[Congressional Record Volume 151, Number 52 (Tuesday, April 26, 2005)]
[House]
[Page H2481]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


[[Page H2481]]
             OPPOSING THE PRIVATIZATION OF SOCIAL SECURITY

  (Ms. EDDIE BERNICE JOHNSON of Texas asked and was given permission to 
address the House for 1 minute and to revise and extend her remarks.)
  Ms. EDDIE BERNICE JOHNSON of Texas. Mr. Speaker, I rise to reiterate 
my emphatic opposition to the privatization of Social Security. This 
program would not only hurt millions of elderly Americans but, 
ultimately, the whole country. For women and working families 
especially, Social Security is a lifeline, and they need to know that 
they can rely on a guaranteed benefit.
  Social Security was never intended to be a roll-the-dice stock market 
gambit. Social Security was never meant to be an elaborate investment 
scheme geared to maximizing returns. Social Security was designed as a 
simple, straightforward social insurance program that ensures all of us 
to spend our golden years in a basic level of dignity, independence, 
and security.
  Mr. Speaker, privatization is also not good for young workers. A 30-
year-old worker making $40,000 a year will lose 27 percent of their 
benefits under this plan. That is almost $6,000 a year.
  I urge all of my colleagues, let us work together and solve a 
manageable problem.

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