Nick Smith said "the so-called transition cost for Social Security, if we do nothing, if we make no changes, is $120 trillion over the next 75 years. If we start now by developing the kind of bridge that will bridge the gap between expected revenues and expenditures that is necessary to increase the returns over what Social Security will otherwise be able to pay, we can do it. The average return that is paid in in Social Security taxes is now estimated by the Social Security actuaries to be 1.7 percent return on that so-called investment, or those taxes. In a perfect congressional world, we would not have a tax cut, we would stop the dramatic increase in spending of this Congress that jeopardizes not only the economy but leaves our kids with a huge debt and jeopardizes the future of Social Security and Medicare. Let us hold the line on increased spending." @ PoliticalQuotes.com

On the recordMay 15, 2001

the so-called transition cost for Social Security, if we do nothing, if we make no changes, is $120 trillion over the next 75 years. If we start now by developing the kind of bridge that will bridge the gap between expected revenues and expenditures that is necessary to increase the returns over what Social Security will otherwise be able to pay, we can do it. The average return that is paid in in Social Security taxes is now estimated by the Social Security actuaries to be 1.7 percent return on that so-called investment, or those taxes. In a perfect congressional world, we would not have a tax cut, we would stop the dramatic increase in spending of this Congress that jeopardizes not only the economy but leaves our kids with a huge debt and jeopardizes the future of Social Security and Medicare. Let us hold the line on increased spending.

Said by

Nick Smith

Republican · Michigan

Source

govinfo.gov

Editor's note · Context

Discussing the financial challenges facing Social Security and the need for fiscal responsibility.

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