Political Quotes

Nick Smith: “I would like to put in a suggestion, Mr. Speaker, that we use some of this money to start paying back the Social…”

On the recordOctober 23, 1997
I would like to put in a suggestion, Mr. Speaker, that we use some of this money to start paying back the Social Security trust fund and start dealing with the huge unfunded liability that we are now faced with with this program of Social Security. The red chart that I have over here, the blue part shows the short-term blip where we will have more money coming in than is required to pay out existing benefits. The red portion of this chart that goes as much as taking $400 billion a year out of the general fund because there will not be enough in the Social Security taxes coming in shows the length of time of the seriousness of this unfunded liability. I think it deserves just a brief review of the program that started in 1935.
Said by
Nick Smith
Republican · Michigan
Source
govinfo.gov

Editor's note · Context

Discussing potential uses for a federal budget surplus, including addressing Social Security's unfunded liability.

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