Social Security

SOCIAL SECURITY -- (House of Representatives - March 09, 2005)

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

Mr. PRICE of Georgia. Madam Speaker, many people may be asking, why are we bringing the topic of Social Security to the kitchen tables of the American family?

Well, maybe it is because Social Security is a pay-as-you-go system, with today's workers paying to support today's retirees. But each year, there are more people retiring and not enough additional workers to support them. Maybe it is because, if Social Security is not updated, it will cost all of us $10 trillion, an amount just slightly larger than the entire U.S. economy today.

Maybe it is because, in the 1950s, there were 16 workers paying for every retiree. And, today, there are about three, and soon there will only be two to support each and every person on Social Security.

One thing is crystal clear. The Social Security system as we know it is broken and needs to be fixed. It amazes me that so many people from across the aisle believe that a 70-year-old program will be just fine if we leave it as is.

Madam Speaker, our current Social Security system is well past retirement age. Let us put politics behind us and provide America with solutions rather than sound bites that make the 11 o'clock news.

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