[Congressional Record (Bound Edition), Volume 151 (2005), Part 4]
[House]
[Page 4838]
[From the U.S. Government Publishing Office, www.gpo.gov]




                    SOCIAL SECURITY HAS TO BE FIXED

  (Mr. McHENRY asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. McHENRY. Mr. Speaker, Social Security needs to be fixed. It is a 
system that is currently broken, and it must be fixed. It will go 
bankrupt by the time the eldest baby boomers retire. We need to act 
sooner rather than later to fix this program. Every day we wait it 
costs us more and more.
  When Social Security began there were roughly 40 workers working for 
one retiree. During the 1950s it was 16 workers per one retiree. Soon 
it will only be two workers per one retiree. Without reform it will go 
bankrupt, and soon. So it is not a matter of I want to fix Social 
Security or I think it should be fixed. Social Security must be fixed. 
And the best way to dothat is to transform the system into one where 
workers can put a portion of their Social Security savings into 
personal accounts.
  Investing in government bonds and stocks will give them a better 
return on their investment than the current system gives.
  We must fix Social Security. We must fix Social Security now.

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