[Congressional Record Volume 151, Number 71 (Wednesday, May 25, 2005)]
[House]
[Page H3898]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      CONSENSUS ON SOCIAL SECURITY

  (Mr. EMANUEL asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. EMANUEL. Madam Speaker, yesterday the President said, ``Those who 
obstruct reform, no matter what party they are, will pay a political 
price.'' Ironically, it is the President's insistence on privatization 
of Social Security that is slowing retirement reform. Privatization of 
Social Security has become the poison pill of progress.
  We need to broaden the debate on privatizing Social Security into a 
discussion of retirement security. Democrats have ideas and proposals; 
our Republican friends have ideas and their proposals. We are not all 
that far apart. But before we can move forward, the privatization of 
Social Security has brought progress to a standstill.
  Here are four ideas I have proposed: automatic enrollment in 401(k)s 
for all Americans; direct deposits of tax refunds into savings 
accounts; a government match of the first $2,000 you save, matching it 
for 50 percent; and the universal 401(k) to simplify and consolidate 
the 16 different savings vehicles that exist.
  Madam Speaker, make no mistake, this is the domestic issue of our 
time. We can choose to lead, or we can continue to debate the 
privatization plan the public has already rejected. Let us not allow 
the President to stand in the way of progress. The American people 
deserve a secure retirement.

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