Providing Better Retirement Choices to the American People

PROVIDING BETTER RETIREMENT CHOICES TO THE AMERICAN PEOPLE -- (House of Representatives - March 01, 2005)

(Mr. WILSON of South Carolina asked and was given permission to address the House for 1 minute and to revise and extend his remarks.)

Mr. WILSON of South Carolina. Mr. Speaker, I strongly believe that all Americans deserve a strengthened retirement. Our current Social Security system is financially broken, outdated, and unable to meet our future retirement needs.

In 1950 there were 16 workers to support every beneficiary. Today there are only 3.3 workers per beneficiary. If Congress does not act soon, Social Security will be unable to meet its obligation to our children and grandchildren. Yesterday, I discussed this issue with fellow South Carolinians and many agree that our Social Security system faces significant problems.

President Bush is boldly leading the way to solve these problems by providing younger Americans with retirement choices and strengthening benefits for today's retirees. Reform offers younger Americans the opportunity to invest their Social Security funds in voluntary personal accounts which will provide higher benefits and allows them to build a nest egg for retirement that the government cannot take away.

As Congress continues to consider Social Security reform, I urge my colleagues to fix our system and provide better retirement choices to the American people.

In conclusion, God bless our troops. And we will never forget September 11.

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