In the wake of a recent report, today U.S. Congressman Sam Johnson (3rd Dist.-Texas) took to the floor of the U.S. House of Representatives to demand Congressional action on Social Security.
The trustees’ annual report, which was released on March 25th, projects that Social Security will begin paying out more money than it takes in from payroll taxes in 2017. By 2041, the Social Security trust fund will be exhausted. The Social Security surplus begins to decline in 2011.
Johnson serves as the highest ranking Republican on the Social Security Subcommittee and considers reform of the nation’s retirement system a top priority.
Remarks as prepared follow:
“A recent report shows Social Security sliding into the red. We need to protect Social Security for the next generation. It’s up to Congress to take serious action ...now.
“The trustees’ annual report on Social Security, released over the district work period, paints a gloomy picture. Social Security will begin paying out more money than it takes in from payroll taxes in 2017. By 2041, the Social Security trust fund will be exhausted. These dismal dates come as no surprise.
“Each day that ebbs by, we’re left with fewer options for how to address this growing problem.
“As the Ranking Member on the Social Security Subcommittee, I stand ready to work with my colleagues on both sides of the aisle to find real solutions for the future.
“The time is now. We can not afford to wait.”
