[Congressional Record Volume 170, Number 186 (Monday, December 16, 2024)]
[House]
[Page H7147]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             CONGRESS MUST ENHANCE CAPITALISM'S SAFETY NET

  The SPEAKER pro tempore. The Chair recognizes the gentleman from 
Connecticut (Mr. Larson) for 5 minutes.
  Mr. LARSON of Connecticut. Mr. Speaker, as all Americans know, Social 
Security is the number one antipoverty program for the elderly of this 
country. Most people don't realize that it is also the number one 
antipoverty program for children in this country.
  What is further annoying to most Americans is that it has been 54 
years since Congress, who has the responsibility for doing so, has 
enhanced Social Security benefits. This has a direct impact on every 
district in the country.
  In the Speaker's district, there are over 174,000 Social Security 
recipients, and 142,000 of them are retirees; 13,000-plus are disabled 
workers; 7,000-plus are widows; 3,000 are spouses; and over 7,000 are 
children.
  Mr. Speaker, what most Members don't realize is the direct economic 
impact and economic development impact that this has on their district. 
For example, the Speaker's district receives $353 million monthly for 
those 174,000 recipients.
  Where do they spend that money, Mr. Speaker? They spend it right back 
in the districts where they live.
  Nobody gets wealthy on Social Security, but it has been the mainstay 
to keep people out of poverty, both the elderly and children alike.
  Congress has not taken any action to enhance those benefits since 
1971. Richard Nixon was the President of the United States the last 
time this body, which is in charge of making sure that Americans 
receive this benefit, has taken any action to ensure that people in the 
Speaker's district and in mine and in all 435 districts receive Social 
Security benefits.
  Here are the statistics: Over 70 million Americans rely on Social 
Security. For more than 35 million Americans, it is the only retirement 
benefit that they have. Americans are getting concerned by the day 
because 10,000 baby boomers a day become eligible for Social Security.
  Mr. Speaker, I come to the floor to plead for Congress to take 
action. Have a vote. If Members have a better idea, they should put it 
forward.
  President Trump has at least called for tax cuts. Most people don't 
realize that, when they retire, all of a sudden, they are being double 
taxed because their Social Security is taxed. That is a good idea, but 
President Trump's plan doesn't pay for that.
  When it is not paid for, the money comes directly out of the trust 
fund, therefore hurting everybody in the program because it will reduce 
Social Security benefits by 36 percent as soon as 2031. That is not a 
long way off, and this body of Congress has been woefully negligent in 
making sure it is speaking out on behalf of the American people and the 
citizens that we are sworn to serve.
  This is capitalism's safety net. The reason that we are able to 
thrive as a Nation and be entrepreneurial in the system is because we 
have a safety net for our workforce. In the event that a business 
collapses or people get laid off or they don't have work, there is 
Social Security. That is the brilliance of Franklin Delano Roosevelt 
that is still with us, and it is embraced overwhelmingly by Democrats, 
Republicans, and unaffiliated persons.
  It is time to act, Mr. Speaker.

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