STRENGTHENING SOCIAL SECURITY NOW -- (House of Representatives - March 08, 2005)
(Mr. WILSON of South Carolina asked and was given permission to address the House for 1 minute and to revise and extend his remarks.)
Mr. WILSON of South Carolina. Mr. Speaker, I rise today in appreciation of President Bush seeking to strengthen our Social Security system.
When Social Security was conceived in the mid-1930s, the average age of life expectancy in the United States was 60. Today the average American's life expectancy is over 77.
Americans are now receiving benefits over longer periods of time because we are so grateful they are living longer. Our current Social Security system is financially broken, outdated, and unable to meet the retirement needs of our children and grandchildren.
If we fail to act now, we will burden further generations with dramatically higher taxes, massive new borrowing, or sudden and severe cuts to Social Security benefits or other government programs. In 1998, President Bill Clinton said, "My fellow baby boomers, let me say that none of us wants our own retirement to be a burden to our children and to their efforts to raise our grandchildren."
Seven years later, we still have not solved the problems facing Social Security.
Congress must act soon to provide younger Americans with retirement choices and strengthen benefits for today's retirees. We need to fix the system now, once and for all.
In conclusion, God bless our troops, and we will never forget September 11.
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