[Congressional Record (Bound Edition), Volume 151 (2005), Part 11]
[House]
[Page 14527]
[From the U.S. Government Publishing Office, www.gpo.gov]




            NO SECURITY IN PRIVATIZATION OF SOCIAL SECURITY

  (Ms. LINDA T. SANCHEZ of California asked and was given permission to 
address the House for 1 minute and to revise and extend her remarks.)
  Ms. LINDA T. SANCHEZ of California. Madam Speaker, I rise today to 
give voice to the youth of my district. I recently had a Social 
Security e-town hall where young adults joined me online to discuss 
this important issue.
  Billy, a constituent of mine from Long Beach, is currently a student 
at the University of Southern California. He questioned the wisdom and 
the solvency of the President's plan. He specifically asked me what 
would the worst case scenario consequences of the President's plan be.
  My answer to him was simple. It is clear that Republicans have no 
desire to strengthen Social Security for future generations.

                              {time}  1015

  Instead, their only intention is to privatize this guaranteed 
retirement program.
  Privatization is a first step on the road to the worst case scenario. 
Privatization proposals hurt everyone, including today's beneficiaries. 
But it especially hurts young workers who end up paying for the 
administrative costs of privatization on the front end and then end up 
paying for it twice with large benefit cuts on the back end. 
Privatization does absolutely nothing to extend the solvency of Social 
Security.
  If we really wanted to save Social Security, let us work to ensure 
its solvency. Let us not dismantle guaranteed benefits, especially for 
young workers like Billy.

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