[Congressional Record (Bound Edition), Volume 151 (2005), Part 14]
[Extensions of Remarks]
[Pages 19371-19372]
[From the U.S. Government Publishing Office, www.gpo.gov]




          STRENGTHENING SOCIAL SECURITY WITH PERSONAL ACCOUNTS

                                 ______
                                 

                          HON. JOE KNOLLENBERG

                              of michigan

                    in the house of representatives

                        Thursday, July 28, 2005

  Mr. KNOLLENBERG. Mr. Speaker, I rise to stress the urgency of 
strengthening Social Security for future generations.
  Over the next twenty years, the number of seniors will grow by 70 
percent because of the retiring baby boomer generation. A half-century 
ago, 16 workers paid into Social Security for every retiree. Today only 
three workers support every retiree and in the next few decades, that 
number will drop to two. By 2042,

[[Page 19372]]

the system will become bankrupt and it will only be able to pay 70 
percent of promised benefits.
  Younger workers can earn additional benefits by giving them the 
option to invest a small portion of their Social Security taxes in 
bonds and stocks. Personal accounts will allow them to build a 
financial nest-egg for their retirement; they can pass on to their 
loved ones.
  Mr. Speaker, personal accounts will give our children and 
grandchildren the peace of mind that they will be financially secured 
in the future.

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