[Congressional Record (Bound Edition), Volume 151 (2005), Part 12]
[House]
[Page 16649]
[From the U.S. Government Publishing Office, www.gpo.gov]




             OPPOSING THE PRIVATIZATION OF SOCIAL SECURITY

  (Mr. ETHERIDGE asked and was given permission to address the House 
for 1 minute and to revise and extend his remarks.)
  Mr. ETHERIDGE. Mr. Speaker, today I rise to express my opposition to 
the recent Republican proposals to privatize Social Security.
  Privatizing Social Security is like tearing down the barn to fix the 
roof. It adds trillions of dollars to the national debt and does 
nothing to fix the long-term challenges facing Social Security.
  The Republican privatization proposal hands future generations a 
triple burden: a reduction in guaranteed benefits, a hefty transition 
cost, and a Social Security system that is no closer to solvency.
  This is a classic bait-and-switch maneuver, and American workers will 
not be fooled by trickery, political schemes to line the pockets of 
Wall Street bankers with their retirement savings.
  This country has made a commitment to seniors and to current workers 
alike that Social Security will be available upon retirement. We cannot 
go back on our word. Rural America in particular is counting on Social 
Security to be there when they need it.
  As we prepare to celebrate the 70th anniversary of Social Security, I 
urge the President to take privatization off the table so that we might 
achieve a bipartisan agreement to strengthen Social Security for the 
long term and enhance the retirement security for all Americans.

                          ____________________