SOCIAL SECURITY -- (House of Representatives - April 06, 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, Social Security has been a vital program for America's retirees for many years. Unfortunately, it is a system that was designed in 1935, not 2005.
I have a personal stake in Social Security. My parents are in their 70s. They depend upon Social Security as part of their retirement. But I am also the father of two small children, and I owe them no less retirement security tomorrow than my parents enjoy today.
Unfortunately, fewer workers, more retirees, and longer life spans will bankrupt Social Security. We must work together to save the system, which can be done without changing benefits or raising taxes on current and near retirees. Instead, we can give younger workers the opportunity to voluntarily invest some of their payroll taxes in personal retirement accounts that they can own, which will grow over time and which Washington cannot take away.
By allowing them to do this and build their own nest eggs, and by protecting the Social Security surpluses from being raided in Washington, we can keep the promise of Social Security for the next generation of Americans.