Original Broadcaster Captioning (Enhanced). Treat it as a searchable index of what was broadcast, not a quotation record.
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00:00:58>> NOW, REPRESENTATIVES FROM
00:01:03AARP, THE NATIONAL ACADEMY OF SOCIAL INSURANCE AND OTHERS
00:01:07TESTIFY ON SOCIAL SECURITY
00:01:10SOLVENCY BEFORE THE SENATE FINANCE COMMITTEE TO TALK ABOUT
00:01:14HOW CONGRESS SHOULD ADDRESS SOCIAL SECURITY FUNDING BEFORE IT'S INSOLVENT.
00:01:17THIS IS AN HOUR AND 50 MINUTES
00:01:48>> FOR MANY AMERICANS, SOCIAL SECURITY IS THE CORNERSTONE OF
00:01:51RETIREMENT SECURITY AND PROVIDES VITAL SUPPORT TO WORKERS WHO CAN
00:01:55NO LONGER PROVIDE A LIVING DUE
00:01:58TO INJURY OR ILLNESS.
00:02:00THE SOCIAL SECURITY BOARD OF TRUSTEES HAS RECOMMENDED THAT
00:02:04CONGRESS ACT QUICKLY TO ADDRESS THE PROGRAM'S LONG-TERM FINANCIAL CHALLENGES.
00:02:07ACCORDING TO THE TRUSTEES'
00:02:10LATEST PROJECTIONS, THE OLD AGE
00:02:13AND SURVIVORS INSURANCE TRUST FUNDS WILL BE EXHAUSTED IN LATE
00:02:172032. IF CONGRESS FAILS TO ACT BEFORE
00:02:21THEN, INCOMING PROGRAM RUIZ WILL
00:02:22BE SUFFICIENT TO PAY ONLY 78% OF
00:02:26THE PROMISED BENEFITS. CONGRESS HAS A RESPONSIBILITY TO PROTECT AND STRENGTHEN SOCIAL
00:02:30SECURITY FOR CURRENT
00:02:32BENEFICIARIES AND FUTURE GENERATIONS.
00:02:35THE LONGER WE WAIT, THE MORE DIFFICULT THIS CHALLENGE WILL BECOME.
00:02:39THE LAST COMPREHENSIVE EFFORT TO
00:02:42IMPROVE SOCIAL SECURITY SOLVENCY TOOK PLACE OVER 40 YEARS AGO AND
00:02:45CULMINATED IN THE SOCIAL
00:02:47SECURITY AMENDMENTS OF 1983.
00:02:50THOSE REFORMS WERE PRECEDED BY
00:02:55HIGH-LEVEL BIPARTISAN NEGOTIATIONS, INFORMED AND FACILITATED BY THE WORK OF THE
00:02:59NATIONAL COMMISSION ON SOCIAL SECURITY REFORM, WHAT WAS KNOWN
00:03:03AS THE GREENSPAN COMMISSION.
00:03:06THAT PROCESS DEMONSTRATED THE
00:03:08VALUE OF CREATING A FORUM WHERE POLICYMAKERS COULD WORK THROUGH
00:03:12DIFFICULT ISSUES AND BUILD
00:03:13CONSENSUS ON A BIPARTISAN BASIS.
00:03:17MORE THAN TWO DECADES LATER, I PARTICIPATED IN ANOTHER
00:03:20BIPARTISAN EFFORT TO DEVELOP
00:03:23RECOMMENDATIONS, TO ADDRESS OUR NATION'S LONG-TERM FISCAL
00:03:27CHALLENGES. ALONG WITH SENATOR DICK DURBIN,
00:03:30THE DEMOCRATIC CO-AUTHOR OF ONE OF THE PROCESS BILLS THAT WILL
00:03:34BE DISCUSSED TODAY. AS A PART OF ITS WORK, THE
00:03:37NATIONAL COMMISSION ON FISCAL RESPONSIBILITY AND REFORM, OFTEN
00:03:41REFORMED TO AS THE SIMPSON
00:03:45COMMISSION, DEVELOPED A BIPARTISAN SOCIAL SECURITY SOLVENCY PLAN.
00:03:48WHILE THE COMMISSION'S RECOMMENDATIONS ULTIMATELY DID
00:03:52NOT RECEIVE SUPPORT NECESSARY TO
00:03:54MOVE FORWARD, ITS WORK HAS
00:03:58INFORMED SUBSEQUENT SOCIAL SECURITY SOLVENCY DISCUSSIONS.
00:04:02AS SOCIAL SECURITY APPROACHES A
00:04:05PIVOTAL MOMENT, MEMBERS OF CONGRESS HAVE PROPOSED A VARIETY
00:04:07OF PROCESS REFORMS DESIGNED TO FACILITATE BIPARTISAN
00:04:10DISCUSSIONS AND HELP DEVELOP LASTING SOLUTIONS AND THAT'S
00:04:14PART OF THE REASON WE ARE HERE TODAY. TODAY'S HEARING WILL EXAMINE
00:04:18THOSE APPROACHES AND CONSIDER
00:04:20WHAT LESSONS CAN BE DRAWN FROM PAST EFFORTS.
00:04:23BEFORE I TURN TO RANKING MEMBER
00:04:25WIDEN, I'M GOING TO BRIEFLY LAY OUT HOW THE REST OF THE HEARING
00:04:29WILL PROCEED. AFTER RANKING MEMBER WIDEN GIVES
00:04:32HIS OPENING REMARKS, GENERALLY WE GO IMMEDIATELY TO THE
00:04:35WITNESSES BUT TODAY WE'LL LET OTHER MEMBERS OF THE COMMITTEE,
00:04:38IF THEY CHOOSE, TO HAVE A FIVE-MINUTE OPENING STATEMENT.
00:04:42SOME OF THESE MEMBERS WILL I'M SURE USE THIS FIVE MINUTES TO
00:04:46TALK ABOUT THEIR IDEAS.
00:04:50ONCE MEMBERS CONCLUDE THESE
00:04:52OPENING STATEMENTS, WE WILL TURN TO OUR WITNESSES FOR THEIR
00:04:55OPENING REMARKS AND PROCEED TO MEMBER QUESTIONS.
00:04:58I WANT TO THANK OUR WITNESSES FOR BEING HERE TODAY AND I LOOK FORWARD TO YOUR TESTIMONY.
00:05:02NOW I TURN TO RANKING MEMBER WIDEN FOR HIS OPENING REMARKS.
