John Shaw: “Social Security, as everyone in this Chamber knows, touches the lives of virtually every American and serves as a vital…”

“Social Security, as everyone in this Chamber knows, touches the lives of virtually every American and serves as a vital safety net for those who retire, become disabled or die. Nearly $500 billion in Social Security and supplemental security income benefits were paid last year to about 50 million retired and disabled workers their families and SSI recipients. These costs represent close to one-fourth of all Federal outlays last year. More importantly, as baby boomers approach retirement age, Social Security's and SSI's combined benefit outlays are expected to double by the time children born this year finish high school. Programs as important, as comprehensive as these require our constant vigilance. We must act today to address inadequate protections for beneficiaries and the programs in order to avoid potentially tragic consequences in the future. This is why I urge all Members to support the Social Security Protection Act of 2003.”