[Congressional Record Volume 151, Number 53 (Wednesday, April 27, 2005)]
[House]
[Page H2556]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                    AARP AND SOCIAL SECURITY REFORM

  (Mr. STEARNS asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. STEARNS. Madam Speaker, the AARP has publicly denounced any plans 
to reform Social Security that might include personal savings 
retirement accounts. They have taken out full-page ads claiming that 
investing for retirement is like playing the slot machines in Las 
Vegas. But the AARP Web site tells its senior members to invest their 
money in a 401(k) or an IRA, and also says that seniors do not invest 
enough in retirement plans. Why are these retirement plans safe and 
advisable but personal retirement accounts through Social Security are 
too risky? In addition, the AARP has its own investment plan through 
Scudder Investments that invests in mutual funds and stock index funds.
  If the AARP exists to look out for the interests of retired persons 
and they advise their membership to invest their money in mutual funds 
and stock index funds, my colleagues, it seems suspect that they would 
not support a program that would allow some, some flexibility through 
the Social Security program.

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