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Congressional Record United States Th of America PROCEEDINGS and DEBATES of the 108 CONGRESS, FIRST SESSION

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Congressional Record United States Th of America PROCEEDINGS and DEBATES of the 108 CONGRESS, FIRST SESSION E PL UR UM IB N U U S Congressional Record United States th of America PROCEEDINGS AND DEBATES OF THE 108 CONGRESS, FIRST SESSION Vol. 149 WASHINGTON, TUESDAY, SEPTEMBER 16, 2003 No. 127 House of Representatives The House met at 12:30 p.m. and was ties, with each party limited to not to and have to give 51 percent to the gov- called to order by the Speaker pro tem- exceed 30 minutes, and each Member, ernment to take care of the seniors in pore (Mr. BOOZMAN). except the majority leader, the minor- that country. That is because a pay-as- f ity leader, or the minority whip, lim- you-go program with such a large sen- ited to not to exceed 5 minutes. ior population and a reducing birth DESIGNATION OF SPEAKER PRO The Chair recognizes the gentleman rate means fewer number of workers to TEMPORE from Michigan (Mr. SMITH) for 5 min- pay in, which means each individual The SPEAKER pro tempore laid be- utes. workers has to pay out more in taxes. Let us not let the United States fore the House the following commu- f nication from the Speaker: come to that predicament because it FUTURE OF SOCIAL SECURITY will mean one of two things: a com- WASHINGTON, DC, pany either charges, more for this September 16, 2003. Mr. SMITH of Michigan. Mr. Speak- I hereby appoint the Honorable JOHN er, in 5 minutes I am going to give a products to pay for the extra cost of BOOZMAN to act as Speaker pro tempore on short tutorial on the bleak future of that tax or you pay workers less. Ei- this day. Social Security. A proposal that I just ther way, it is bad for the future of our J. DENNIS HASTERT, introduced, H.R. 3055 tries to make economy and our ability to compete Speaker of the House of Representatives. sure that we keep Social Security sol- with other countries. f vent. Social Security is one of the most Mr. Speaker, let me describe H.R. successful programs in assuring that 3055: The trust fund continues in our MESSAGE FROM THE SENATE retirees continue to have some real so- bill. The Retirement Security Act A message from the Senate by Mr. cial security. would allow workers to create on a vol- Monahan, one of its clerks, announced After the Great Depression, Franklin untary basis accounts funded from that the Senate has passed a joint reso- Delano Roosevelt said what we should their payroll taxes. The accounts would start at 2.5 percent of income lution of the following title in which have is a program of forced savings and would reach 8 percent by 2075, a the concurrence of the House of re- during one’s working years, to set slow process as you shift away from quested: aside to make sure that people have the pay-as-you-go. Workers would own S.J. Res. 17. Joint resolution disapproving some money in retirement. the rule submitted by the Federal Commu- the money in their accounts. Invest- Well, as it turned out, the law that ments would be limited and widely di- nications Commission with respect to broad- was passed provided that nothing was cast media ownership. versified, and investment proceeds set aside in an individual’s name. Ex- would be subject to government over- The message also announced that isting workers paid in the Social Secu- sight. pursuant to Public Law 106–170, the rity tax and that was immediately sent The government would supplement Chair, on behalf of the Democratic out to current retirees. It was sort of a the accounts of low-income workers Leader, after consultation with the pay-as-you-go program. making less than $35,000 a year to en- Ranking Member of the Senate Com- It is, if you will, Mr. Speaker, like a sure they build up a significant sav- mittee on Finance, announces the ap- chain letter. Uncle Sam says, look, ings. What is important in those early pointment of Andrew J. Imperato, of here is a list of names; put your name years is the magic of compound inter- Maryland, to serve as a member of the at the bottom of the list and send a est, starting with a small amount of Ticket to Work and Work Incentives check to all those people above you. dollars and letting it grow. Again, it is Advisory Panel, vice Christine M. Grif- And when your name gets to the top an optional program. fin, of Massachusetts. when you retire, all of the people below People choosing to participate in the f you at that time will send you a check. voluntary account