On the recordDecember 18, 2024
Madam President, I come to the floor to talk about the vote that we are about to move to here shortly. It sounds like motherhood and apple pie--the Social Security Fairness Act. Who could be against Social Security fairness? The fact of the matter is, the policy does address a challenge with Social Security for a single-digit percentage of people who have a pension--a government pension program--and they are not necessarily getting exactly what they should back. So it is something we need to fix, but this is not the way to fix it. Ladies and gentlemen, we are 10 years away from most economists' consensus believing that the Social Security trust fund is going to reach insolvency--10 years--10 years away. This bill will take $200 billion over that 10-year period out of the Social Security trust fund without any offsetting payment to it. So that is, to right a wrong for a small percentage of people that should get fairly treated, they are going to rake $200 billion--with a ``b''-- over 10 years to pay for this. That pulls insolvency forward by 6 months. Now 6 months doesn't sound like a lot, if you are talking years and years and years into the future, but we are estimated to be reaching insolvency within the next 9 to 10 years. Suddenly, 6 months becomes a pretty significant amount of time.…





