[Congressional Record (Bound Edition), Volume 146 (2000), Part 4]
[Senate]
[Page 5010]
[From the U.S. Government Publishing Office, www.gpo.gov]



                  STRAIGHT TALK ON SOCIAL SECURITY ACT

  Mr. McCAIN. Mr. President, I would like to take this opportunity to 
once again remind my colleagues of the very precarious financial 
condition of the entire Social Security system and the urgent need for 
a serious, bipartisan effort to reform and revitalize this cornerstone 
of many Americans' retirement planning.
  The only way to achieve real reform of the Social Security system is 
to work together in a bipartisan manner. It's time to abandon the 
irresponsible game of playing partisan politics with Social Security. 
Democrats will have to stop using the issue to scare seniors into 
voting against Republicans. Republicans will have to resist using 
Social Security revenues to finance tax cuts. And both parties must 
stop raiding the Trust Funds to waste retirement dollars on more 
government spending. We must face up to our responsibilities, not as 
Republicans or Democrats, but as elected representatives of the 
American people with a common obligation to protect their interests.
  We have an obligation to ensure that Social Security benefits are 
paid as promised, without putting an unfair burden on today's workers.
  We also have an obligation to talk straight with working Americans 
about the true financial status of the Social Security program. This 
means providing each worker with honest information about the financial 
status of the Social Security program including the real value of their 
personal retirement benefits.
  Under the current system, hard working Americans--young and old--are 
not receiving straight, honest information regarding the actual 
financial status of the Social Security program including how much it 
is receiving in payroll taxes and how much is needed to give promised 
benefits to seniors. This includes clearly telling Americans exactly 
when the program will no longer have sufficient funds for paying full 
benefits.
  Furthermore, we must begin providing working Americans with accurate, 
easy to understand information regarding the average rate of return 
they can expect to receive from Social Security as compared to the 
amount of taxes an individual pays into the program. It is only fair to 
be straight with everyone and let them know the true facts about how 
much they will pay in payroll taxes and what the limited return will be 
on their contributions.
  It is time for us to talk straight to Americans about Social Security 
and begin working together in a bipartisan fashion to make the 
necessary changes to strengthen and save the nation's retirement 
program for the seniors of today and tomorrow.

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