Congressional Record
Social Security
Hon. Adam Smith of Washington
September 17, 1998
 
Mr. Speaker, this September as always we face some very difficult budget decisions, but we will not even be able to get to those budget decisions if we do not first address the numbers honestly.

Right now we have all heard about the supposed surplus that we have over the next 10 years, $1.6 trillion, and we have heard dozens of different ideas for how to spend that money. The trouble is that money does not exist, because all but $31 billion of that $1.6 trillion is really in the Social Security trust fund. It is money that we borrow and for some crazy reason consider as income. It is not income, it is money we have to pay back, plus interest.

We need to honestly assess those numbers. As we stand here today, there are a lot of different programs, a lot of different tax cuts being proposed, but if you ever hear someone say in answer to the question of how they are going to pay for it, `We're going to pay for it out of the surplus,' do not let them do it.

There is no surplus. If we can address the numbers honestly, we can make wise budget decisions and we can do two very important things in this final month of the session: One, we can get to a true and honest balanced budget; and, two, we can protect Social Security for future generations.

 
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