[Congressional Record Volume 151, Number 85 (Thursday, June 23, 2005)]
[House]
[Page H4988]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                            SOCIAL SECURITY

  (Mr. McHENRY asked and was given permission to address the House for 
1 minute.)
  Mr. McHENRY. Mr. Speaker, Social Security is going broke and we need 
to fix it. The question is how. When the baby boomers begin to retire 
in 2008 and 2009, the only way to save Social Security is then to cut 
benefits by 30 percent or raise taxes by $600 billion a year.
  The Democrats believe in tax hikes. In fact, the only Democrat 
proposal to reform Social Security is to raise your taxes. But the best 
way to reform Social Security is with personal accounts, to get a 
better return on our investments. And there are a lot of proposals out 
there. In fact, Ways and Means Committee leaders actually came up with 
a good plan yesterday that has personal accounts, that everyone paying 
into the system would get a personal retirement account by using the 
Social Security surplus that we have for the next few years. I like 
this idea because it means politicians cannot spend the money and it is 
a true lockbox for every citizen that pays taxes.
  We need to have personal retirement accounts, Mr. Speaker, not tax 
hikes. We need to support Social Security reform.

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