

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