00:05:06>> THANK YOU VERY MUCH, PLANTAR FASCITIS -- MR. CHAIRMAN.
00:05:10I SHARE YOUR VIEW THAT WE HAVE
00:05:14AN EXCELLENT PANEL OF WITNESSES AND A GOOD START TO THIS ISSUE.
00:05:17WE'RE GOING TO BE DISCUSSING THE
00:05:20FUTURE OF SOCIAL SECURITY, AS
00:05:25SACRED AN ISSUE AS THERE IS IN AMERICA.
00:05:27THE TRUST FUND IS GOING TO BE DEPLETED BEFORE THE END OF THE
00:05:31NEXT PRESIDENTIAL ADMINISTRATION. SEVERAL REPUBLICAN MEMBERS OF
00:05:35THE PANEL WILL SAY THAT THEY
00:05:38HAVE A SOLUTION, SOME SORT OF
00:05:42UNACCOUNTABLE COMMISSION THAT
00:05:44RUBBER STAMPS BENEFIT CUTS LIKE INCREASING THE RETIREMENT AGE.
00:05:48IT SEEMS THAT EVERY TIME SOME REPUBLICANS GET THEIR HANDS ON
00:05:51THESE SORT OF IDEAS FOR SOCIAL
00:05:54SECURITY, LIFE GETS WORSE FOR
00:05:56OLDER PEOPLE THAT COUNT ON THE
00:05:58PROGRAM TO GET BY.
00:06:01NOW, THANKS TO DONALD TRUMP AND THE BIG, BEAUTIFUL BILL, THE
00:06:05CRISIS IS SPEEDING UP. SENATORS ELECTED THIS FALL WILL
00:06:09BE IN OFFICE WHEN SOCIAL
00:06:10SECURITY BECOMES INSOLVENT AND
00:06:13REPUBLICANS STARTED THIS FIRE AND NOW THEY'RE CLAIMING THEY'RE
00:06:16THE ONES THAT CAN PUT IT OUT.
00:06:20THE CONSEQUENCES OF INSOLVENCY ARE SEVERE.
00:06:24AMERICANS WHO PAID INTO SOCIAL SECURITY OUT OF EVERY PAYCHECK
00:06:27DURING THEIR WORKING YEARS WOULD
00:06:28NO LONGER RECEIVE FULL BENEFIT.
00:06:31ONE IN FOUR SENIORS RELY ON THEIR EARNED SOCIAL SECURITY
00:06:35BENEFITS FOR VIRTUALLY ALL OF THEIR INCOME.
00:06:39THAT NUMBER IS EVEN HIGHER FOR PEOPLE RECEIVING DISABILITY
00:06:43BENEFITS OR KIDS WHO LOST A
00:06:46PARENT.
00:06:49TRUMP AND THE MAGA CROWD GIVE
00:06:50HUGE TAX BREAKS TO BILLIONAIRES
00:06:53AND MASSIVE CORPORATIONS AND
00:06:56THAT BILL PLUNDERED SOCIAL
00:06:59SECURITY BY $168 BILLION.
00:07:02YOU DON'T HAVE TO TAKE MY WORD FOR IT.
00:07:05THE NUMBER COMES FROM THE SOCIAL
00:07:08SECURITY ACTUARY OFFICE ITSELF.
00:07:10SO HERE'S MY BOTTOM LINE.
00:07:13I WANT TO WORK ON A BIPARTISAN
00:07:15BASIS TO FIX THE PROBLEM AND
00:07:17PROTECT TYPICAL RETIREES FROM
00:07:20MISSING OUT ON THEIR EARNED BENEFITS IN A LITTLE MORE THAN SIX YEARS.
00:07:24THAT CAN BE DONE BY UPDATING SOCIAL SECURITY TO REFLECT THE
00:07:28ECONOMY OF TODAY AND ASK BILLIONAIRES TO PAY THEIR FAIR
00:07:32SHARE THROUGH THE PAYROLL AND
00:07:36INCOME TAXES.
00:07:38THAT SAID, SO I WISH THAT THE FINANCE COMMITTEE WAS HERE TO
00:07:42MAKE SURE THAT WE HAVE A
00:07:46SUBSTANTIVE DEBATE. INSTEAD, THE CONCEPT BEING
00:07:49DISCUSSED TODAY WOULD ACT AS A SHORTCUT FOR REPUBLICANS TO
00:07:52CARRY OUT THEIR GOAL OF SLASHING
00:07:54SOCIAL SECURITY BENEFITS FOR
00:07:57RETIREES AND RAISING TAXES ON
00:08:00MIDDLE CLASS FOLKS. IN MY FEW, SUPPORTING THIS
00:08:03FLAWED IDEA WOULD BE A DERELICTION OF DUTY, SOMETHING
00:08:05THAT I WOULD NEVER BE PART OF.
00:08:08THIS IS THE WORK WE WERE SENT TO
00:08:11CONGRESS TO UNDERTAKE. QUAINT IDEA.
00:08:14WE DO THE WORK THAT WE'RE SENT TO CONGRESS TO DO.
00:08:17HANDING OFF THAT RESPONSIBILITY
00:08:19TO SOMEBODY ELSE, TO ME, IS JUST
00:08:23BUCK PASSING. SO IN THE WORDS OF BASKETBALL
00:08:26GREAT, ALLEN IVERSON, AND I QUOTE, WE'RE TALKING ABOUT PRACTICE, NOT A GAME.
00:08:31WE'RE TALKING ABOUT PRACTICE.
00:08:33INSTEAD OF TALKING ABOUT TALKING, THIS BODY SHOULD GET TO
00:08:36WORK ON FINDING A SOLUTION TO THE SOCIAL SECURITY SOLVENCY
00:08:40CHALLENGE AND HAVING THAT DEBATE IN PUBLIC VIEW. DEMOCRATS ON THIS COMMITTEE HAVE
00:08:44PUT FORWARD THEIR IDEAS. THROUGH OUR PLAN, SOCIAL
00:08:48SECURITY CAN BE SECURED INDEFINITELY, INTO THE FUTURE,
00:08:52WITHOUT A SINGLE DIME OF CUTS TO A CURRENT OR FUTURE RETIREE.
