| 00:00:23 |
Johnson, Samuel "Sam" - U.S. Representative, [R] Texas
CONGRESS ACTS IN 2036 SOCIAL SECURITY REVENUES WILL ONLY COVER 77% OF PROMISED BENEFITS. CONGRESS NEEDS TO ACT AND THE SOONER WE COULD THE SOONER WE...
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| 00:05:59 |
Becerra, Xavier - U.S. Representative, [D] California
QUESTION OF RIGHT AND WRONG. SOCIAL SECURITY HAS NEVER CONTRIBUTE AD DIME TO THE NATION'S 14.3 TRILLION DOLLAR DEBT, NOT A PENNY TO OUR FEDERAL DEFICIT...
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| 00:10:34 |
Johnson, Samuel "Sam" - U.S. Representative, [R] Texas
TO REDEEM THE BOND. IN TIMES OF THIS DEFICIT TREASURY HAS TO BORROW IT. TODAY THE U.S. BORROWS 40 SENSE FOR EVERY DOLLAR IT SPEND, MUCH OF IT FROM THE...
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| 00:10:59 |
Becerra, Xavier - U.S. Representative, [D] California
THE TREASURY CERTIFICATE THAT SOCIAL SECURITY HAS. IT'S SIMPLE LEAH PIECE OF PAPER. IT SAYS $20. THIS IS A SAVINGS BOND, A TREASURY CERTIFICATE MY DAUGHTER...
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| 00:12:19 |
Johnson, Samuel "Sam" - U.S. Representative, [R] Texas
REMIND OUR WITNESSES TO LIMIT THEIR STATEMENTS TO FIVE MINUTES, PLEASE AND BE ADVISED WITHOUT OBJECTION FROM THIS GENTLEMAN HERE, YOUR STATEMENTS IN...
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| 00:13:45 |
Schieber, Sylvester - Member
GOALS. ONE OF THE ONES YOU MENTIONED IN YOUR OPENING REMARKS, MR. CHAIRMAN, THE REDISTRIBUTIVE CHARACTER OF THE PROGRAM. IN THE OPENING ANALYSIS IN...
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| 00:19:17 |
Johnson, Samuel "Sam" - U.S. Representative, [R] Texas
MORE EQUITABLE AND BE MORE EFFICIENT. THANK YOU, MR. CHAIRMAN. >> THANK YOU, SIR. APPRECIATE IT. MR.
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| 00:19:25 |
Terry, Thomas - Chair
TERRY. YOU MAY PROCEED. >> THANK YOU, MR. CHAIRMAN AND MEMBERS OF THE SUBCOMMITTEE. I'M GLAD TO BE HERE THIS MOANING. I'M HERE REPRESENTING THE AMERICAN...
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| 00:24:06 |
Johnson, Samuel "Sam" - U.S. Representative, [R] Texas
PACKAGE. THOSE ARE MY REMARKS, MR. CHAIRMAN. >> THANK YOU VERY MUCH. DR. STERLING, YOU MAY PROCEED. >> THANK YOU, MR. CHAIRMAN, MEMBERS OF THE SUBCOMMITTEE,...
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| 00:24:19 |
Steuerle, C. Eugene - Senior Fellow
BEFORE YOU AGAIN TODAY. AS COMMENTED BY SEVERAL PEOPLE INCLUDING MR. CHAIRMAN SINCE SOCIAL SECURITY FIRST ENACTED VAST CHANGES HAVE OCCURRED IN THE...
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| 00:29:45 |
Entmacher, Joan - Vice President
YOU, CHAIRMAN JOHNSON, MEMBERS OF THE SUBCOMMITTEE. THANK YOU FOR GIVING ME AN OPPORTUNITY TO TESTIFY. I'LL SHIFT FOCUS FROM THE BALANCE SHEET OF...
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| 00:35:11 |
Blahous, Charles - Trustee
TODAY. OWING TO THE TIME CONSTRAINTS I'LL BYPASS MOST OF THE BACKGROUND TESTIMONY AND OFF TERRIFY SUBCOMMITTEE NINE SUGGESTED RULES OF THUMB FOR TO...
