Mr. Speaker, I thank the gentleman from Georgia (Mr. Price) for his leadership tonight. It is just a great honor to be here on this very important issue of Social Security and strengthening Social Security, and I appreciate again what the…
Mr. Speaker, I thank the gentleman from Georgia (Mr. Price) for his leadership tonight. It is just a great honor to be here on this very important issue of Social Security and strengthening Social Security, and I appreciate again what the gentleman is doing to bring to the attention, Mr. Speaker, of our colleagues, additionally to the American people, the importance of how we can and why we need to strengthen Social Security.
The gentleman from Georgia (Mr. Price) himself is an indication of the leadership in our Congress, and I am so proud. Even though he is just a freshman, he is making such a difference.
I had the extraordinary opportunity in 2001 to be part of the first Republican majority in the State Senate of South Carolina in 124 years, but the gentleman from Georgia (Mr. Price) had in 2002 the opportunity to be the first participant in the Republican majority in the State Senate of Georgia in 125 years. Then, as an indication of his leadership, he was elected leader of the State Senate of Georgia, again the first Republican in 125 years. Then he, of course, ran for Congress last year, and is making such a difference.
The reason that we are here indeed to discuss the issue of why we need to strengthen Social Security I believe is very simple: it is demographics. This is not criticism of a political party; it is not criticism of individuals. What we are doing is recognizing something actually very good, and that is that the American people are living longer.
In 1935, when the Social Security system was implemented, the average longevity, the age of what a person in the United States would live, was 59 years old. Today, it is 77.3. I think that is great. It is a testimonial to our health
care, to the health care delivery system, to the physicians of our country, to the living standards of the American people.
I had the opportunity to bring this to the attention, as the gentleman from Georgia (Mr. Price) has indicated, to 20 town hall meetings recently: the Residence Hall Association of the University of South Carolina, to the Latin American Council of Beaufort County, to the Aiken County Chamber of Commerce, to the employees of Palmetto Electric Coop. Everywhere I went, and I spoke at Estill High School, Hampton High School, everywhere I went I was able to bring to the attention of people of all ages that, due to demographics, we need to make changes and address the concerns that we have with people living longer.
Then, of course, we had the circumstance back in 1935, there were 40 workers who paid into the system, and then there was one beneficiary. Back in 1950, that changed, of course, and there were 16 workers to a beneficiary. Currently, there are 3.3 workers to a beneficiary; and soon there will be just 2 workers to a beneficiary. That clearly indicates we need to strengthen and reform the system.
As I look at what we are doing, it is very frustrating to me that many people seem to indicate that, because the crisis is not going to come about until the year 2041, that it really does not impact people and maybe we do not need to address and make the changes that are necessary. But I need to tell my colleagues, I understand perfectly that in fact it affects everyone in this room, it affects our families.
I appreciate the gentleman from Georgia (Mr. Price) pointing out my grandchildren, but even before the grandchildren are impacted, it really affects persons such as me, the baby boomers of America.
Beginning in 2008, there will be 78 million people retiring; and what is going to occur is that, beginning in 2008, the number of retirees is going to dramatically impact and affect the Social Security system. In fact, it will go bankrupt in the year 2041.
The year 2041, that seems so far away. I am very hopeful. I would be 93 years old. So I have to tell my colleagues that that is maybe highly unlikely that I could be around. But a dear friend of mine, Austin Cunningham, who introduced me as I made a presentation like this one to the Orangeburg County Rotary Club, is 92 years old. So I really hope that I am there.
But that would be catastrophic for those of us as baby boomers if Social Security goes bankrupt. At the age of 93, we cannot begin second careers. There will not be other jobs. We need to address it.
Then I need to tell my colleagues that I am really proud that our oldest son, Alan, just returned from Iraq. He is 31 years old. That is significant, 31 years old, because 36 years from today, he will be 67. He would be retiring. The moment he begins to retire, July 16, 2041, the Social Security system would go bankrupt. That is outrageous.
I am very proud of Alan. This is a picture of where he returned to Fort Stewart from a year serving in Iraq.
So our veterans of Iraq in the war on terrorism, protecting the American people, they are working to protect our country. We need to look out for young people like Alan, 31 years old, who would be catastrophically affected.
Then, of course, my grandchildren. I am very proud, because this week I was with my 2-year-old at the South Congaree Rodeo Festival, and here he is in his little cowboy hat. Little Addison would be 37, 38 years old when our system will go bankrupt. Our newest born grandchild, born just this January, will be 35 years old when the system goes bankrupt. That would be catastrophic.
My grandchildren, our grandchildren, these young people would be affected with an enormous tax increase that would be totally debilitating to their best years of earning, so debilitating to their ability to truly fulfill what we want as part of the American dream.
So I want to thank my colleagues who are here tonight. I want to thank the gentleman from Georgia (Mr. Price) for his leadership, and I want to thank President Bush for his courage to point out that this is an issue that needs to be addressed now. It needs to be addressed for the baby boomers, it needs to be addressed for the young people who are in their 30s, high school students, college students, infants who were just born. We need to address this, and I know my colleagues tonight will be presenting to the American people how important this is.
That is right.