00:08:56THAT MEANS NO RAISING THE RETIREMENT AGE, NO COST OF
00:09:00LIVING HAIRCUTS AND NO MEANS TESTING BENEFITS BUT IT DOES
00:09:04REQUIRE THAT BILLIONAIRES WHO HAVE SEEN THEIR WEALTH SKYROCKET
00:09:07TO OVER $9 TRILLION THIS YEAR
00:09:09WHILE WORKING PEOPLE SUFFER, THOSE BILLIONAIRES WOULD PAY
00:09:13THEIR FAIR SHARE. INSTEAD OF HAVING A PUBLIC DEBATE, THE COMMISSION THAT'S
00:09:17BEING DISCUSSED WOULD SMUGGLE IN
00:09:21BENEFIT CUT PLANS WITH MINIMAL PUBLIC SCRUTINY OR DEBATE.
00:09:24I REJECT THAT APPROACH. I'M GOING TO OPPOSE EFFORTS TO
00:09:28SET UP A PLAN LIKE THAT. I'VE GOT FAITH THAT EVERY MEMBER
00:09:30OF THIS COMMITTEE HAS THE WHEREWITHAL TO ENGAGE IN AN
00:09:34IMPORTANT DEBATE HERE AND NOW,
00:09:37NOT A COMMISSION, BUT A DEBATE HERE AND NOW.
00:09:40BUT IT REQUIRES THE COURAGE TO STAND BEHIND YOUR IDEAS IN PULL
00:09:43PUBLIC VIEW AND THE AMERICAN PEOPLE DESERVE NO LESS.
00:09:46I THANK OUR WITNESSES FOR JOINING THE COMMITTEE AND I LOOK
00:09:50FORWARD TO THE DISCUSSION.
00:09:52MR. CHAIRMAN, I WOULD ASK
00:09:55UNANIMOUS CONSENT TO ENTER INTO THE RECORD A STATEMENT FROM
00:09:58SENATOR GILLIBRAND AND ALSO
00:10:00CONSENT TO ENTER IN A STATEMENT
00:10:03FROM THE ALLIANCE FOR RETIRED AMERICANS. THAT'S A REQUEST FOR BOTH
00:10:07DOCUMENTS. >> WITHOUT OBJECTION. >> THANK YOU, MR. CHAIRMAN. >> BEFORE I GO TO MEMBERS, I
00:10:11HAVE TO CORRECT SOMETHING SENATOR WYDEN.
00:10:15THIS HEARING IS NOT TO PUSH A
00:10:18SPECIFIC PROPOSAL. THIS HEARING IS TO TALK ABOUT ALL THE OPTIONS ON THE TABLE.
00:10:23THAT'S WHY WE HAVE A BROAD ARRAY OF WITNESSES AND WHY I'VE OFFERED EVERY MEMBER OF THIS
00:10:26COMMITTEE THE OPPORTUNITY TO SAY SOMETHING ABOUT THEIR IDEAS IF THEY WANT TO.
00:10:30THEN WE CAN MOVE FORWARD AND
00:10:32HOPEFULLY ON A BIPARTISAN BASIS BUILD A SOLUTION.
00:10:35>> MR. CHAIRMAN, I WON'T
00:10:37CONTINUE THIS AT LENGTH.
00:10:40WHAT I'VE INDICATED IS THAT I'M
00:10:42VERY MUCH INTERESTED IN EXACTLY
00:10:45THE KIND OF BIPARTISAN EFFORTS PEOPLE WHO'VE WORKED ON THIS
00:10:48COMMITTEE KNOW THAT I PURSUE THIS.
00:10:50I DON'T THINK BUCK-PASSING,
00:10:52THOUGH, IS SERIOUS BIPARTISAN EFFORT. I THINK IT'S DUCKING AND THAT'S
00:10:56WHAT THE DEBATE TODAY ALSO
00:10:59INCLUDES.
00:11:09>> I WAS GOING TO GO TO SENATOR
00:11:11GRASSLEY BUT I BELIEVE HE
00:11:14STEPPED OUT.
00:11:17SO THEN NEXT ON MY LIST WOULD BE
00:11:24SENATOR CASSIDY UNLESS SENATOR
00:11:26CORNYN -- I BELIEVE YOU DID NOT WANT TO.
00:11:30SENATOR CASSIDY. >> LET US BE CLEAR, WE'RE
00:11:33TALKING TODAY ABOUT SETTING UP A PROCESS. WE'RE NOT TALKING ABOUT A
00:11:36SPECIFIC SOLUTION -- A PROCESS
00:11:39THAT WOULD BE BIPARTISAN, IDEALLY INVOLVING THE HOUSE, TO
00:11:42LOOK AT SOLUTIONS.
00:11:44TO HAVE IT MISCHARACTERIZED AND
00:11:47MISREPRESENTED AS REPUBLICANS CUTTING THINGS IS FALSE.
00:11:50IT IS LYING TO THE AMERICAN PEOPLE.
00:11:53THIS COMMITTEE HEARING IS ABOUT
00:11:55SETTING UP A PROCESS TO LISTEN
00:11:58TO PROPOSALS ABOUT HITTING BILLIONAIRES AND MILLIONAIRES
00:12:01WITH LOTS OF MONEY OR OTHER PROPOSALS, HOWEVER IT IS, TO
00:12:04HAVE SOMETHING TO PRESENT TO US
00:12:06IN THIS COMMITTEE IN NORMAL
00:12:10ORDER TO EITHER REJECT OR ACCEPT. IT ISN'T ONE PROPOSAL.
00:12:14IT COULD BE TWO, IT COULD BE THREE.
00:12:16AND ANY MEMBER HERE COULD PUT UP
00:12:21A BILL, AN AMENDMENT IN THE
00:12:24NATURE OF A SUBSTITUTE AND REPLACE IT ALL. THAT'S HAD A WE'RE TALKING ABOUT
00:12:28HERE. IF THE OTHER SIDE OF THE AISLE THINKS THEY'VE GOT A GREAT IDEA,
00:12:32THEY SHOULD WANT THIS PROCESS.
00:12:35THEY SHOULD WANT THIS PROCESS BECAUSE THAT WOULD GIVE THEM THE
00:12:38OPPORTUNITY TO PRESENT TO THE AMERICAN PEOPLE AND TO THIS
00:12:41COMMITTEE AND TO THE SENATE,
00:12:43THEIR PARTICULAR PERSPECTIVE.
