[Congressional Record Volume 163, Number 119 (Friday, July 14, 2017)]
[Extensions of Remarks]
[Page E992]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




  INSURING SOCIAL SECURITY SOLVENCY FOR CURRENT AND FUTURE GENERATIONS

                                 ______
                                 

                          HON. TERRI A. SEWELL

                               of alabama

                    in the house of representatives

                         Friday, July 14, 2017

  Ms. SEWELL of Alabama. Mr. Speaker, earlier this week, the Ways and 
Means Subcommittee on Social Security held a hearing to discuss the 
Social Security Administration's Annual Trustee Report. This report is 
a strong reminder that Congress must act to address the Social Security 
Trust Fund shortfall to ensure the stability of Social Security for 
generations to come. The longer Congress delays dealing with this 
impending crisis, the fewer options we will have to address the 
shortfall.
  Social Security is an essential program that prevents elderly 
Americans from falling into poverty once they reach retirement age or 
are disabled. Currently, Social Security covers 61 million seniors, and 
171 million Americans pay into the system. The Trust Fund is divided 
into two divisions: Old-Age and Survivors insurance (OASI) and 
Disability Insurance (DI). These funds cover the 41.2 million retired 
workers, the 8.8 million disabled workers, and their families.
  The long term viability of Social Security is undoubtedly under 
threat. The Baby Boomers are beginning to retire which is putting 
significant pressure on the fund. Since Social Security collects fewer 
revenues than it previously did, it will be forced to draw from the 2.8 
trillion dollars in asset reserve. The Social Security Administration 
Trustee's report estimates that reserves are in danger of depletion by 
2034. We cannot let this happen. A reduction in benefits for our 
seniors would be devastating for many of my constituent, who depend on 
Social Security payments as their only income in retirement. If 
benefits decrease, seniors who have paid into the system could be 
forced to choose between paying for their groceries, their utility 
bills, or their essential medication.
  There are common-sense steps that Congress can take to stabilize the 
program and insure it's presence for the next century. The Ranking 
Member of the Ways and Means Social Security Subcommittee, Congressman 
John Larson, has introduced H.R. 1902--the Social Security 2100 Act. I 
am a proud cosponsor of H.R. 1902, which would simultaneously increase 
benefits for current and future seniors, reduce payroll taxes for 
middle class and working class Americans, and secure the solvency of 
the program until 2100. This is accomplished by asking the wealthiest 
Americans to pay their fair share by raising the payroll tax cap on 
incomes above $127,000. There are reasonable solutions that both 
Democrats and Republicans should be able to support.
  Congress cannot afford to abandon our seniors. We must address the 
Social Security shortfall now. Therefore, I call an Speaker Ryan to 
bring H.R. 1902 to the floor for a vote.

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