Personal Retirement Accounts

PERSONAL RETIREMENT ACCOUNTS -- (House of Representatives - July 14, 2005)

(Mr. DOOLITTLE asked and was given permission to address the House for 1 minute and to revise and extend his remarks.)

Mr. DOOLITTLE. Mr. Speaker, in crafting Social Security legislation, we must offer workers the ability to own a portion of their retirement through personal accounts.

President Roosevelt, the author of Social Security, was the first to suggest that, in order to provide for the country's retirement needs, Social Security would need to be supplemented by personal savings accounts. Personal accounts would allow workers to set aside part of their payroll taxes in a nest egg that the government cannot take away and that can be passed on to children and grandchildren.

As Americans, we can choose where we work and live, what we drive, which insurance plan is best for us, so why can we not give workers a choice when it comes to their retirement?

President Bush has said, ``If you own something, you have a vital stake in the future of our country. The more ownership there is in America, the more vitality there is in America, and the more people have a vital stake in the future of this country.''

Americans take pride in what they own. Establishing personal accounts within Social Security is an important part of encouraging an ownership society.

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