[Congressional Record Volume 154, Number 16 (Thursday, January 31, 2008)]
[Senate]
[Pages S509-S510]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                        THE GREATEST GENERATION

  Mr. BAUCUS. Mr. President, a few minutes ago, the minority leader 
urged the Senate to simply pass the House stimulus bill with no 
amendments, saying it will be a Christmas tree, so pass it with no 
amendments.
  I don't think the Senate wants to deprive 20 million American seniors 
of a rebate check. I don't think the Senate wants to deprive a quarter 
of a million disabled veterans of a rebate check. That is what would 
happen if we were to follow the advice of the minority leader. He would 
deprive 20 million American senior citizens from getting a rebate check 
under the stimulus plan. He would deprive a quarter of a million 
disabled vets from receiving a rebate check under the plan. I don't 
think the Senate wants to do that.
  I think the Senate wants to make some very modest changes to the 
House-passed bill, if 20 million seniors is modest. We can argue if it 
is modest. I think it is very important. I think the American public 
would very much prefer that the Senate make some modest changes to the 
House-passed bill so those stimulus checks can be sent out very 
quickly.
  We on this side do want speedy passage of the stimulus package. The 
majority leader has indicated we will take this up on Monday, a few 
days from today. My hope and expectation is that it will be passed on 
Monday. Remember, not too long ago, the President and the leadership in 
Washington, DC, were saying: Gee, let's get those stimulus checks out 
by February 15. This is January 31. We can get this done very quickly, 
in a matter of several days, maybe sometime near the end of next week, 
well before February 15.
  We want to move quickly. We want to not load up the stimulus package. 
Loading it up too much will cause delays, but we on this side of the 
aisle strongly believe that 20 million seniors should get rebate checks 
and a quarter of a million veterans get rebate checks. They will not 
get those checks under the House-passed bill. That is why I do not 
think we should willy-nilly accept the House bill which will deprive 20 
million seniors and a quarter million disabled veterans of those rebate 
checks.
  They came of age in the Great Depression and during World War II. Of 
them, Tom Brokaw wrote:

       At the end of the twentieth century, the contributions of 
     this generation would be in bold print . . . it is a 
     generation that, by and large, made no demands of homage 
     from those who followed and prospered . . . because of its 
     sacrifices. It is a generation of towering achievement and 
     modest demeanor, a legacy of their formative years, when 
     they were participants and witness to sacrifices of the 
     highest order.

  That is what Tom Brokaw wrote in his book ``The Greatest 
Generation.'' The men and women of that generation and the one that 
followed are now America's seniors. These are the seniors the Finance 
Committee is fighting for and trying to help with the economic stimulus 
bill reported yesterday.
  America's seniors are acquainted with sacrifice. As Brokaw wrote:

       They know how many of the best of their generation didn't 
     make it to their early twenties, how many brilliant 
     scientists, teachers, spiritual and business leaders, 
     politicians and artists were lost in the ravages of the 
     greatest war the world has seen.

