Social Security and the Debt Ceiling

Floor Speech

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Mr. LARSON of Connecticut. Madam Speaker, Ronald Reagan was prescient in his description of Congress, especially as Congress addresses issues, most specifically, the debt ceiling.

Here is what Ronald Reagan had to say about Congress:

Congress consistently brings government to the edge of default before facing its responsibility. This brinkmanship threatens the holders of government bonds and those who rely on Social Security and veterans benefits.

Let me repeat that: those who rely on Social Security, you could add Medicare and veterans benefits.

That is what is at stake here.

Reagan went on to say:

Interest rates would skyrocket, instability would occur in the financial markets, and the Federal deficit would soar.

Why, then, would our colleagues on the other side of the aisle hold the American economy hostage?

In their own words: so they can cut Social Security and Medicare.

They call these programs entitlements.

For all of those listening to this, make sure you call your Member of Congress, and let them know that Social Security is not an entitlement. It is an earned benefit. It is something that people pay for weekly, biweekly, or monthly.

How do they know?

How do we trust and verify this?

All you have to do, Madam Speaker, is go to your pay stub. It says: FICA. That stands for Federal Insurance Contribution. That is Federal Insurance Contribution.

Whose?

Yours--the more than 66 million Americans who contribute to this program. It is an earned benefit. It is not an entitlement.

They clearly are entitled to their Social Security.

But here we have the ruse of the year. We are going to hold the American economy hostage so that we can make cuts to a program that Congress hasn't enhanced in more than 52 years on our watch--ours being every Member of Congress. We cannot let this persist.

Fortunately, because of hard work in the past, seniors are receiving a COLA this year because of COVID. But it has not been reformed, it is not permanent, and there hasn't been a benefit enhancement in 52 years.

In 1971, a loaf of bread cost 72 cents. I don't have to go through the litany of how costs have risen.

With 10,000 baby boomers a day becoming eligible for Social Security, this is not the time to cut the program. This is a time to enhance the program so that all of our seniors--especially those who were hit hardest by the epidemic.

How do we know this?

Of the more than 1 million people who passed away from the pandemic, over 750,000 are over the age of 65.

And who is impacted most by inflation?

Those people who are on a fixed income, and by definition, those on Social Security are on a fixed income and need our help the most during this time of inflation. It impacts every single district in this country.

On average, there are 147,000 Social Security recipients in every congressional district, and to deny them the enhancements that they need during this inflationary time and during a time period when Congress has not enhanced the program in more than 52 years is long overdue.

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