[Congressional Record Volume 151, Number 106 (Friday, July 29, 2005)]
[Extensions of Remarks]
[Pages E1692-E1693]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          STRENGTHENING SOCIAL SECURITY WITH PERSONAL ACCOUNTS

                                 ______
                                 

                          HON. JOE KNOLLENBERG

                              of michigan

                    in the house of representatives

                        Thursday, July 28, 2005

  Mr. KNOLLENBERG. Mr. Speaker, I rise to stress the urgency of 
strengthening Social Security for future generations.
  Over the next twenty years, the number of seniors will grow by 70 
percent because of the retiring baby boomer generation. A half-century 
ago, 16 workers paid into Social Security

[[Page E1693]]

for every retiree. Today only three workers support every retiree and 
in the next few decades, that number will drop to two. By 2042, the 
system will become bankrupt and it will only be able to pay 70 percent 
of promised benefits.
  Younger workers can earn additional benefits by giving them the 
option to invest a small portion of their Social Security taxes in 
bonds and stocks. Personal accounts will allow them to build a 
financial nest-egg for their retirement; they can pass on to their 
loved ones.
  Mr. Speaker, personal accounts will give our children and 
grandchildren the peace of mind that they will be financially secured 
in the future.

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