00:12:46TO SAY THAT YOU DON'T WANT A
00:12:49PROCESS, HOWEVER YOU PUT ALL KINDS OF FANCY WORDS ABOUT IT
00:12:52AND RHETORIC ABOUT THAT SIDE AND
00:12:54THIS SIDE, IF YOU SAY YOU DON'T WANT A PROCESS, IT MEANS YOU
00:12:58DON'T WANT TO TAKE IT ON, THAT YOU DECIDED IT'S MORE IMPORTANT
00:13:01TO BE A POLITICIAN AND TO HAVE
00:13:03AN ISSUE TO DIVIDE OUR COUNTRY
00:13:05THAN TO BE A SENATOR WHO'S LOOKING FOR SOLUTIONS.
00:13:10BY THE WAY, I HAVE AN IDEA.
00:13:12I'LL BE HONEST ABOUT THAT.
00:13:15BIPARTISAN WITH MULTIPLE
00:13:18DEMOCRATS SUPPORTING THE IDEA. BUT THAT DOESN'T MEAN MY IDEA
00:13:20WILL BE THE ONE THAT'S ACCEPTED.
00:13:22WE TODAY ARE ONLY TALKING ABOUT
00:13:25SETTING UP A PROCESS WHERE THE AMERICAN PEOPLE HAVE THE
00:13:29OPPORTUNITY TO HAVE INPUT IN
00:13:31ORDER AT THE END OF THAT PROCESS WOULD BRING TO THIS COMMITTEE A
00:13:35PRODUCT TO BE CONSIDERED OR REJECTED AND REPLACED WITH
00:13:39ANOTHER PRODUCT.
00:13:41THAT IS REGULAR ORDER AND TO
00:13:44START SAYING IT'S PARTISAN AND WE'RE CUTTING BENEFITS, THAT IS
00:13:48NOT TRUE. WHY AM I SO PASSIONATE?
00:13:52GUESS WHAT, YOU KNOW WHAT'S REALLY GOING TO CUT SENIORS?
00:13:55IF WE DON'T FIX IT AND THE THERE'S GOING TO BE BY LAW A 22%
00:13:59TO 28% CUT IN BENEFITS FOR EVERY
00:14:04SENIOR CURRENTLY RECEIVING
00:14:06SOCIAL SECURITY.
00:14:09OR WOULD INCREASE TAXES BY 40% OR WOULD THAT GUT THE ABILITY TO
00:14:13SAVE MONEY FOR RETIREMENT FOR THE AMERICAN PEOPLE, OR WE'LL
00:14:16JUST BORROW LOTS OF MONEY AND
00:14:19DESTROY OUR COUNTRY'S CREDIT RATING AND EVERY YEAR WE WAIT IT
00:14:23GETS WORSE.
00:14:25NOW I HAVE BEEN TOLD BY BERNIE
00:14:27SANDERS AND BY LINDSEY GRAHAM,
00:14:29BILL, I'M QUOTING LINDSEY NOW --
00:14:32YOU'RE A LOUSY POLITICIAN BUT YOU'RE A GOOD SENATOR.
00:14:36I TOOK THAT AS A COMPLIMENT. I CHALLENGE ALL OF US TO BE
00:14:40LOUSY POLITICIANS BUT TO BE GOOD
00:14:44SENATORS BECAUSE RIGHT NOW THE LONGER WE WAIT, THE HARDER IT IS
00:14:47FOR OUR COUNTRY AND THE MORE THAT A SENIOR IS GOING TO SEE
00:14:50THEIR BENEFITS GO AWAY AND THE MORE THE AMERICAN PEOPLE MORE
00:14:54LIKELY THE AMERICAN PEOPLE WILL SEE THEIR TAXES GO UP OR OUR
00:14:58COUNTRY WILL HAVE TO BORROW SO
00:15:01MUCH MONEY THAT WE WILL GO INTO
00:15:04OBLIVION. LET'S BE PATRIOTIC, LET'S BE GOOD SENATORS.
00:15:08LET'S BE HERE TO MAKE THE HARD DECISIONS.
00:15:10NOT ON A PARTICULAR SOLUTION
00:15:13BECAUSE WHAT WE'RE CONSIDERING TODAY IS ONLY A PROCESS BILL.
00:15:16IT SETS UP NOT AN INDEPENDENT COMMISSION WHICH IS ISOLATED FROM THE INFLUENCE OF THE
00:15:20VOTERS. IT SETS UP SOMETHING WHICH
00:15:22ULTIMATELY COMES TO THIS COMMITTEE. THIS COMMITTEE WITH EVERYBODY ON
00:15:26THIS COMMITTEE ANSWERABLE TO THE VOTERS AND EVERYBODY ON THIS
00:15:30COMMITTEE THEN HAVING TO TAKE A VOTE ON EITHER THAT WHICH IS
00:15:34PRODUCED OR AN AMENDMENT IN THE NATURE OF A SUBSTITUTE, THAT
00:15:37WOULD GO TO THE FLOOR OF THE
00:15:39SENATE WHERE EVERY SENATOR WHO'S
00:15:42ANSWERABLE TO THE PEOPLE OF HIS OR HER STATE WOULD AGAIN HAVE A
00:15:46CHANCE TO WEIGH IN. THIS IS THE WAY THE PROCESS IS
00:15:49SUPPOSED TO WORK AND WHAT WE'RE CONSIDERING TODAY IS BASICALLY A TIME AGREEMENT.
00:15:53AND TIME AGREEMENTS ARE HOW THINGS ARE DONE AROUND HERE.
00:15:56I AM SO FRUSTRATED BY THIS KIND
00:16:01OF, LET'S BE POLITICAL, LET'S
00:16:04JUST ONE MORE TIME USE THIS AS A
00:16:06WEDGE ISSUE. NO, LET'S BE GOOD SENATORS.
00:16:10LET'S BE GOOD SENATORS. LET'S VOTE FOR A BILL THAT SETS
00:16:13UP A PROCESS IN WHICH ANYBODY'S PROPOSAL CAN BE CONSIDERED,
00:16:16HEARD AND VOTED ON AND CHOSEN.
00:16:20THIS IS NOT ABOUT A SOLUTION.
00:16:22THIS IS ABOUT A SOLUTION TO ARRIVE AT A SOLUTION.
00:16:26IF YOU CARE ABOUT THE UNITED STATES AND CARE ABOUT SENIORS,
00:16:30WE SHOULD BE VOTING FOR THIS BILL TODAY. >> THANK YOU, SENATOR CASSIDY.
