On the recordApril 25, 2012
Madam Speaker, our Nation's Social Security system is sadly approaching bankruptcy. The Secretary of the Treasury spoke on Monday, revealing that Social Security benefits are expected to become insolvent in only 21 years--3 years sooner than was projected just last year. In a recent article in the Washington Post, Emily Miller wrote: Thanks in large part to Mr. Obama's insistence, the program's 2011 deficit of $148 billion was the second largest single-year deterioration since 1983. If Washington doesn't do anything to address the program's imbalance, the trustees say it will take raising the payroll tax to 16.7 percent to cover the gap. This administration continues to take money out of the Social Security fund, shifting it for programs we cannot afford. It is past the time for Congress to act and stop Washington's out-of-control spending, which will ultimately result in higher taxes and more debt, destroying jobs and putting senior citizens at risk. In conclusion, God bless our troops, and we will never forget September the 11th in the global war on terrorism. Welcome, South Carolina Attorney General Alan Wilson, to Washington for Supreme Court oral arguments. ____________________