program would con- The problem is there will be fewer tinue to receive benefits directly from MORNING HOUR DEBATES people to send you a check. There are the government, and those benefits The SPEAKER pro tempore. Pursu- two colliding forces, not only in the would be offset based on the amount of ant to the order of the House of Janu- United States but across the world money going in. But they would be ary 7, 2003, the Chair will now recog- where the age of death is higher. We guaranteed so that the person that opts nize Members from lists submitted by are living longer. And at the same in to a personal retirement savings ac- the majority and minority leaders for time, the birth rate is going down. count would be guaranteed that they morning hour debates. The Chair will In Europe, France now has a payroll would be at least as well off as those alternate recognition between the par- tax of 51 percent. You make a dollar that did not take that option. b This symbol represents the time of day during the House proceedings, e.g., b 1407 is 2:07 p.m. Matter set in this typeface indicates words inserted or appended, rather than spoken, by a Member of the House on the floor. H8223 . VerDate jul 14 2003 01:50 Sep 17, 2003 Jkt 019060 PO 00000 Frm 00001 Fmt 7634 Sfmt 0634 E:\CR\FM\A16SE7.000 H16PT1 H8224 CONGRESSIONAL RECORD — HOUSE September 16, 2003 Worker accounts: all worker ac- place. Instead, the agencies have kept than a misleading photo-op, we should counts would be owned by the worker these aging dinosaurs in use because, work for the meaningful environmental and invested through pools supervised simply, they make more money. progress that America deserves. by the government. Regulations would Rather than enforcing the Clean Air f be instituted to prevent people from Act as previous administrations have VICTORY’S PRICE taking undue risk. Until an account done to encourage the industry, Presi- balance reaches $2,500, a worker would dent Bush now proposes that these old The SPEAKER pro tempore. Pursu- be limited on the kind of index invest- plants continue to be grandfathered ant to the order of the House of Janu- ments they could make; and after the permanently. Changes to the New ary 7, 2003, the gentleman from Texas balance reaches $2,500, they would have Source Rules announced last month (Mr. DELAY) is recognized during morn- more flexibility but only investing in will allow plants to make a 20 percent ing hour debates. safe accounts as determined by the investment each year without trig- Mr. DELAY. Mr. Speaker, a genera- Secretary of the Treasury. gering the New Source Rule. There is tion from now Iraq will either be a The fairness to women’s provision no reason for them to ever come into thriving democratic ally of the United that we put in this bill: for married full compliance. States, or an enemy of unimaginable couples, account contributions would Because of the prevailing winds, the hatred, ruled by a violent government be pooled and then divided equally be- pollution is not just in the vicinity of of, for, and by international terrorists. tween the husband and wife. So what- the plant or in that State that allows A generation from now the battle of ever the husband and wife would be eli- it to operate. The effects are con- Iraq, now the central component of the gible to invest would be added together centrated, particularly in the New Eng- war on terror, will have succeeded or and divided by two so each spouse land States. And attorneys general in have failed. America will have won or would have the same in their indi- New York, New Jersey, Pennsylvania, lost; and our brave heroes who gave vidual account. Second, it would in- as well as some midwest States like their lives there will have sacrificed for crease surviving spouse benefits to 110 Wisconsin and Illinois are lining up to virtue or died in vain. percent of the higher-earning spouse’s challenge this rule in court. The toppling of Saddam Hussein’s benefits. Third, stay-at-home mothers Yesterday, the President was in status in Firdos Square will have been with kids under 5 would receive retire- Michigan to promote his Clear Skies the dawn of an age of Middle East free- ment credit. In other words, we are Initiative; but he had the audacity to dom and stability, or it will have been saying for a spouse that stays home appear at one of the Nation’s dirtiest the cruel joke that ushered in an era of with those young kids, they can have power plants in Monroe, which is re- unspeakable terror in the region. There is no middle ground.
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