Mr. Speaker, it is always an honor to come before the House and also the American people in this great democracy of ours to address issues that are facing our Nation right now. I must say that earlier today we had an opportunity, the…
Mr. Speaker, it is always an honor to come before the House and also the American people in this great democracy of ours to address issues that are facing our Nation right now.
I must say that earlier today we had an opportunity, the Democratic Caucus meeting and afterwards, having comments with not only the media, but other members of our caucus about the needs of Social Security.
It is important that we make sure that Social Security is secured for years to come. We know that a number of Americans count on and look forward to Social Security being a part of their lives not only in retirement, but also in their everyday lives. We have 48 million Americans that are involved in Social Security right now, and they are not all retired. Many of them are in school. Many of them are middle- aged individuals.
Tonight we are going to have a number of Members from the 30- Something Working Group, which I must add, Mr. Speaker, started in the last Congress, in the 108th Congress. I cochair that working group with the gentleman from Ohio (Mr. Ryan), and we are going to have a number of Members who are very, very concerned about the principles that not only the President but the majority side have put together as the way to save Social Security.
I will be sharing a few of my comments along the way, but I want to make sure that my colleagues have enough time to share their concerns about what is happening, and the lack thereof that should happen, to make sure that Social Security is not only here for those that are enrolled now, but those that will be enrolled in the future.
We know that every American participates in the Social Security program. We also know the average benefit of the person receiving Social Security now is $955 a month. I think it is important that we pay very close attention.
Now, here in this Chamber last week, and I would say, around this time, the President came into a joint session of the Congress on the State of the Union and said that Americans over the age of 55 do not have to worry about the changes that he would like to make to the Social Security plan.
I must say that that brought amounts of concern throughout the country not only with me and Members of Congress on both sides of the aisle, but many Americans. It was almost saying that if you are 55, do not worry about it; if you are under 55, trust us. And I can tell you that when we start dealing with generational Social Security, or one generation against the other, I think that is very dangerous. Social Security was never designed to deal with one segment of the population, giving them certain benefits, and another segment, not giving them benefits.
But I just want to mention a few guiding principles that we should think about here tonight. Number one, we should try to make sure that we have a Social Security plan, that we are not borrowing from the Social Security trust fund. The Social Security trust fund is there to make sure that when we have a rainy day, or when we have a shortfall, we are able to go to that trust fund.
What the President and the majority side are proposing now, they are saying that we are going to help save Social Security, but at the same time we are going to take us $2 trillion more into debt over the next 10 years. There has to be a better way to make sure that we deal with the Social Security issue.
Social Security is not at a crisis point. I have heard many Members, through press clips and press accounts and even here on this floor, say that there is a crisis, that there is a fire, that Social Security is going bankrupt, it is going belly up. That is not true. And I hope that through a bipartisan debate and a bipartisan plan, and I am not talking about one or two members of the Republican Caucus, I am talking about this entire Congress because we all have Social Security recipients that are our constituents that are counting on us to be able to make sure that Social Security is solvent for many years.
Mr. Speaker, I will suspend on my comments right now, but I have my cochair here, the gentleman from Ohio (Mr. Ryan). He is a distinguished member in his own right.
We have the privilege of serving on the Committee on Armed Services together and even on the same subcommittee. It has been indeed a pleasure working with him. He is also on the Committee on Education and the Workforce and Committee on Veterans' Affairs. And he is a well- studied gentleman that I hold in high regard.
Earlier today I was talking with the gentleman about what we share with
not only the American people, but also with our colleagues, that this Social Security issue is so important that we are willing to take the debate not only here on this floor, but also take the debate out to America.
Mr. Speaker, I thank the gentleman very much, and I just want to say I think that he said something that was very important.
If the $2 trillion number is not right, because as my colleagues know, under this Medicare prescription drug benefit that the administration put forth in the last Congress, we were told one number and that was wrong, and then it was revealed that the numbers were suppressed and the actual number is higher. Just today, looking at the news reports, that number is even higher, and so as these mistakes are made, future generations and even the present generation is put at risk financially.
I can tell my colleagues one thing that is fact. We do know who will benefit from this privatization scheme, which is $940 billion, Wall Street, to put these public dollars in open water, to gamble.
The other issue that I thought the gentleman really laid out was the fact there are no guarantees that the benefit level will stay where it is now. Matter of fact, we are pretty much guaranteed that benefits will be cut, even for those who do not take part in the privatization accounts, and so I think it is important for us to continue to share that with the American people.
Once again, I just want to say that Social Security is going to be solvent for another 47 years; and also, we have
48 million Americans that are now recipients of Social Security, and it has a lot to do with local economies, a lot of our disabled and very frail individuals. This is what they count on as a source of income.
I must add that we still do not have a Social Security plan. We are just talking about principles now, guiding principles; but one thing that the gentlewoman from California (Ms. Pelosi), the minority leader, shared not only with the Nation but shared with many of us here, Democratic guiding principles to make sure that we do not increase the deficit in any Democratic plan that is put forth, a plan that does not send us further into debt; that every dollar will be paid for and not borrowed that will continue to make the problem worse.
