[Congressional Record (Bound Edition), Volume 158 (2012), Part 4]
[House]
[Page 5555]
[From the U.S. Government Publishing Office, www.gpo.gov]




            PRESIDENT'S POLICIES ENDANGERING SOCIAL SECURITY

  (Mr. WILSON of South Carolina asked and was given permission to 
address the House for 1 minute and to revise and extend his remarks.)
  Mr. WILSON of South Carolina. Madam Speaker, our Nation's Social 
Security system is sadly approaching bankruptcy. The Secretary of the 
Treasury spoke on Monday, revealing that Social Security benefits are 
expected to become insolvent in only 21 years--3 years sooner than was 
projected just last year.
  In a recent article in the Washington Post, Emily Miller wrote:

       Thanks in large part to Mr. Obama's insistence, the 
     program's 2011 deficit of $148 billion was the second largest 
     single-year deterioration since 1983. If Washington doesn't 
     do anything to address the program's imbalance, the trustees 
     say it will take raising the payroll tax to 16.7 percent to 
     cover the gap.

  This administration continues to take money out of the Social 
Security fund, shifting it for programs we cannot afford. It is past 
the time for Congress to act and stop Washington's out-of-control 
spending, which will ultimately result in higher taxes and more debt, 
destroying jobs and putting senior citizens at risk.
  In conclusion, God bless our troops, and we will never forget 
September the 11th in the global war on terrorism.
  Welcome, South Carolina Attorney General Alan Wilson, to Washington 
for Supreme Court oral arguments.

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