SOCIAL SECURITY REFORM -- (House of Representatives - May 05, 2005)
(Mr. MACK asked and was given permission to address the House for 1 minute.)
Mr. MACK. Mr. Speaker, I rise today to express my support for two pieces of legislation that will reform, protect and improve Social Security for generations to come.
H.R. 1776, introduced by the gentleman from Wisconsin (Mr. Ryan), and H.R. 530, introduced by the gentleman from Texas (Mr. Sam Johnson), ensure Social Security's permanent solvency without raising taxes. For those individuals 55 and older, both bills guarantee there will be no changes to their Social Security.
For workers under 55, both plans provide an option for them to remain in the current Social Security system or to have a portion of their Social Security payroll taxes fund their own individual personal savings accounts. At the same time, both plans will yield substantial new savings, new investment and new economic growth, ensuring our children and grandchildren have the freedom, security and prosperity they deserve.
Mr. Speaker, I strongly urge my colleagues to take an active role in tackling Social Security's problems by supporting one or both of these bills, and I look forward to the House's active consideration of these proposals.