Russ Feingold: “as we on this side of the aisle have made clear, this debate is about priorities. The majority has made clear that its…”

“as we on this side of the aisle have made clear, this debate is about priorities. The majority has made clear that its highest priority is to expand tax breaks for the wealthiest 2 percent of the population. Yes some sensible reforms are in order to the estate tax, and the Democratic alternative, which our amendment incorporates, would make those. But shouldn't our first and highest priority for using our surplus be extending the life of Social Security? Our amendment would do that, as well. Thirdly, our amendment would make much-needed improvements in Social Security benefits for widows and those who take time out of the workforce to raise their children. As President Kennedy said in his 1962 state of the Union address, ``[T]he time to repair the roof is when the sun is shining,'' This year, the Social Security Trust Fund is taking in nearly $100 billion more in payroll tax revenues that it pays out in Social Security benefits, building up assets. It will continue to do so for pretty much the entire decade. But then, in the next decade, as the baby boom generation begins to retire in numbers, that cash surplus will shrink. Starting in 2015, the cost of Social Security benefits is projected to exceed payroll tax revenues. Under current projections, this annual cash deficit will grow so that by 2036, Social Security will pay out a trillion dollars more in benefits that it takes in in payroll taxes. By 2037, the Trust Fund will have consumed all of its assets.”