Chris Chocola: “Social Security was created in 1935, and over the decades has become a vital resource to millions of Americans. But…”

“Social Security was created in 1935, and over the decades has become a vital resource to millions of Americans. But demographic realities have changed over the past 70 years. Now fewer workers, more retirees, and longer life spans will cause Social Security's promised benefits to exceed the system's income by 2017. If we do not act now to strengthen Social Security, the system that so many depend upon today will be unable to meet its promises to tomorrow's retirees, and it will burden our children and grandchildren with exhaustive taxes. The Social Security Trustees, the Comptroller General of the United States, and the Chairman of the Federal Reserve Board have all agreed that the sooner we act, the smaller and less abrupt the changes will be. So, Madam Speaker, I encourage all my colleagues to consider all the options now and work toward a bipartisan solution that renews Social Security's promises for future generations. ____________________”