PROTECTING AND PRESERVING SOCIAL SECURITY -- (House of Representatives - January 26, 2005)
(Mr. KINGSTON asked and was given permission to address the House for 1 minute and to revise and extend his remarks.)
Mr. KINGSTON. Mr. Speaker, in the year 2018, Social Security will start paying out more money than it is bringing in. In the years 2035 to 2042, somewhere in that range, it will be out of money, and it will force a benefit cut of 27 percent.
Now, that is not a burning crisis today, but it is a slow-burning problem that we in the U.S. Congress need to address. We should do it with a couple of parameters: that we are not going to cut the benefits, we are not going to increase taxes, we are not going to change Social Security for retirees or near retirees. But we should act responsibly in a bipartisan manner to protect and preserve Social Security and not use it for our advantage in the next election, but come up with long-term solutions for the next generation.
I invite my Democrat colleagues to come in with their ideas. And I would say to Independents and conservatives and liberals alike, let us put these ideas on the table, let us address this situation together in a bipartisan fashion, and let us do it for the sake of my parents, my dad is 87, my mom is 80; and for your parents; and also, again, for the next generation.