[Congressional Record (Bound Edition), Volume 151 (2005), Part 3]
[Senate]
[Page 3384]
[From the U.S. Government Publishing Office, www.gpo.gov]




                            SOCIAL SECURITY

  Mr. FRIST. Mr. President, I have a brief statement on an issue that 
is receiving a lot of attention, a lot of work, and a lot of 
engagement, both in the Senate and the House of Representatives, by the 
President of the United States and, indeed, all across America. It is 
on Social Security.
  When the 109th Congress convened, I stated that our mission in this 
Congress over the next 2 years would be to govern with meaningful 
solutions. Working together, both sides of the aisle, we made a fast 
start, very effective start, confirming the President's Cabinet and 
enacting, 2 weeks ago, class action legislation. We are making good 
progress on the bankruptcy legislation, as I just mentioned, and very 
soon we will be turning our attention to writing the Government's 
spending blueprint for the coming year; that is, governing with 
meaningful solutions.
  Congress, at the same time that activity is going on in the Chamber, 
is tackling many problems and will be tackling these problems in the 
weeks and months ahead, including Social Security, which we are engaged 
on in this body every day, whether it is working in our own caucuses or 
conference or in committees.
  Social Security, a critically important, great program which does 
serve as the cornerstone of support for senior citizens, now faces 
challenges that threaten its long-term stability and well-being. The 
facts are there. The facts are crystal clear. They are grounded in 
demographics that were defined two generations ago. Those demographics 
cannot be changed.
  What the facts lead to is that in 3 years, the baby boomers arrive on 
the Social Security rolls. That will begin an almost 30-year period 
where we will have a doubling of the number of seniors compared to what 
it is today--up to 77 million Americans who will begin to collect those 
Social Security benefits.
  Second, we all know we have fewer and fewer workers paying into the 
system, also driven by demographics. Forty years ago we had 16 people 
paying in for every retiree. Today we have three people paying in for 
every retiree. In 20 or 30 years, we will only have two paying into the 
system. Those facts cannot be changed.
  With this President, this Congress, the 109th Congress, is facing 
this challenge. The challenge is to fix Social Security for seniors and 
for near-retirees and for that next generation. We need to do it, and 
we will do it this year--this year--and not next year. We are working 
toward that goal.
  In just the past 2 months, the majority has worked aggressively and 
thoroughly to fully understand the nature of the problem. We have 
worked hard to begin to engage the American people in a dialog about 
the program. In town meetings all across the country, we have put some 
of the best minds at work to create solutions. That activity is 
underway.
  We talked about this repeatedly in our own conferences. We have 
interacted with administration officials. We have interacted with 
leading experts on the Social Security system. Our Members are hard at 
work to fix the underlying problems. That is the heart of the challenge 
in this 70-year-old program we will address this year.
  So far, I report to the Senate and my colleagues that together with 
the President we agree that retirees and near-retirees who entered the 
system before the scope of this problem became so large will not see 
benefit changes. The retirees or near-retirees will see no benefit 
changes.
  Second, together with the President, we agree that we must harness 
the power of the market and give younger Americans the choice--it is 
voluntary--to give them the choice of personal retirement accounts 
whose rate of growth--therefore, we know, ultimately, the rate of 
benefits--will grow faster than traditional Social Security.
  Third, together, with the President, we agree that all ideas should 
be on the table. It is too early for people to be drawing rigid lines 
in the sand. Thus, we encourage people to continue the discussion, the 
debate, the understanding of the issue, and the nature of the problem.
  Fourth, together, with the President, we agree that we should act 
this year and not put it off to the future.
  For those who insist there is no problem, I simply say, look at the 
facts. As people increasingly look at the facts--and we are seeing the 
response around the country--people see the problem is real, that it is 
significant, and that it is growing.
  For those who say we do not need any action, well, if you have a 
problem that is growing, it is much easier to act now, to take some 
medicine to cure the problem, than to have some radical surgery in the 
future.
  We need to test the ideas with regard to the scope of the problem and 
the ideas for solutions in that crucible of public debate. We need to 
put them to a vote. We must let the people ultimately judge.
  I say all this so people will know that our majority is hard at work, 
every day, on this vital issue. In consultation with the administration 
and the House of Representatives, we will continue to bring before the 
Senate meaningful solutions that will make a difference in the lives of 
our seniors. The assurances of Social Security should be guaranteed. To 
be able to guarantee those assurances, we must diagnose the problem, 
and then we must act. We must govern with meaningful solutions, and 
that is exactly what this Congress will do.
  Mr. President, I yield the floor.
  The PRESIDENT pro tempore. Does the Senator from Iowa seek 
recognition?
  Mr. GRASSLEY. Mr. President, with the permission of the Senator from 
Georgia, I yield myself 5 minutes.
  Mr. CHAMBLISS. No objection.
  The PRESIDENT pro tempore. The Senator is recognized for 5 minutes.

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