[Congressional Record Volume 151, Number 31 (Tuesday, March 15, 2005)]
[House]
[Page H1426]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                    DO NOT SQUANDER SOCIAL SECURITY

  (Mr. HENSARLING asked and was given permission to address the House 
for 1 minute and to revise and extend his remarks.)
  Mr. HENSARLING. Mr. Speaker, we all know that Social Security faces 
challenges. Fortunately there is no need to change Social Security for 
current and near-retirees like my parents. They can and should be able 
to count on 100 percent of the benefits they have earned. But due to 
longer life spans and fewer workers supporting each retiree, serious 
problems are on the horizon for future generations like my children.
  Social Security faces an unfunded liability of almost $11 trillion. 
Unless we act today younger workers are going to face either a benefit 
cut of almost one-third or a 43 percent tax increase by the time they 
retire. This is unacceptable.
  Washington is part of the problem. The Social Security Trust Fund has 
been raided 59 different times. Benefits have been cut half a dozen 
times. Payroll taxes have been raised more than 20 times. Clearly the 
riskiest plan for Social Security is leaving retirees' money in 
Washington for government to squander.

                          ____________________