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New Plan on Social Security

Location: Washington, DC

NEW PLAN ON SOCIAL SECURITY -- (House of Representatives - June 24, 2005)

(Ms. FOXX asked and was given permission to address the House for 1 minute.)

Ms. FOXX. Mr. Speaker, I rise today to discuss the need to strengthen Social Security.

As a former president of a community college, and as a mother and grandmother, I have an obligation to ensure that our children and grandchildren are not putting their hard-earned money into a system that is going broke.

Social Security is sound for today's seniors and for those nearing retirement, but it needs to be improved for younger generations.

This week, my colleagues on the House Ways and Means Committee, the gentleman from Florida (Mr. Shaw), the gentleman from Texas (Mr. Sam Johnson), and the gentleman from Wisconsin (Mr. Ryan), laid out a good first step to help ensure that Social Security will be there for our children and grandchildren.

The GROW accounts which they described would be owned by individuals. Each worker would have an account with his or her name on it, and the accounts would be assets they can leave to their loved ones as part of their estate.

And for those of us who believe that Americans can spend their money better than the government can, this plan is welcome news, because when money is placed in one's own account, that money cannot be spent on other government programs.

My colleagues took a great first step. I am hopeful that the Democratic leadership will soon decide their obligations to the American public go far beyond these partisan halls.

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