[Congressional Record (Bound Edition), Volume 147 (2001), Part 6]
[House]
[Page 8069]
[From the U.S. Government Publishing Office, www.gpo.gov]



 INCREASED SPENDING JEOPARDIZES FUTURE OF SOCIAL SECURITY AND MEDICARE

  (Mr. SMITH of Michigan asked and was given permission to address the 
House for 1 minute and to revise and extend his remarks.)
  Mr. SMITH of Michigan. Mr. Speaker, the so-called transition cost for 
Social Security, if we do nothing, if we make no changes, is $120 
trillion over the next 75 years. If we start now by developing the kind 
of bridge that will bridge the gap between expected revenues and 
expenditures that is necessary to increase the returns over what Social 
Security will otherwise be able to pay, we can do it. The average 
return that is paid in in Social Security taxes is now estimated by the 
Social Security actuaries to be 1.7 percent return on that so-called 
investment, or those taxes. In a perfect congressional world, we would 
not have a tax cut, we would stop the dramatic increase in spending of 
this Congress that jeopardizes not only the economy but leaves our kids 
with a huge debt and jeopardizes the future of Social Security and 
Medicare. Let us hold the line on increased spending.

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