[Congressional Record (Bound Edition), Volume 147 (2001), Part 1]
[Extensions of Remarks]
[Pages 48-49]
[From the U.S. Government Publishing Office, www.gpo.gov]



          THE BIPARTISAN COMMISSION ON SOCIAL SECURITY REFORM

                                 ______
                                 

                            HON. ROB PORTMAN

                                of ohio

                    in the house of representatives

                       Wednesday, January 3, 2001

  Mr. PORTMAN. Mr. Speaker, the 2000 Report of the Social Security 
Board of Trustees projects that the amount of money going out of the 
Social Security Trust Fund will begin to exceed the tax dollars coming 
into the system in 2015 and, as a result, the Social Security Trust 
Fund will be depleted in 2037. At that time, only 72% of Social 
Security benefits would be payable with incoming receipts unless 
changes are made today.
  The primary reason is demographic: the post-World War II baby boomers 
will begin retiring in less than a decade and life expectancy is 
rising. By 2025 the number of people age 65 and older is predicted to 
grow by 75%. In contrast, the number of workers supporting the system 
would grow by 13%.

[[Page 49]]

  If there are no other surplus governmental receipts, policymakers 
would have three choices: raise taxes or other income, cut spending, or 
borrow the money. Mirroring this adverse outlook are public opinion 
polls showing that fewer than 50% of respondents are confident that 
Social Security can meet its long-term commitments. There also is a 
widespread perception that Social Security may not be as good a value 
in the future as it is today.
  While it is accepted that Social Security reform is needed without 
undue delay, there clearly is no consensus on how this should be 
accomplished. This was evident by the Report of the 1994-1996 Social 
Security Advisory Council, which provided three very different plans 
but none of which received a majority's endorsement. It also is 
reflected by the many bills introduced in the 105th and 106th Congress 
and proposals by the Administration that represents a diversity of 
approaches to Social Security reform. As a result of differences within 
Congress and no clear direction from the outgoing Administration during 
the last 8 years, there has been no movement on Social Security reform.
  This state of affairs shows the need for to develop consensus 
legislation between Congress and the Bush Administration that can be 
enacted into law without undue delay. To accomplish this goal, Mr. 
Condit and I are reintroducing a bill we offered last year to establish 
a Bipartisan Commission on Social Security Reform charged with 
developing a unified proposal to ensure the long-term retirement 
security of Americans. It is important to note that President-elect 
Bush has endorsed the concept of a bipartisan commission to pave the 
way to a consensus on Social Security reform.
  The Commission we propose will consist of 17 members to be appointed 
by the House and Senate majority and minority leadership and the 
President. The commissioners are to be individuals of recognized 
standing and distinction who can represent the multiple generations who 
have a stake in the viability of the Social Security system. They also 
must possess a demonstrated capacity to carry out the commission's 
responsibilities. At least 1 of the commissioners will represent the 
interests of employees and 1 member will represent the interests of 
employers.
  Reforming Social Security needs to be addressed sooner, not later, to 
allow for phasing in any necessary changes and for workers to adjust 
their plans to take account of those changes. Further delay simply is 
not acceptable, and it is my hope that we will take up the Bipartisan 
Commission on Social Security Reform Act of 2001 as one of the first 
pieces of business in the 107th Congress. Mr. Condit and I will be 
working with the leadership and the Bush Administration to make this 
goal a reality.

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