Mr. Speaker, we also have one of our colleagues, matter of fact, one of our classmates that came in with us, the gentleman from Georgia (Mr. Scott), who is past rules chairman in the Georgia senate and now serves here in the Congress on the Committee on Agriculture and also on the Committee on Financial Services. He is going to be sharing some words with us on Social Security, and it is always a pleasure working with him and being with him, and we look forward to his comments.
Mr. Speaker, I thank my colleague, the gentleman from Georgia (Mr. Scott), and I can tell him that I concur with many of his comments. It was a thoughtful presentation.
And just to reinforce, the trust fund has $1.7 trillion in reserves and will provide full benefits for the next 50 years, and even 80 percent of the present benefits we have now beyond that. So to say there is a crisis and that the sky is going to fall tomorrow is just totally inaccurate.
Mr. Speaker, I do not believe so either.
Mr. Speaker, I am joined by one of our very fine new colleagues from Florida. We represent neighboring districts, and we served together in the State legislature and now she is here in the Congress serving on the Committee on Financial Services, the gentlewoman from Florida (Ms. Wasserman Schultz).
Mr. Speaker, I just want to tell my colleague from Florida that many of the individuals that are beating their chests about the President's plan, and I will not even call it a plan because there is no plan; I have not received a bound copy from the White House saying this is the Social Security plan.
Well, maybe he did not. But I do not think anyone has it, and I think there is a lot of Federal jet fuel being burned flying throughout the country, lining up individuals that are excited to see the President of the United States, but who may not fully understand the fact that they are going to receive fewer benefits, that Social Security is there for them for the next 50 years, and even beyond that with 80 percent of the benefits if we did nothing as relates to Social Security.
We have to make sure that we maintain and do the things that not only the Democratic Congress did along with President Reagan, making sure we kept Social Security sound for future generations, but we need to make sure we do it in a way that we are not scaring Americans and making them feel that the sky is going to fall when it is not.
The only thing that is guaranteed here is that $940 billion that will then fall into Wall Street and the companies, maybe the two or three that will be chosen to handle these private accounts, that will give young Americans, or even middle-aged Americans because, remember, the President said if you are over 55, do not worry. He also told us a number of things as relates to Medicare, and we are finding out it is not true. I am not saying that the President is not being truthful with us; I am just saying we are not getting good information.
Mr. Speaker, I see the gentleman from Ohio (Mr. Ryan) has some examples of what can happen to many of the young people, and the gentleman knows he is in charge of the charts. I just want to say, it is important to not only give our e-mail address out, because we want to continue to talk with Americans about this issue, and also Members of Congress we would say, and even the other body, to go onto our Web site to get information on what we talked about today with the Democratic leader of going out into America, speaking to groups that want to know more information about what this Social Security privatization scheme has in store for them if we fail them as a Congress.
Mr. Speaker, I want to make sure that people understand that we are not just talking teenagers, we are not just talking about 20 or 30 something. Here is Bill. Here is an example. And many of these numbers, as we start talking about Social Security being able to provide the benefits that it has now, is not the Davis, Scott, Wasserman Schultz, Meek and Ryan report, this is from the Congressional Budget Office, numbers that they have given us. This is not anything that we sat in a room and said, let us see what works towards our favor here. This is fact and this is reality.
Here is Bill, who is 48, from Georgia, probably from Montezuma where my folks are in Georgia. Let us say Bill retires at 2022. Under the present benefits, he has $1,266 in the year 2022. But under what the President is proposing under his privatization scheme that will guarantee billions for the corporations that are already prospering under his administration, and I mean the big corporations, not the small ones, he will receive under the Bush plan, $1,141.
To create a crisis, to then step into a gamble is unfair to the American worker. It is unfair to American families, and I must add family benefits and survivor benefits are holding families, people who work every day, folks who wake up and catch the early bus in the morning, people who know what it means to have a 15-minute break in the afternoon and in the morning, these are people who work every day.
Here in this Congress, we have to make choices. Here, in the Democratic Caucus and in the 30-Something Group, we have made the choice to be on the side of the individual that works every day and has paid into the system every day and expects that we will not go back on the deal as the gentleman from Georgia (Mr. Scott) pointed out earlier, as we have done to veterans, and we are doing to veterans in this budget that the President has put forth. It is very unfortunate.
It is time for not only the American people to wake up, but also for Members of Congress to wake up and stop following the so-called leader, and say, this is wrong and I am not going to move forward with a plan that is going to give my constituents less than what they had when I was elected.
Mr. Speaker, reclaiming my time, the gentleman from Georgia (Mr. Scott) could not say it better.
And just in closing, Mr. Speaker, as we close, we want to make sure that we want people to go on to find out more about not only what House Democrats are talking about, but as it relates to our tour throughout the country. It is democraticleader.house.gov/30something. Also, we would close with the message that Democrats want to strengthen Social Security without slashing benefits to Americans that they have earned. Private accounts make the Social Security challenge worse, enforce massive benefit cuts, and increase the national debt. Once President Bush stops insisting on private accounts, then we can have a true debate as it relates to making sure the promise of Social Security will be around for future generations to come.
It is always a pleasure to co-chair this hour with the gentleman from Ohio (Mr. Ryan). And also I want to thank the gentlewoman from Florida (Ms. Wasserman Schultz) for being a part of the working group 30- something. And to the gentleman from Georgia (Mr. Scott), it is always good to have a 40-something. I will go ahead and put it that way.