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Time to Abandon Risky Social Security Privatization Scheme

Date: Jan. 26, 2005
Location: Washington, DC
Issues: Senior Citizens Entitlements and the Safety Net


TIME TO ABANDON RISKY SOCIAL SECURITY PRIVATIZATION SCHEME -- (House of Representatives - January 26, 2005)

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

Mr. PALLONE. Mr. Speaker, this week we had another reality check on how fiscally devastating Republican fiscal policies are on our Nation. Yesterday the Bush administration announced that the budget deficit is set
to hit another record this year, a whopping $429 billion.

The President also had to admit that thanks to these new projections, he is already behind in his campaign pledge to cut the deficit in half over the next 5 years. Yet the President has no plans to alter his misguided policies that took us from record surpluses when he arrived in Washington to record deficits now.

But the President is still not finished. He has a plan that would use an additional $2 trillion in Federal funds to privatize Social Security. Enough is enough. Congressional Republicans need to stop blindly following this President before it is too late, and it is time that they abandon this risky Social Security privatization scheme.

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