On the recordSeptember 25, 1998
The reason we have a surplus right now is because people are paying more in income taxes, the economy is doing well, and inflation is lower than anticipated. It is always relative to what people said was going to happen. And what is happening today is that people are better off than the projections and inflation is lower. So, more money is coming in than anticipated. The Social Security trust fund does not go bankrupt until 2030. We have a few years to be prudent about the way we spend our money. And I would tell the gentleman from California (Mr. Becerra), the $9 he counted out is not money that is in the trust fund. It is money that people paid in income taxes beyond what the government's current obligations are. The point that needs to be made repeatedly, and I know folks on the other side know it but will not admit it, but what the American people need to understand is that all 10 of those dollars are theirs.
Source
govinfo.gov
