Judd Gregg: “even though it has nothing to do with this bill, I would like to congratulate the Senator from Minnesota for his truly…”

“even though it has nothing to do with this bill, I would like to congratulate the Senator from Minnesota for his truly superb analysis of the Social Security issue and especially the information he brings to this Senate relative to other countries that have pursued reform of their pension programs. There is no question but if there is a single issue of fiscal policy which most threatens this country's economic well-being in the future and, as a result, threatens our well-being today, it is the Social Security crisis. That occurs as a function of demographics; beginning in the year 2008, the Social Security system in this country pays more out than it is taking in. It begins that cost expansion dramatically as it moves into the period 2015, and by the year 2029-2030 the system is bankrupt and the Nation is unable to afford the costs of it. It is absolutely essential that we guarantee our children and the postwar baby-boom generation which is about to go into the system a chance to have a viable Social Security system. Some of the ideas the Senator from Minnesota has outlined are excellent approaches to this. I congratulate him, obviously, for the intensity of thought and energy he has put into this issue. I hope he will take an opportunity to review a bill which I have cosponsored along with Senator Breaux from Louisiana to try to address this, which bill provides long-term solvency for the next 100 years.”