[Congressional Record (Bound Edition), Volume 151 (2005), Part 7]
[House]
[Page 9146]
[From the U.S. Government Publishing Office, www.gpo.gov]




 UNITED AIRLINES DEFAULT REMINDS US OF NEED TO PRESERVE SOCIAL SECURITY

  (Mr. EMANUEL asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. EMANUEL. Mr. Speaker, today we are given a stark reminder of what 
is at stake in this debate about Social Security.
  Yesterday, United Airlines unloaded their pension plan for their 
100,000-plus employees onto the taxpayer, resulting in benefits being 
cut up to 40 percent. Now, go ask those United Airlines' employees what 
they think of Social Security as part of their retirement.
  Earlier this year, US Airways unloaded their pension plan on the 
taxpayers, cutting benefits up to 50 percent. Go ask those U.S. 
Airways' employees what they think of Social Security.
  It may come as a shock to some, but the American people like the 
security that comes with Social Security. That is what this debate is 
about. For United Airlines' employees, U.S. Airways' employees, the 
steel industry before them and probably the auto industry coming next, 
Social Security is the linchpin to their retirement security. They 
reject the idea of doing to Social Security what just happened to their 
private plan, where they put their personal and employer-based savings. 
It is now on the roulette table, and benefits are being cut by 40 
percent.
  The fact is, that is what this debate is, for two-thirds of seniors 
and 40 percent of widows rely on Social Security as their only 
retirement. Mr. Speaker, this debate is more than about the solvency of 
Social Security; it is about retirement security for every American.

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