[Congressional Record Volume 151, Number 50 (Friday, April 22, 2005)]
[Extensions of Remarks]
[Page E750]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 SOCIAL SECURITY PERSONAL SAVINGS GUARANTEE AND PROSPERITY ACT OF 2005

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                             HON. PAUL RYAN

                              of wisconsin

                    in the house of representatives

                        Thursday, April 21, 2005

  Mr. RYAN of Wisconsin. Mr. Speaker, I rise to introduce new 
legislation that will ensure Social Security lives up to its promise 
for all Americans, now and in the future. My legislation, the Social 
Security Personal Savings Guarantee and Prosperity Act of 2005, will 
give all workers access to a more prosperous retirement through the 
establishment of personal savings accounts within the current Social 
Security system. This voluntary proposal maintains a strong safety net 
guaranteeing that workers would receive at least as much as Social 
Security promises under current law, without changing survivors' or 
disability benefits. Furthermore, this plan achieves full and permanent 
solvency for Social Security, and reduces debt and payroll taxes over 
the long term.
  Mr. Speaker, the 2005 Social Security Trustees Report tells us that 
beginning in 2017, Social Security will begin to pay out more in 
benefits than it receives in tax revenues. Then; in 2041, the Social 
Security Trust Fund will be exhausted. All analysts point to changing 
demographics as the primary factor driving Social Security into a 
deeper hole every year. In 1950, there were 16 workers supporting each 
retiree. Now, with the number of workers supporting each recipient 
projected to fall from 3.3 today to 2.3 in 2025, the mission is very 
clear: we must act now to strengthen and sustain Social Security.
  By establishing personal accounts within the Social Security system, 
we can give every American worker the choice of building a nest egg for 
his or her retirement. With personal retirement accounts, every worker 
will become a laborer and a capitalist earning a much higher rate of 
return on their payroll tax dollars than the current system can 
currently offer them. Furthermore, I firmly believe that there is no 
better way to bridge the wealth gap and decentralize the concentration 
of wealth in America than to adopt personal accounts like the ones I am 
proposing.
  Mr. Speaker, this legislation not only gives workers a better deal 
for their retirement, but it is also a blueprint for permanent solvency 
for Social Security, long-term debt reduction and payroll tax relief 
for all American workers. This plan works to help control the growth 
rate of government spending and make sure the short-term Social 
Security surpluses are devoted to strengthening Social Security instead 
of other spending. Most importantly, this plan gives every worker the 
chance to have real wealth and become an owner in our free enterprise 
system.

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