James Pickle: “on April 11, 1994, the Board of Trustees of the Federal Old-Age and Survivors Insurance and Disability Insurance Trust…”

“on April 11, 1994, the Board of Trustees of the Federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds released their 1994 Annual Report. This report should be required reading for all Members because it details the financial condition of the largest single part of our country's domestic spending program. Most importantly, it documents that Social Security, our largest entitlement program, faces a large and growing long-term deficit. We should not be alarmed but we must be concerned, and should act promptly. According to the trustees report, the program's deficit has now risen to 2.13 percent of our Nation's total taxable payroll over the next 75 years. This means that projected expenditures now exceed expected revenues by an amount equal to 2.13 percent of the total payroll which is subject to the OASDI payroll tax. The program has not been in close actuarial balance for several years, and it is now obvious to all that significant changes must be made to address the program's growing deficit. It is for this reason that I introduced legislation today, H.R. 4275, which would make several fundamental, long-term changes to the program.”