[Congressional Record (Bound Edition), Volume 151 (2005), Part 6]
[House]
[Pages 7778-7779]
[From the U.S. Government Publishing Office, www.gpo.gov]




             OPPOSING THE PRIVATIZATION OF SOCIAL SECURITY

  (Ms. EDDIE BERNICE JOHNSON of Texas asked and was given permission to 
address the House for 1 minute and to revise and extend her remarks.)
  Ms. EDDIE BERNICE JOHNSON of Texas. Mr. Speaker, I rise to reiterate 
my emphatic opposition to the privatization of Social Security. This 
program would not only hurt millions of

[[Page 7779]]

elderly Americans but, ultimately, the whole country. For women and 
working families especially, Social Security is a lifeline, and they 
need to know that they can rely on a guaranteed benefit.
  Social Security was never intended to be a roll-the-dice stock market 
gambit. Social Security was never meant to be an elaborate investment 
scheme geared to maximizing returns. Social Security was designed as a 
simple, straightforward social insurance program that ensures all of us 
to spend our golden years in a basic level of dignity, independence, 
and security.
  Mr. Speaker, privatization is also not good for young workers. A 30-
year-old worker making $40,000 a year will lose 27 percent of their 
benefits under this plan. That is almost $6,000 a year.
  I urge all of my colleagues, let us work together and solve a 
manageable problem.

                          ____________________