00:16:34SENATOR WARNER?
00:16:35>> THANK YOU, MR. CHAIRMAN, AND THANK YOU FOR HOLDING THIS
00:16:39HEARING. GOOD TO SEE FOLKS LIKE MARK ON THE PANEL.
00:16:42YOU KNOW THIS IS SOMETHING, I APPRECIATE EVERYBODY'S PASSION
00:16:45ON THIS ISSUE -- THAT YOU AND I
00:16:47WORKED ON, MR. CHAIRMAN.
00:16:50WE STARTED -- WE DIDN'T,
00:16:54OBVIOUSLY, GET IT DONE OR WE
00:16:56WOULDN'T BE HERE TODAY DEBATING THIS ISSUE.
00:17:00I DO BELIEVE THE ONLY WAY WE'LL
00:17:02GET THIS SOLVED IS THROUGH A BIPARTISAN EFFORT.
00:17:06WE KNOW SOCIAL SECURITY IS THE MOST IMPORTANT COMMITMENT OUR
00:17:10COUNTRY MAKES TO SENIORS AND TO SURVIVING SPOUSES AND CHILDREN,
00:17:14PEOPLE WITH DISABILITIES.
00:17:18IT SUPPORTS 70 MILLION
00:17:19AMERICANS, ENSURES ANOTHER 239
00:17:24MILLION WORKERS AGAINST THE RISK
00:17:25OF AGING, DISABILITY OR DEATH OF
00:17:28A SPOUSE OR PARENT. WE ALSO KNOW IT'S MATH.
00:17:32WE'RE GOING TO HIT THIS CLIFF IN
00:17:34THE FOURTH QUARTER OF 2032 WHEN
00:17:37TIME AND TRUST FUND IS DEPLETED
00:17:39AND EVERY BENEFICIARY TAKES AN
00:17:42AUTOMATIC CUT OF 22%. THAT'S WHAT HAPPENS IF WE DO
00:17:45NOTHING. FOR VIRGINIANS IT MEANS NEARLY
00:17:491.5 MILLION VIRGINIANS WHO RECEIVE SOME FORM OF SOCIAL
00:17:53SECURITY BENEFITS WILL HAVE A
00:17:55DRAMATIC CUT IN THOSE BENEFITS.
00:17:58AND WHEN THE TRUST FUND RUNS
00:18:01DRY, THE AVERAGE VIRGINIA
00:18:03RETIREE STANDS TO LOSE MORE
00:18:06$500 A MONTH, CLOSE TO $9
00:18:09BILLION IN THE STATE TAKEN OUT OF THE POCKETS OF VIRGINIA SENIORS.
00:18:12A TYPICAL COUPLE RETIRING IN
00:18:142033 WOULD LOSE NEARLY $17,000 A
00:18:18YEAR. THIS IS GOING TO BE A DISASTER
00:18:21AND THE THING THAT IS ALSO COMING ON TOP OF THIS IS, I KNOW
00:18:25THE CHAIRMAN AND RANKING MEMBER
00:18:28KNOWS, THE MEDICARE HOSPITAL
00:18:31INSURANCE FUND IS ABOUT TO GO INSOLVENT A FEW MONTH AFTER
00:18:35THAT, ANOTHER HIT OF 11%.
00:18:37FOR THOSE OF US WHO HAVE BEEN
00:18:40TALKING ABOUT THIS, WE GO WAY,
00:18:42WAY BACK IN TIME, IN 2010, WHEN
00:18:45WE WERE STARTING SOME OF THESE EFFORTS.
00:18:49SOCIAL SECURITY 75-YEAR
00:18:51SHORTFALL WAS $5.4 TRILLION IN
00:18:542010 DOLLARS.
00:18:55NOW IT'S $30 TRILLION AND EVERY
00:18:59YEAR THE MATH GETS UGLIER. WE CAN TALK ABOUT PROCESSES.
00:19:03THE ONE THING WE LOOKED AT AND I
00:19:05LOOK FORWARD TO CONTINUING -- I'VE LAID OUT IDEAS, TAKEN HITS
00:19:09FROM BOTH SIDES ON SOME OF THE IDEAS I HAD.
00:19:11ONE THING I HOPE AS WE ARE
00:19:14FORCED TO GRAPPLE WITH THIS,
00:19:17THAT WHATEVER SITUATION AROUND
00:19:20CAPS AND AGE AND BENEFITS, THAT
00:19:22WE ALSO SET IN PROCESS
00:19:27-- WHERE WE DON'T WAIT ANOTHER
00:19:3130 OR 40 YEARS TO TAKE IT UP AGAIN. ONE OF THE THINGS WE
00:19:52I'M OPEN TO ALL IDEAS. AS SOMEBODY WHO HAS TAKEN HITS
00:19:56ON LAYING OUT SOME CONTROVERSIAL IDEAS, WE WILL HAVE TO COME BACK
00:19:59AND ADDRESS THEM AGAIN.
00:20:03BUT I BELIEVE HAVING THESE KIND OF HEARINGS TO STOP AT THIS
00:20:06STAGE.
00:20:08WE KNOW IT IS COMING, WE CANNOT
00:20:12PRETEND LIKE WE DID NOT SEE IT COMING DIRECTLY.
00:20:17AND OBVIOUSLY, THOSE OF US WHO
00:20:19HAVE WRESTLED WITH VERSUS
00:20:23MEDICARE, WHICH IS A REAL CHALLENGE. THIS STARTS WITH PLAIN OLD MATT,
00:20:28AND WORKING ON THIS COULD GET IT
00:20:32RIGHT. MIGHT NOT EVEN NEED TO GO TO AN AI BASED SOLUTION.
00:20:38MIGHT BE SENATORS PUT OUR HEADS TOGETHER AND SORT THIS OUT. THANK YOU FOR GIVING ME THE OPPORTUNITY.
00:20:45>> A, SENATOR WARNER. I FINALLY REMEMBER OUR WORK
00:20:49TOGETHER, AND I HOPE WE CAN DO
00:20:50ANOTHER SIMILAR ENDEAVOR THAT
00:20:53PUTS IT OVER THE GOAL LINE THIS TIME.
00:20:58SENATOR JOHNSON.
00:20:58>> MY 30 YEARS IN MANUFACTURING,
00:21:04SOLVES A LOT OF PROBLEMS. YOU REALIZE THERE IS A PROCESS TO SOLVING A PROBLEM.
