[Congressional Record (Bound Edition), Volume 150 (2004), Part 2]
[Extensions of Remarks]
[Page 2532]
[From the U.S. Government Publishing Office, www.gpo.gov]




                        SOCIAL SECURITY SOLVENCY

                                 ______
                                 

                         HON. JAMES R. LANGEVIN

                            of rhode island

                    in the house of representatives

                      Wednesday, February 25, 2004

  Mr. LANGEVIN. Mr. Speaker, today I rise to express my disappointment 
with Federal Reserve Chairman Greenspan's remarks to the House Budget 
Committee regarding Social Security.
  In his testimony, Chairman Greenspan suggests that possible remedies 
for the record deficits and $7 trillion debt include increasing the 
Social Security retirement age and cutting benefits for future 
recipients.
  I want my constituents to know that I will not support any proposal 
to decrease or eliminate Social Security, nor will I support an 
increase in the retirement age. Social Security is an entitlement--a 
right--for the millions of Americans who pay into the program with each 
and every paycheck. The government has made a commitment to seniors and 
current workers alike that Social Security will be available upon 
retirement. We cannot go back on our word.
  In Rhode Island, Social Security provides a vital lifeline for a 
significant percentage of the population. Rhode Island ranks fifth in 
the nation for the percentage of residents over 75 and sixth in the 
nation for those over 65. In my district alone, 110,000 people rely on 
Social Security for their livelihood, and its importance will continue 
to grow as the baby boom generation begins to retire. Rhode Islanders 
spend their lives contributing to the vitality of our communities and 
our country--and paying into Social Security. They are entitled to the 
benefits they have earned and should not have to worry about whether 
Social Security will continue to be there when they need it.
  Chairman Greenspan is right about one point: this country needs a 
``greater discipline'' on budgetary matters. I believe that discipline 
must come from the White House. Congress can no longer afford runaway 
tax cuts and corporate welfare while neglecting long-term fiscal 
solvency and current priorities like health care and education.
  What Chairman Greenspan neglected to state was that the President's 
reckless disregard for fiscal responsibility led to a $521 billion 
deficit in FY 2004. When President Bush took office in 2001, he 
inherited a projected $5.6 trillion surplus over ten years. Just three 
short years later, we have a projected $1.9 trillion deficit, a 
shocking turnaround. While the President was dealt a difficult hand 
with a recession and the attacks of September 11, many of the fiscal 
woes are a result of repeated tax cuts that benefit the wealthiest 
Americans. Our promise to seniors has been bypassed in order to line 
the pockets of the President's wealthy friends.
  Every man, woman, and child in Rhode Island and around the country 
would owe more than $24,000 if we were to erase the national debt 
today. Due to increasing deficits, this amount is only going to 
increase until we take serious steps to cut wasteful government 
spending and collect the revenue to meet America's priorities and 
promises. Baby boomers will challenge the Social Security system, but 
through responsible fiscal policy, the government will be able to keep 
this program afloat.
  Ensuring the solvency is not the task of one person or one party. 
Saving Social Security will require difficult decisions, but we cannot 
play politics with Americans' futures. More than anything, we need an 
Administration that respects fiscal responsibility and recognizes that 
in a time of war and recession, we should not be giving trillion-dollar 
tax cuts to the most privileged Americans. I urge my colleagues to 
reject Chairman Greenspan's calls to cut benefits to our nation's 
seniors and instead work to restore fiscal responsibility to our 
government.

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