[Congressional Record Volume 156, Number 107 (Tuesday, July 20, 2010)]
[Extensions of Remarks]
[Page E1369]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                            SOCIAL SECURITY

                                 ______
                                 

                     HON. LOUISE McINTOSH SLAUGHTER

                              of new york

                    in the house of representatives

                         Tuesday, July 20, 2010

  Ms. SLAUGHTER. Madam Speaker, I rise today in support of Social 
Security as its 75th birthday nears.
  Social Security is among the most important programs ever created by 
our Government. Older Americans have worked hard and made sacrifices to 
ensure a better, stronger country for future generations. They deserve 
a secure, healthy retirement.
  Without Social Security, one out of every two seniors would fall into 
poverty, and the disabled and survivors--including millions of 
children--would find themselves without this critical safety net in 
their time of need.
  In my district alone, over 120,000 people received Social Security 
benefits in 2009, including over 77,000 seniors and nearly 13,000 
children who receive benefits because a family member has retired, 
become disabled, or died. Today, as we approach its 75th anniversary, 
Social Security is once again under assault by Congressional 
Republicans.
  The ranking Republican member on the House Committee on the Budget 
introduced H.R. 4529, the Roadmap for America's Future, which purports 
to rescue and strengthen Medicare, Medicaid, and Social Security, 
allowing them to fulfill their missions and making them permanently 
solvent--all while putting the federal budget on a sustainable path. If 
this were true, I would be the first in line to cosponsor the 
legislation.
  However, independent analysis of the bill revealed the plan would 
raise taxes for most middle-income families, privatize a substantial 
portion of Social Security, and replace Medicare with a voucher system 
that would cover fewer and fewer health care services as the years went 
by.
  What I find most disturbing about this proposal is the failure to 
acknowledge a connection between the recent volatility of the stock 
market and the effect that would have on privatized Social Security 
accounts.
  When a trillion dollars of wealth can disappear in 30 minutes, as it 
did on May 6, 2010, we know that the stock market is not the place for 
seniors' life savings. Privatization, or partial privatization, of the 
Social Security system would have been disastrous for millions of 
senior citizens that depend on their Social Security checks every 
month.
  Too many seniors in this country saw their retirement savings 
decimated by President Bush's economic crisis. I rise today to assure 
seniors that I and the Democrats in Congress will continue to stand 
firmly opposed to any and all efforts to privatize Social Security. 
Seniors can count on us to preserve Social Security for both current 
beneficiaries and generations to come.

                          ____________________