Peggy Flanagan: “Mr. Speaker, there are those who claim that adding a balanced budget amendment to the U.S. Constitution would jeopardize…”

“Mr. Speaker, there are those who claim that adding a balanced budget amendment to the U.S. Constitution would jeopardize Social Security benefits. The truth is the other way around, failure to pass a balanced budget amendment is what will harm Social Security. It is the evergrowing Federal debt and interest payments that truly threaten Social Security. The balanced budget amendment is a way to put a halt to the spendthrift ways of Congress. Dr. Robert Myers, Social Security's former chief actuary and deputy commissioner has given his support to a balanced budget amendment as a means to protect Social Security. Dr. Myers has stated the case clearly as to how the Government's fiscal irresponsibility threatens Social Security. Dr. Myers said: In my opinion, the most serious threat to Social Security is the federal government's fiscal irresponsibility. If we continue to run federal deficits year after year, and if interest payments continue to rise at an alarming rate, we will face two dangerous possibilities. Either we will raid the trust funds to pay for our current profligacy, or we will print money, dishonestly inflating our way out of indebtedness. Both cases would devastate the real value of the Social Security Trust Funds.”