$3 trillion is a lot of money. You can't pay benefits in bonds. Social Security needs cash.

Congress needs to act, and the sooner we do the sooner we can protect those who are vulnerable.

I thank you all for being here today. This subcommittee will continue to monitor progress to make sure that Social Security is done right, within its means.

Workers' hard-earned payroll taxes fund the majority of the benefits Social Security pays out each year.

At a time when all Americans are suffering through difficult economic times, I don't believe we want to see our seniors go back to the 1930s.

I don't think there are very many of us that want to impose a tax on any state.

I don't think any of us up here--on this side, anyway--want to raise taxes. But we will have to see what falls out.

Despite these tax increases, Social Security is still in trouble.

U.S. Congressman Sam Johnson (R-TX), Chairman of the House Committee on Ways and Means Subcommittee on Social Security announced today that the Subcommittee will hold a hearing on Social Security's current revenue streams, proposed changes to those structures and the impact they would have on the program, beneficiaries, workers and the economy.

When Social Security first began, the payroll tax was only 2 percent--evenly split between employers and employees--on the first $3,000 in wages. Today the payroll tax is 12.4% on the first $106,800 in wages. Yet despite the tax increases, Social Security is in trouble. Clearly tax hikes have not been a panacea. This hearing will provide an opportunity to learn more about Social Security revenues, options for change and their impacts.

I agree with your last statement, wholeheartedly.