  They fought for their country, our American seniors. They gave a 
lifetime of labor, they gave a lifetime of service, they paid a 
lifetime of taxes, and they contribute to the economy today. But 20 
million of these seniors would not get a check in the House-passed 
stimulus bill. Twenty million American seniors would get a check in the 
Finance Committee substitute.
  These 20 million seniors would be left out of the House-passed tax 
rebate. Why? Because they do not have at least $3,000 in earned income, 
as in wages, or enough taxable income to meet the test set up by the 
House bill. In contrast, the Finance Committee plan would allow almost 
all seniors to receive at least $500. They would have to show they 
received at least $3,000 in Social Security income on their 2007 tax 
return.
  Many American seniors live on fixed incomes. Some earn some wages, 
some make some money, but many American seniors live only on fixed 
incomes--their Social Security benefits. Many struggle to pay their 
medical bills. Many struggle to pay their heating bills, especially as 
energy costs are going up so high. Drug prices are going up too. 
Seniors deserve to be included in any rebate program.
  When we are contemplating distributing stimulus checks broadly across 
most American families, it would be wrong not to include 20 million 
seniors of the greatest generation. A rebate to seniors works for 
America's economy too. It is not just the right thing to do, but it 
works for our economy and here is why. Economists agree consumer 
spending fueled by tax rebates can boost America's economy, and 
Americans over age 65 are responsible for 14 percent of all consumer 
spending. Let me repeat that. Americans over age 65 are responsible for 
14 percent of all consumer spending.
  Look at this chart to my right. It indicates something very simple, 
very basic, and very important--and not simply from an economic 
standpoint but also doing what is morally right for our seniors as well 
as from an economic perspective. Americans over age 65 spend 92 percent 
of their income in any given year. That is represented by this 
horizontal bar on the top in the blue. I will say it again. Americans 
over age 65--that is what this line represents--spend almost all their 
income in any given year. They spend 92 percent of their income in any 
given year.
  Now, contrast that with a household headed by a person a little 
older, over age 75. They spend an even higher percentage of their 
income--98 percent. That is higher than any other demographic group 
over the age of 25. Seniors spend the money they receive; much more 
than any other demographic group over the age of 25.
  Other Social Security recipients can benefit too. In 2006, 18 million 
Americans received Social Security disability benefits, or survivor 
benefits. Widows, widowers, and disabled veterans--disabled Americans--
can qualify for an equal tax rebate, too, under the Finance Committee 
plan. Millions of them would get nothing under the House plan.
  The Finance Committee bill also provides benefits to another group of 
Americans who have sacrificed for their country: disabled veterans. 
Once again, the House left them out. The House said no to a quarter of 
a million disabled veterans. They said no rebate checks if you are a 
disabled vet and if you don't have significant earned income. Under the 
House bill, more than a quarter million disabled vets would receive no 
rebate. Why? Because they have no obligation to file a tax return.
  The Finance Committee bill would provide rebate checks for these 
quarter of a million disabled veterans. The Finance Committee bill 
would get rebates to disabled veterans receiving at least $3,000 in 
nontaxable disability compensation. That is it. The House forgot about 
that. They forgot about a quarter of a million disabled vets. The 
Senate plan makes them eligible to earn the same $500 rebate as wage 
earners and Social Security recipients--the same. The Department of 
Veterans Affairs would distribute the rebate.
  My colleagues know America is once again at war. Many of my 
colleagues have visited with wounded soldiers who have come home from 
wars in Iraq and Afghanistan. In fact, my colleague from Kentucky a few 
minutes ago made a very moving tribute to several fallen soldiers from 
his State of Kentucky. Many of my colleagues have, as

[[Page S510]]

I have, gone to Walter Reed and visited with their wounded warriors. 
More than 21,000 service men and service women have now been wounded in 
Iraq and Afghanistan--21,000.
  Now, thank God, not all of them will become disabled veterans, but 
many will. No one can question their sacrifice, no one can question 
their contribution, and no one can question that they have earned the 
right to participate in this rebate program every bit as much as any 
other American. So let us honor the Americans who came of age in the 
Great Depression and during World War II. Let us honor the Americans 
who have fought for our country in its wars only to come home disabled. 
And let us ensure that these greatest Americans receive their fair 
share of any economic stimulus.
  That is what is at stake. That is why the Senate should not 
rubberstamp the House-passed bill. That is why the Senate should pass 
the Finance Committee's stimulus bill. To do anything less would be to 
shortchange millions of seniors and veterans who have earned the right 
to be called the greatest Americans.
  I yield the floor, and I suggest the absence of a quorum.
  The ACTING PRESIDENT pro tempore. The clerk will call the roll.
  The legislative clerk proceeded to call the roll.
  Mr. SCHUMER. Mr. President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The PRESIDING OFFICER (Mr. Tester.) Without objection, it is so 
ordered.
  Mr. SCHUMER. Mr. President, I ask unanimous consent to speak for 5 
minutes as in morning business.
  The PRESIDING OFFICER. The Senator is authorized to speak for up to 
10 minutes if he wishes.

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