Do Not Squander Social Security

DO NOT SQUANDER SOCIAL SECURITY -- (House of Representatives - March 15, 2005)

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

Mr. HENSARLING. Mr. Speaker, we all know that Social Security faces challenges. Fortunately there is no need to change Social Security for current and near-retirees like my parents. They can and should be able to count on 100 percent of the benefits they have earned. But due to longer life spans and fewer workers supporting each retiree, serious problems are on the horizon for future generations like my children.

Social Security faces an unfunded liability of almost $11 trillion. Unless we act today younger workers are going to face either a benefit cut of almost one-third or a 43 percent tax increase by the time they retire. This is unacceptable.

Washington is part of the problem. The Social Security Trust Fund has been raided 59 different times. Benefits have been cut half a dozen times. Payroll taxes have been raised more than 20 times. Clearly the riskiest plan for Social Security is leaving retirees' money in Washington for government to squander.

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