Political Quotes

“I rise to address another serious security problem. It is retirement security. Let me read a quote from 1994: ``Failing to take prompt action on Social Security will burden our children and our grandchildren with benefit cuts and crippling taxes.'' That was part of my opening statement as chairman of the Task Force on Social Security in 1994. When I wrote this almost 10 years ago, I was simply acknowledging what was evident to the actuaries of Social Security. Because we know how many people are paying into Social Security, and we can estimate the cost of future benefits from what has been paid in, the looming insolvency of the program was very clear then. It is even more clear today. Yet a crisis that is imminent in the eyes of an actuary looks like a long way off to many politicians, and as a result Congress has ignored and delayed action on what is probably this country's most serious long-term financial challenge. In just 10 years, we will need $100 billion from other sources to make up $100 billion, that is 5 percent of what will be coming in 10 years from now from the total income tax revenues, we are going to need that much in addition to what is coming in on Social Security and Medicare taxes to pay promised benefits. It has been frustrating at times, but we have worked for more than a decade trying to focus attention on fixing Social Security. I introduced my first Social Security bill back in 1994.”