00:21:07FIRST IS TO ADMIT YOU HAVE ONE, WHICH I THINK WE ALL ADMIT WE
00:21:11HAVE A PROBLEM. THE SECOND STEP IS EVEN MORE CRUCIAL.
00:21:16YOU HAVE TO PROPERLY FIND IT.
00:21:20THE LAST STEP IS THE SOLUTIONS.
00:21:26AROUND HERE WAS SEEMS TO HAVE IT, EVERYONE HAS THEIR PIECE OF
00:21:30LEGISLATION, THE SOLUTION, BUT THEY HAVE NOT DEFINED THE PROBLEM.
00:21:36SO LET ME THROW OUT THE PROBLEM
00:21:39WE HAVE TO DEAL WITH IS THE FACTOR WE ARE $40 TRILLION IN
00:21:43DEBT, HEADING TO $60 TRILLION.
00:21:47WE NEED TO AGREE ON COMMON FACTS.
00:21:51ONE OF THE FACTS THAT WE HAVE TO
00:21:55GRAPPLE WITH IS BENEFITS ALREADY EXCEED REVENUE.
00:21:59AGAIN, WE ARE HONORING THOSE BENEFITS.
00:22:03WHEN THE TRUST FUND RUNS OUT, IT
00:22:06SHOULDN'T BE A CALAMITY. WE'RE JUST GOING TO HAVE TO PLUS
00:22:10UP THOSE BENEFITS, AND WE WILL PROBABLY DO THAT.
00:22:14ONE FACTOR WE HAVE TO RECOGNIZE
00:22:16IS THE U.S. GOVERNMENT BONDS HAS NO VALUE.
00:22:20THE TRUST FUNDS A FICTION.
00:22:26ANOTHER THING WE HAVE TO GRAPPLE WITH IS SOCIAL SECURITY IS A
00:22:30LEGAL PONZI SCHEME. I GET CRITICIZE, BUT THAT IS WHAT THAT IS.
00:22:35WE EXTRACTED MONEY FROM
00:22:38TAXPAYERS, INVESTORS.
00:22:40WE SPENT THE MONEY, IT IS GONE,
00:22:44IT GOT PAID OUT TO EARLIER INVESTORS. NOTHING OF VALUE.
00:22:52I OFTEN HEAR FROM CONSTITUENTS WHO GO THAT IS MY MONEY. IT IS, TO A CERTAIN EXTENT.
00:22:57BUT I WANT TO ENTER INTO THE
00:22:59RECORD TABLE ONE, RATIOS FOR
00:23:04HYPOTHETICAL WORKERS WITH VARIOUS EARNINGS LEVELS.
00:23:07IT SAYS THE SOCIAL SECURITY RECIPIENT RECEIVES WHAT THEY RECEIVED FOR EACH DOLLAR THEY
00:23:11PUT IN THE FUNDS.
00:23:12IT RANGES FROM GETTING BACK $.59
00:23:15ON THE DOLLAR, TO A HIGH OF
00:23:18GETTING A HIGH OF GETTING $4.78 ON THE DOLLAR.
00:23:23IT IS A FICTION.
00:23:27IT WASN'T SET UP AS AN INVESTMENT FUND. YOU WILL NOT SOLVE THIS PROBLEM
00:23:31IF YOU ARE NOT WILLING TO
00:23:33RECOGNIZE HOW GROSSLY MISMANAGED SOCIAL SECURITY WAS FOR DECADES.
00:23:40BY POLITICIANS. BY OUR PREDECESSORS.
00:23:44THEY SQUANDERED THE MONEY. THERE IS NOTHING OF VALUE THERE.
00:23:47EVEN WORSE THAN THAT, THEY HAVE
00:23:50RUN UP ENORMOUS DEFICITS, $40
00:23:52TRILLION IN DEBT, SO WE MAY NOT
00:23:57HAVE THE FINANCIAL WHEREWITHAL TO CONTINUE TO TRUST UP BENEFITS.
00:24:00PERSONALLY, I AM AMAZED THE DEADLINE HAS NOT ALREADY GONE OFF.
00:24:04BECAUSE I GUESS WE ARE THE LEAST
00:24:09WORSE IN TERMS OF GOVERNMENTS AROUND THE WORLD.
00:24:13WHAT I WOULD SUGGEST IS LET'S AGREE ON COMMON FACTS.
00:24:20I HAD A BUDGET HEARING YESTERDAY, THE TITLE WAS MEDICAID'S REALITY.
00:24:26I KNOW MY DEMOCRATIC COLLEAGUES MUST HAVE GOT UNDER THEIR SKIN,
00:24:29BECAUSE IN THE END THEY SAID YOU WERE TURNING THIS INTO DEBATE SOCIETY.
00:24:33EXACTLY WHAT WE'RE DOING HERE.
00:24:37THEY DID NOT LIKE THE FACT WHEN THEY WOULD LIE AND SAY WE HAVE TO CUT, I HEARD THE EXACT SAME
00:24:43WORDS FROM THE RANKING MEMBER. WE ARE NOT, THAT IS A LIE.
00:24:48WE ARE NOT CUTTING AND SLASHING MEDICAID.
00:24:51WHICH I KEPT HAVING TO REPEAT,
00:24:552014, THE START OF MEDICAID EXPANSION, $300 BILLION.
00:25:002019 BEFORE THE PANDEMIC, 400 BILLION DOLLARS.
00:25:03LAST YEAR, $668 BILLION.
00:25:06I HAVE NOT SEEN A PROJECTION WHEN THE NUMBER DECREASES.
00:25:11IT IS A LIE. QUIT LYING.
00:25:15START TELLING THE TRUTH. ACKNOWLEDGE REALITY.
00:25:20I'M ALL FOR A PROCESS, BUT
00:25:22PLEASE LET'S HAVE THE PROCESS GO
00:25:25IN THE RIGHT ORDER. LET'S START TO FIND THE PROBLEM
00:25:29WITH FACTS. LET'S AGREE ON THE FACTS.
00:25:34STOP LYING ABOUT PEOPLE.
00:25:37STOP SAYING THAT WE WANT -- NO,
00:25:39WE WANT TO PRESERVE SOCIAL SECURITY. THE BEST WAY TO DO THAT IS
00:25:43REDUCE THE DEFICITS SO WE DON'T RUN THE MASSIVE DEBT BOMB THAT
00:25:47WILL BLOW UP IN OUR FACE AND WE WILL NOT HAVE THE WHEREWITHAL TO
00:25:49CROSS UP THE BENEFITS WHEN A
00:25:52FICTION OF THE SOCIAL SECURITY TRUST FUND RUNS OUT.
