[Congressional Record (Bound Edition), Volume 151 (2005), Part 7]
[House]
[Page 10135]
[From the U.S. Government Publishing Office, www.gpo.gov]




                     SOCIAL SECURITY DEMOCRAT PLAN

  (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, goodness gracious. The day has finally 
come. The Democrats, after 5 months, have proposed a way to fix Social 
Security, and they will fix it all right, by raising our taxes. That is 
right. The new Democrat plan would increase taxes to fix Social 
Security.
  The proposal would hike taxes by 6 percent on middle class families 
and small business owners. What more can we expect from the tax and 
spend party, Mr. Speaker? Instead of transforming the program, by 
modernizing retirement security, the Democrats want to use an old 
method, by raising taxes.
  But there is a new, better solution, Mr. Speaker: personal savings 
accounts, personal retirement accounts. By allowing younger workers to 
put a portion of their Social Security taxes into personal retirement 
accounts, we lessen the liability on the program and we fix Social 
Security in a lasting and sincere way.
  When folks have personal retirement accounts, there is no Social 
Security surplus for politicians to raid, and we do not have to worry 
about Democrats raising taxes to do it.
  Personal retirement accounts, Mr. Speaker, a new solution to update 
and strengthen an old program.

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