[Congressional Record Volume 153, Number 86 (Thursday, May 24, 2007)]
[Senate]
[Page S6830]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              AGING REPORT

  Mr. SMITH. Mr. President, it is my pleasure to present to the Senate 
report No. 110-71, titled ``Economic Developments in Aging,'' as 
compiled by the Senate Special Committee on Aging for the 109th 
Congress. The Special Committee on Aging is required to report to the 
Senate at least once a Congress on findings from the work done by the 
committee. This report contains valuable insight uncovered by the 
committee over the past 10 years on the subject of the economics of 
retirement.
  The Aging Committee has a long and distinguished history of 
investigating and debating issues of importance to America's aging 
population. Along with robust deliberations on retirement security, the 
committee also has initiated discussions on ways to strengthen Medicare 
and Medicaid, and to expose companies that prey upon seniors using 
fraudulent marketing scams. I was proud to serve as chairman of this 
committee in the 109th Congress, when we began the process of compiling 
this report, and am pleased to continue my service as ranking member of 
the committee in the 110th Congress.
  The Aging Committee is tasked with a significant challenge to ensure 
that we, as a nation, are prepared for the significant demographic 
shift with the aging of our population. In a few short years, a vast 
wave of Americans will begin to retire. In fact, between 2010 and 2030, 
the number of people age 65 and older is projected to increase by 76 
percent. This change will impact a wide range of social and economic 
issues, such as labor shortages, loss of experienced workers many of 
whom have skills that simply are not replaceable--and put a significant 
strain on the senior entitlement programs of Social Security, Medicare 
and Medicaid.
  To keep pace with the growing aging population, it is critical that 
Congress address these issues in a thoughtful manner that preserves 
benefits for those in need. The report compiles relevant high-level 
summaries of committee hearings related to retirement security that 
demonstrate the ongoing debate within Congress regarding the best 
approach to address these important issues.
  I look forward to continuing a healthy debate on ways to best prepare 
for the challenges that await us with our aging nation. I hope this 
report provides valuable insight as we continue these discussions 
throughout this Congress.
  I thank all the members of the Senate Special Committee on Aging from 
the past 10 years for their participation in these vital discussions. I 
especially want to thank the committee's current chairman, Senator Herb 
Kohl, as well as the committee's past chairmen for their dedication to 
ensuring a positive future for America's seniors.




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