Thomas Daschle: “One year ago, America had a projected budget surplus of 2.7 trillion dollars over the next 10 years. The stock market…”

“One year ago, America had a projected budget surplus of 2.7 trillion dollars over the next 10 years. The stock market was soaring. The question before us was one that most leaders could only dream of: ``What should we do with our prosperity?'' At that time, the debate was focused on tax cuts, how much, for whom, and could we also provide for America's unmet needs? Nine months ago yesterday, more than 3,000 innocent men and women lost their lives to terrorism. In the months since, an anthrax attack and recent disclosures have revealed holes in our homeland security. The collapse of Enron has raised questions about our system of corporate governance and we are soon to begin perhaps the most dramatic restructuring of government in half a century. All of this has occurred against the backdrop of massive demographic changes that will transform the face of our nation for decades to come. In 2008, the first of the Baby Boomers will begin retiring. By 2015, 50 million seniors will be drawing benefits from Social Security. Prescription drugs are becoming a more and more vital part of American health care, and we need to find a way for Medicare to help pay for them. At the same time we're facing a senior boom, we're also facing a youth boom. School enrollments are already at record levels, and will continue to rise every year for the next 8 years. So here is where we are: The surplus is gone.”