Solving the Challenges Facing Social Security

SOLVING THE CHALLENGES FACING SOCIAL SECURITY -- (House of Representatives - May 03, 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, over the past 70 years, Congress has tried repeatedly to fix the Social Security program. The payroll tax has been raised 22 times, and the amount of Social Security benefits taxed has increased from zero to 85 percent.

Unfortunately, these changes did not solve the real challenges threatening the retirement of millions of Americans. Raising payroll taxes simply postpones the bankruptcy and would not be a permanent solution for Social Security.

On Thursday, President Bush further outlined his proposal to provide a lasting solution for Social Security. Today, the Washington Times reported that the Heritage Foundation and the CATO Institute strongly support President Bush's proposal. The gentleman from Texas (Mr. DeLay) is correct. Unfortunately, Democrats have yet to offer any positive suggestions that would fix Social Security.

Procrastination will not solve the problem. We must act now to protect benefits for today's retirees and strengthen benefits for future generations.

In conclusion, God bless our troops. We will never forget September 11.

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