00:25:56>> THANK. SENATOR WHITEHOUSE.
00:25:58>> THIS HEARING IS NOT ABOUT MEDICAID, BUT LET ME POINT OUT
00:26:02THERE IS IN FACT AROUND $1 TRILLION IN CUTS COMING TO
00:26:06MEDICAID. AND WE KNOW THAT IS A FACT
00:26:09BECAUSE FACT-BASED PEOPLE OUT IN
00:26:10THE REAL WORLD LIKE HOSPITALS
00:26:13AND NURSING HOMES AND DOCTORS PRACTICES ARE ALREADY PLANNING
00:26:16THEIR FINANCES FOR THE CRASH IN
00:26:21REVENUE THAT IS GOING TO COME FROM THE REPUBLICAN BUILT RED
00:26:23TAPE BOMB IN MEDICAID TO
00:26:29BASICALLY DRIVE PEOPLE OFF BECAUSE THEY WILL NOT BE ABLE TO
00:26:32KEEP UP WITH THE RED TAPE REQUIREMENT. I CANNOT LET THAT GO.
00:26:37WITH RESPECT TO SOCIAL SECURITY,
00:26:40TRUST FUND IS GOING TO BE EXHAUSTED BUT YOU'RE EARLIER
00:26:44THAN PREDICTED. A LOT OF THAT IS THANKS TO THE BILLIONAIRES BILL THAT THE
00:26:48REPUBLICANS JAMMED THROUGH. IN 2032, JUST SIX YEARS FROM NOW.
00:26:54DEMOCRATS HAVE BEEN PRETTY OUT THERE. WE HAVE BILLS.
00:26:58YOU CAN LOOK AT IT. KICK THE TIRES, TAKE YOUR POT SHOTS.
00:27:02WE HAVE LEGISLATION THAT WILL MAKE SOCIAL SECURITY SOLVENT AS
00:27:06FAR AS THE EYE CAN SEE WITHOUT CUTTING BENEFITS.
00:27:10WHERE IS REPUBLICAN PROPOSAL? WHERE IS IT? IT DOESN'T EXIST.
00:27:15YOU WANT TO GO IN THE BACK ROOM AND GET WHEEL OR DEALS DONE THAT
00:27:18ALLOW FOR BENEFIT CUTS AND THINGS LIKE THAT THAT THEY DON'T WANT TO OWN SO THEY DON'T PUT IT OUT THERE.
00:27:23THAT IS WHERE WE ARE. THE FIRST THING WE SHOULD SEE IS
00:27:26IF REPUBLICANS WANT TO SOLVE SOCIAL SECURITY, PUT YOUR PLAN ON THE TABLE. WHY HIDE IT?
00:27:31PUT IT OUT THERE. WE HAVE DONE THAT.
00:27:35WHILE WE ARE AT IT ON SOCIAL SECURITY, NOT ONLY IS IT RUNNING
00:27:39OUT OF TRUST FUND, BUT WE'VE
00:27:45ALSO GOT SOCIAL SECURITY ADMINISTRATION INTERNAL COLLAPSE
00:27:48THANKS TO ELON MUSK AND HIS WRETCHED LITTLE DOGGY BOYS GOING
00:27:52IN AND GETTING A LOT OF PEOPLE FIRED FROM THEIR JOBS.
00:27:55WE'VE GOT REPORTING THAT THEY
00:27:58TOOK DATA, PLANNING TO TAKE
00:28:01SOCIAL SECURITY PRIVATE DATA, AND OFFER IT TO PRIVATE
00:28:05EMPLOYERS.
00:28:08THERE ARE A LOT OF PROBLEMS WITH SOCIAL SECURITY. BUT THE BIG ONE IS HOW DO WE
00:28:11MAKE SURE BENEFITS DON'T GET CUT IN 2032? WE HAVE A PLAN.
00:28:15WE ARE NOT ASHAMED OF OUR PLAN. WE PUT IT OUT THERE.
00:28:19IT IS NOT COMPLICATED. YOU MAKE PEOPLE WHO ARE MAKING
00:28:23HUGE AMOUNT OF INCOME PAY SOCIAL SECURITY TAXES AS EVERYONE ELSE
00:28:26ALL THE WAY UP THE REST OF THEIR INCOME.
00:28:28AND IF THEY ARE DODGING THEIR INCOME BECAUSE THEY ARE REALLY FANCY AND THEY HAVE BEEN ABLE TO
00:28:32PARK IT THROUGH VARIOUS TYPES OF
00:28:36CORPORATE OBSCURING, GO HUNT
00:28:41THAT DOWN AND MAKE SURE THAT THEY'VE GOT A SOCIAL SECURITY ON THAT AS WELL.
00:28:46YOU SHOULD NOT BE ABLE TO HIDE YOUR INCOME THROUGH A CORPORATE DEVICE AND DODGE SOCIAL SECURITY
00:28:50THAT WAY. YOU ARE STILL SPENDING IT, THAT
00:28:54IS THE WAY YOUR WORLD WORKS. WE CAN DO THAT.
00:28:58REMEMBER THE DAY WHEN BIDEN AT
00:29:01THE STATE OF THE UNION SAID NO
00:29:04BENEFIT CUTS TO SOCIAL SECURITY?
00:29:05AND THE WHOLE ROOM STOOD UP.
00:29:09UNANIMOUS, BIPARTISAN APPLAUSE.
00:29:13IF WE ARE STILL THERE, THE MATH IS REALLY SIMPLE.
00:29:16IF YOU DON'T CUT BENEFITS, YOU'VE GOT TO ADD REVENUE.
00:29:20WHERE WOULD YOU WANT TO GO FOR REVENUE?
00:29:24WHY NOT TO THE HIGHEST INCOME PEOPLE WHO ARE NOT PAYING INTO
00:29:28IT NOW BEYOND WHAT AN ORDINARY NURSE OR PLUMBER WOULD?
00:29:32THAT DOESN'T MAKE ANY SENSE. WHY WOULD YOU REWARD PEOPLE FOR
00:29:35DODGING THEIR INCOME THROUGH CORPORATE SCREAMS SO THAT THEY
00:29:37DON'T HAVE TO COUNT IT AS
00:29:41PAYROLL, THEY BRING IT IN OTHER WAYS.
