Rod Grams: “I rise this morning along with my colleague to make a few brief observations about Social Security and how we can…”

“I rise this morning along with my colleague to make a few brief observations about Social Security and how we can preserve and strengthen it. I thank my colleague from Wyoming for reserving floor time so that we can address this critical issue. I was shocked by a recent poll revealing that Americans would rather put their Social Security money under their mattress than entrust it to the Government. According to that poll, 46 to 56 percent of Americans said they would prefer to put their retirement savings under their mattress--only 28 to 35 percent would rely on Uncle Sam. Why are so many Americans skeptical about the government-run Social Security program? The answer is simple: in its present form, the program is a raw deal for most Americans. It will not be there for baby boomers, and it will heavily burden our children and grandchildren. Mr. President, the American people's skepticism and worries about Social Security are well founded. Social Security's future is being challenged by a massive demographic shift now underway that will continue for the next 33 years. In 1941, there were approximately 100 workers for every retiree. Today, there are only three workers for every retiree; that ratio will soon drop to two workers per retiree. Even though Congress has increased the payroll tax 51 times since Social Security's creation, the program is clearly headed for insolvency and the future tax burden on workers will be overwhelming.”