Social Security Reform

SOCIAL SECURITY REFORM -- (House of Representatives - May 17, 2005)

The SPEAKER pro tempore. Pursuant to the order of the House of January 4, 2005, the gentleman from Indiana (Mr. Pence) is recognized during morning hour debates for 5 minutes.

Mr. PENCE. Mr. Speaker, last year President Bush put Social Security reform on the national agenda. His proposal to save Social Security by giving younger Americans the choice to choose personal savings accounts has been met, to date, by ridicule and silence by the loyal opposition in this Congress. The ridicule has taken a variety of forms, denouncing the President's motives and intentions. The intentions of Republicans have been described by some outside organizations as an effort to tear down the house of public retirement in America.
Beyond that slur, there has just been, to date, simply silence. No ideas, no counterproposals, nothing to deal with what many refer to as a generational tsunami heading for Social Security, as some 40 million Americans over the age of 65 within 20 years will become 80 million Americans over the age of 65.
I say silence with hesitation, Mr. Speaker, because that actually ended yesterday among the loyal opposition when the gentleman from Florida (Mr. Wexler) introduced his legislation at a press event in his home State, where he unveiled a bill which he described as Social Security forever, saying, admirably, ``I believe it is time for Democrats to offer an alternative to the President.''
And to the gentleman from Florida, I say with admiration, I could not agree more. I admire him for his leadership on behalf of his vision of government and also his honesty as he proposes to cure what ails Social Security in the next 50 to 75 years with that anecdote that Democrats run to most often, and that is, namely, higher taxes. The Wexler bill, with a 6 percent tax increase on income over $90,000 a year would be the largest marginal tax rate increase in a generation.
Let us be clear about this, Mr. Speaker. House conservatives will vigorously oppose any effort to finance Social Security reform by raising taxes on working families, small businesses, and family farms. Thanks to the Wexler proposal, the American people now see a very clear choice before them, the President and the Republican Congress's vision for reform and the single Democrat vision that has been articulated, higher taxes. With one of the largest marginal tax increases in a generation, the gentleman from Florida (Mr. Wexler's) Social Security forever bill looks more like higher taxes forever.
It is time for this Congress to move on to the substance of Social Security reform. Let us offer our conflicting visions in this chamber across the aisle and move forward to save and secure and reform Social Security for our children and our grandchildren.

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