Subject: RE: Why should Social Security reform happen now?
Contributor: PANELIST: Rep. Karen L. Thurman
Why Social Security Reform Now?
Due to a responsible fiscal policy and a strong economy, we have a unique window of opportunity to address the future of Social Security. For the first time since 1969, Congress has a unified budget surplus which we can apply to debt reduction.
A fear raised by many in Congress is that by failing to invest this money now into debt reduction, it will be used for other, less responsible and more short-sighted "projects." Make no mistake about it, our failure to pay down this debt -- to maintain the discipline associated with saving Social Security first -- will hurt our nation's economic stature.
I believe Congress should, as soon as possible, enact legislation which would allow us to invest the unified budget surplus into both Social Security and Medicare. This would reduce our Nation's debt and bolster our economy. In turn, it would strengthen our Social Security system for all American working families.
During a recent Ways and Means Committee hearing, Federal Reserve Chairman Greenspan agreed stating, "The advantages that I perceive would accrue to this economy from a significant decline in the outstanding debt to the public and its virtuous cycle on the total budget process is a value which I think far exceeds anything else we could do with the money."
I believe that we should address the future of Social Security now because Congress has the opportunity to--one which may not be there next year. The 106th Congress has been handed the unique responsibility and limited window of opportunity to ensure solvency of the Social Security system. I believe that this can be accomplished, in part, by strengthening and building upon the current Social Security system.
I do not believe anyone in Congress knew we would have this opportunity so soon. However, now that we do, let's not enact radical reforms for the sake of reform itself. Instead, let's remember why we want Social Security to be there for our children. It is because it has been and, with minor modifications, could continue to be a successful, progressive, guaranteed and portable retirement program.
