Political Quotes

“earlier today I attended a Social Security forum. One of the presenters at that forum said Social Security could be taking in less money from FICA taxes than it is required to pay Social Security checks by the year 2005. By the year 2005, Social Security under that definition could be broke. There is no real trust fund. That is why, Mr. Speaker, I have entitled my remarks for this morning ``Protecting Social Security--Will America Grow Up Before It Grows Old?'' In 1983 Congress passed historic legislation to save Social Security. At that time the Social Security Administration warned that the system had an unfunded liability equal to 1.82 percent of payroll. In other words, the taxes would have to be increased by 1.82 in order to accommodate the requirements for survival for Social Security. A 1983 law eliminated this liability temporarily. However, the actuaries today now say that the unfunded liability is 2.17 percent of taxable payroll, 19 percent worse than in 1983, and yet, Mr. Speaker, we do nothing. Some people have called it a third rail. Some people say, do not touch Social Security because you might not be reelected, because seniors do not want their Social Security interrupted or considered. I do not believe that is true. I believe most senior citizens today want to protect Social Security for their kids and their grandkids. Let me tell my colleagues about the existing liability that equals $4 trillion in Social Security.”