[Congressional Record (Bound Edition), Volume 151 (2005), Part 11]
[House]
[Page 14771]
[From the U.S. Government Publishing Office, www.gpo.gov]




IT IS TIME REPUBLICANS TAKE SOCIAL SECURITY PRIVATIZATION OFF THE TABLE

  (Mr. MELANCON asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. MELANCON. Mr. Speaker, let me just say, first, before I start, 
you are doing a wonderful job this morning.
  Mr. Speaker, last week, we learned how determined the majority party 
is to approve any Social Security reform bill as long as it includes 
privatization. Despite the fact that the American people have already 
rejected President Bush's privatization proposal, it appears that the 
Congressional Republicans are not willing yet to let privatization die.
  The American people should know that this latest proposal is similar 
to the President's plan in several respects:
  First, the new proposal would divert payroll contributions that are 
now being held for future beneficiaries into these risky, private 
accounts. By merely diverting Social Security funds, the plan would 
still force large benefit cuts on today's seniors and tomorrow's 
beneficiaries. And, just like the President's plan, the Republican 
legislative proposal does nothing to address the real issue facing 
Social Security, and that is solvency.
  Mr. Speaker, the American people have seen what can happen to 
pensions and the stock market and how important a guaranteed Social 
Security benefit is to their retirement security. It is time that our 
Republican colleagues realize that privatization just is not going to 
fly, no matter how you package it.

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