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| 00:40:22 |
Bovbjerg, Barbara D. - Director
MAY PROCEED. >> THANK YOU, MR. CHAIRMAN, MR. BECERRA, MEMBERS OF THE COMMITTEE. THANK YOU FOR INVITING ME TODAY. YOU HEARD OTHERS SPEAK OF WAYS TO STABILIZE...
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| 00:45:37 |
Johnson, Samuel "Sam" - U.S. Representative, [R] Texas
WITH ALL WORKERS. THAT CONCLUDES MY STATEMENT. >> THANK YOU VERY MUCH. I APPRECIATE THAT. WE'RE STRUGGLING TO MEET A VOTE DEADLINE HERE THIS MORNING,...
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| 00:47:23 |
Terry, Thomas - Chair
MR. TERRY? >> WELL, IT'S EXCELLENT -- I LIKE THE WAY YOU POSED THE QUESTION BECAUSE IT'S NOT SIMPLY A MATTER OF FORCING PEOPLE TO DO SOMETHING THEY...
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| 00:49:12 |
Bovbjerg, Barbara D. - Director
ADMINISTRATION MUST PROVIDE A A SOCIAL SECURITY STATEMENT TO INDIVIDUALS AGED 25 AND OVER. HOW THAT STATEMENT IS PROVIDED AND WHETHER IT'S MAILED,...
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| 00:50:56 |
Becerra, Xavier - U.S. Representative, [D] California
I SUSPECT WE'LL BE CALLING ON ALL OF YOU FOR YOUR IDEAS WHETHER NINE POINTS OR ONE POINT INTO THE FUTURE. I DO BELIEVE THERE IS AN APPETITE TO DISCUSS...
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| 00:52:36 |
Entmacher, Joan - Vice President
IT IS TODAY? >> I THINK THERE ARE TWO SEPARATE PROBLEMS THAT NEED TO BE LOOKED AT SEPARATELY. THEY'RE OFTEN TALKED ABOUT TOGETHER AS SOCIAL SECURITY...
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| 00:56:05 |
Terry, Thomas - Chair
DO IT IN THREE SECONDS OR LESS. >> TWO THINGS TO SAY. GREAT QUESTION. NUMBER ONE, WE ACTUARIES ARE FOCUSED ON THE SOCIAL SECURITY ITSELF. OKAY. OUR...
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| 00:56:57 |
Berg, Rick - U.S. Representative, [R] North Dakota
HEARD TODAY THREE ACCUSATIONS OF REPUBLICAN PLANS ARE GOING TO RUIN SOCIAL SECURITY. NONE OF THOSE PROPOSALS HAVE COME BEFORE THIS INTERIM COMMITTEE....
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| 00:59:24 |
Schieber, Sylvester - Member
IS WITHIN THE LIFE EXPECTANCY ROUGHLY OF PEOPLE WHO ARE RETIRING TODAY. SO IT'S AN ISSUE THAT'S GOING TO AFFECT ALMOST EVERYONE WHO IS STEPPING INTO...
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| 01:00:29 |
Terry, Thomas - Chair
TO SUGGEST THERE'S NOTHING TO ADDRESS RIGHT NOW. AND THE ACADEMY BELIEVES THAT IN FACT ACTION SHOULD BE TAKEN NOW TO ADDRESS THE LONG RANGE DEFICIT....
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| 01:00:46 |
Steuerle, C. Eugene - Senior Fellow
TARGETED. A A LOT OF LOW INCOME WOMEN, PARTICULARLY HEADS OF HOUSEHOLDS SUFFER DISCRIMINATION IN THE SYSTEM. THERE ARE FIXES LIKE THAT WE NEED TO MAKE...
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| 01:02:18 |
Entmacher, Joan - Vice President
THE MOST POPULAR OPTIONS FOR STRENGTHENING SOCIAL SECURITY AND I AGREE THAT ACTIONS SHOULD BE TAKEN. IN 1983 CONGRESS WAITED UNTIL SOCIAL SECURITY WAS...
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| 01:03:12 |
Blahous, Charles - Trustee
POINTS. THIS IS IMPORTANT BECAUSE SOCIAL SECURITY HAS AN IMBALANCE. SOCIAL SECURITY'S OWN BOOKS ARE OUT OF THE BALANCE. IT HAS TO BE CLOSED TO HAVE...
