Congress Must Enhance Capitalism's Safety Net

Floor Speech

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Mr. LARSON of Connecticut. Mr. Speaker, as all Americans know, Social Security is the number one antipoverty program for the elderly of this country. Most people don't realize that it is also the number one antipoverty program for children in this country.

What is further annoying to most Americans is that it has been 54 years since Congress, who has the responsibility for doing so, has enhanced Social Security benefits. This has a direct impact on every district in the country.

In the Speaker's district, there are over 174,000 Social Security recipients, and 142,000 of them are retirees; 13,000-plus are disabled workers; 7,000-plus are widows; 3,000 are spouses; and over 7,000 are children.

Mr. Speaker, what most Members don't realize is the direct economic impact and economic development impact that this has on their district. For example, the Speaker's district receives $353 million monthly for those 174,000 recipients.

Where do they spend that money, Mr. Speaker? They spend it right back in the districts where they live.

Nobody gets wealthy on Social Security, but it has been the mainstay to keep people out of poverty, both the elderly and children alike.

Congress has not taken any action to enhance those benefits since 1971. Richard Nixon was the President of the United States the last time this body, which is in charge of making sure that Americans receive this benefit, has taken any action to ensure that people in the Speaker's district and in mine and in all 435 districts receive Social Security benefits.

Here are the statistics: Over 70 million Americans rely on Social Security. For more than 35 million Americans, it is the only retirement benefit that they have. Americans are getting concerned by the day because 10,000 baby boomers a day become eligible for Social Security.

Mr. Speaker, I come to the floor to plead for Congress to take action. Have a vote. If Members have a better idea, they should put it forward.

President Trump has at least called for tax cuts. Most people don't realize that, when they retire, all of a sudden, they are being double taxed because their Social Security is taxed. That is a good idea, but President Trump's plan doesn't pay for that.

When it is not paid for, the money comes directly out of the trust fund, therefore hurting everybody in the program because it will reduce Social Security benefits by 36 percent as soon as 2031. That is not a long way off, and this body of Congress has been woefully negligent in making sure it is speaking out on behalf of the American people and the citizens that we are sworn to serve.

This is capitalism's safety net. The reason that we are able to thrive as a Nation and be entrepreneurial in the system is because we have a safety net for our workforce. In the event that a business collapses or people get laid off or they don't have work, there is Social Security. That is the brilliance of Franklin Delano Roosevelt that is still with us, and it is embraced overwhelmingly by Democrats, Republicans, and unaffiliated persons.

It is time to act, Mr. Speaker.

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