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| 01:04:02 |
Bovbjerg, Barbara D. - Director
SECURITY TOUCHES THE LIVES OF NEARLY EVERY AMERICAN. IT'S A CRUCIALLY IMPORTANT PROGRAM. YET FOR 15 YEARS GIA HAS BEEN TALKING ABOUT THE STRUCTURAL...
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| 01:04:49 |
Smith, Adrian - U.S. Representative, [R] Nebraska
STARTED TO TOUCH ON PRIVATE PENSION REFORM TOWARD THE END OF YOUR REMARKS. COULD YOU ELABORATE ON THAT. >> YES, IN GREAT BRITAIN A FEW YEARS AGO...
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| 01:05:01 |
Steuerle, C. Eugene - Senior Fellow
DID IT THEY ACTUALLY TYPICAL BRITISH WAY THEY HAD A WHITE PAPER, AN OUTSIDE STUDY ON WHAT THEY SHOULD DO. THEY CONCLUDE IT WOULD BE USEFUL TO TRY...
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| 01:07:00 |
Entmacher, Joan - Vice President
ON THAT? >> SURE. >> RAISING THE CAP OF TAXABLE WAGES IS ONE OPTION THAT'S VERY POPULAR. BUT THERE ARE ALSO SOME POLLS THAT IN WHICH PEOPLE SAY THAT...
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| 01:09:18 |
Marchant, Kenny - U.S. Representative, [R] Texas
WE HAVE BEGAN TO HEAR A LOT ABOUT THE CONCEPT OF CHAINED CPI INSTEAD OF THE TRADITIONAL COLA METHOD. COULD EACH OF THE PANELISTS TALK A LITTLE BIT...
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| 01:09:47 |
Schieber, Sylvester - Member
THE SOLUTION TO THIS PROBLEM. >> THERE'S BEEN DEBATE ABOUT THE CPI, WHICH WHAT IS THE APPROPRIATE CPI ALMOST FROM THE TIME WE'VE LINKED BENEFITS TO IT....
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| 01:11:41 |
Terry, Thomas - Chair
THE ACTUARY YAL PROFESSIONAL WILL LEAVE TO THE ECONOMISTS ABOUT THE PROPER MIX OF GOING INTO CONSUMER GOODS TO ACCURATELY MEASURE INFLATION ON ITS...
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| 01:12:22 |
Steuerle, C. Eugene - Senior Fellow
MEASURE OF CPI. IF YOU DO IT BY ITSELF I THINK IT CAUSES A PROBLEM IN SOCIAL SECURITY. THAT'S BECAUSE FOR PEOPLE WHO HAVEN'T RETIRED YET THE CPI ADJUSTMENT...
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| 01:13:41 |
Entmacher, Joan - Vice President
SWITCHING TO THE CHAIN CPI FOR SOCIAL SECURITY IS THAT THIS IS A PROGRAM THAT OVERWHELMINGLY SERVES PEOPLE THAT ARE ELDERLY AND WITH DISABILITIES. IT...
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| 01:15:25 |
Schock, Aaron Jon - U.S. Representative, [R] Illinois
THERE'S SOME IN THIS ROOM THAT JUST BELIEVE IN THE POLICY OF THE OSTRICH. STIMYOUR HEAD IN THE SAND LONG ENOUGH, IT WILL GO AWAY. THE REALITY IS...
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| 01:16:29 |
Schieber, Sylvester - Member
A MONTH WHAT HAPPENS? >> YOU WILL -- THE NEXT MONTH YOU'LL GET $750. >> OKAY. $750. THAT GOES FOR A YEAR. >> YOU WOULD GET A MONTHLY CHECK. >> BUT THE...
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| 01:21:53 |
Johnson, Samuel "Sam" - U.S. Representative, [R] Texas
PROBLEM, IT'S NOT SOCIAL SECURITY. >> THAT SEEMS LIKE ALL OUR WITNESSES THINK SOCIAL SECURITY IS THE PROBLEM. I WANT TO THANK EVERY ONE OF YOU...
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.