00:29:45THIS SHOULD NOT BE HARD.
00:29:47AND THE FIRST STEP IS GOING TO
00:29:53BE OUR REPUBLICAN COLLEAGUES, PUT UP OR SHUT UP.
00:29:57GIVE US A PLAN.
00:29:59IF YOU DON'T HAVE ONE, LET'S HAVE A VOTE ON OURS AND YOU CAN
00:30:03VOTE IT DOWN AND ON THAT.
00:30:04BUT WE HAVE BEEN VERY CLEAR,
00:30:07MULTIPLE DEMOCRAT SENATORS HAVE PUT OUT PLAN AFTER PLAN THAT WILL MAKE SOCIAL SECURITY
00:30:11SOLVENT, MIGHT MAKE SOCIAL SECURITY AND MEDICARE SOLVENT
00:30:15FOR 75 YEARS AS FAR AS THE EYE
00:30:18CAN SEE, ACCORDING TO BOTH SOCIAL SECURITY AND THE CMS ACTUARIES.
00:30:22WE CAN DO THIS. THEY ARE RIGHT IN FRONT OF US.
00:30:26IT IS A QUESTION OF POLITICAL WILL. OF SOME PEOPLE NOT WANTING TO
00:30:30OWE WHAT THEY WANT TO DO TO SOCIAL SECURITY. THAT IS OUR PROBLEM. THANK YOU.
00:30:35>> THANK YOU, SENATOR.
00:30:37BEFORE I GO TO THE WITNESSES, I HAVE TO MAKE ONE CLARIFICATION.
00:30:43THIS NOTION THAT REPUBLICANS HAVEN'T GOT ANY IDEA OR HAVE NOT PUT UP ANY PLANS IS FALSE.
00:30:48THE REALITY IS BEFORE YOU GOT
00:30:50HERE, SENATOR WHITEHOUSE, SENATOR WARNER AND I WERE
00:30:53TALKING ABOUT A PLAN THAT I HAVE
00:30:55PUT UP WITH HIM AND OTHERS BEFORE, AND WE HAVE DONE THIS
00:30:58OVER THE YEARS, AND THERE ARE THOSE SITTING HERE WHO HAVE PUT
00:31:02OUT PLANS. LET'S NOT MAKE THIS PARTISAN.
00:31:06LET'S GET TOGETHER AND WORK ON SOLUTIONS. THEN WE CAN HOPEFULLY GET TO
00:31:10SOMETHING WE CAN PUT OVER THE FINISH LINE AND PASS.
00:31:15>> MR. CHAIRMAN, I'M ALL FOR SOLUTIONS, BUT I THINK THEY HAVE
00:31:18TO BE SOLUTIONS, AND NOT
00:31:21COMMISSIONS, AND WORK PROJECTS THAT DON'T ACTUALLY HAVE A SOLUTION IN THEM.
00:31:26I THINK A LOT OF THAT STUFF IS ANOTHER WAY TO HIDE WHAT PEOPLE WANT TO DO IN TERMS OF CUTTING BENEFITS.
00:31:32>> MR. CHAIRMAN, THE GOOD NEWS IS SINCE WE ARE VOTING ONLY ON A
00:31:34BILL TODAY TO GIVE A PROCESS FOR
00:31:38SENATOR WHITEHOUSE'S BILL TO BE THE SOLUTION, I THINK HE WILL ENDORSE THIS.
00:31:42WE ARE NOT VOTING ON SOLUTIONS TODAY, WE ARE VOTING ON A
00:31:46PROCESS BY WHICH THE BILL --
00:31:50SINCE THE SENATOR OFFERED, OR A BILL LIKE I AND DICK DURBIN HAVE OFFERED, THAT IS A GOOD THING.
00:31:55I LOOK FORWARD TO SUPPORT FOR THIS BILL.
00:32:00>> THANK YOU, SENATOR CASSIDY.
00:32:03TO OUR WITNESSES, IT IS TIME FOR YOU.
00:32:07THERE IS A LOT OF EMOTION AND INTENSITY ON BOTH SIDES OF THE AISLE.
00:32:12I THINK THAT IS A GOOD THING
00:32:13BECAUSE IT SHOWS THERE'S A LOT
00:32:17OF DESIRE TO GET THIS ISSUE ADDRESSED.
00:32:19WE MAY STILL HAVE OUR FIGHTS, BUT WE WANT TO GET THIS FIXED.
00:32:23THAT IS WHY I'M HOLDING THIS
00:32:26HEARING, AND WHY WHAT WILL COME OUT OF THE HEARING IS SUPPORT
00:32:29FROM YOU WITH IDEAS AND ANALYTICS AND ASSISTANCE TO HELP
00:32:33US FIGURE OUT WHAT THE PLAN SHOULD BE.
00:32:40BEFORE I ASK YOU TO BEGIN, GIVE A BRIEF INTRODUCTION OF EACH OF
00:32:44OUR WITNESSES.
00:32:46>> OUR FIRST WITNESS WILL BE MR.
00:32:49GOLDMINE, THE VICE PRESIDENT AND SENIOR POLICY DIRECTOR AT THE COMMITTEE FOR A RESPONSIBLE BUDGET.
00:32:53PRIOR TO JOINING THE COMMITTEE FOR A RESPONSIBLE FEDERAL
00:32:57BUDGET, HE SERVED AS ASSOCIATE
00:32:59DIRECTOR OF THE NATIONAL COMMISSION ON FISCAL
00:33:01RESPONSIBILITY AND REFORM KNOWN
00:33:04AS THE BALL SIMPSON COMMISSION, WHICH I REFERENCED AND SERVED
00:33:08ON. AND SENIOR BUDGET ANALYSTS ON THE JOINT SELECT COMMITTEE ON
00:33:11DEFICIT REDUCTION, ALSO KNOWN AS THE SUPERCOMMITTEE.
00:33:16DR. BLAIR HOUSE IS THE J FISH
00:33:20AND LILY SMITH CHAIR AND SENIOR
00:33:22RESEARCH STRATEGIST AT THE MAKEDA CENTER.
00:33:27HE SPECIALIZES IN DOMESTIC ECONOMIC POLICY AND RETIREMENT
00:33:31SECURITY WITH AN EMPHASIS ON SOCIAL SECURITY.
00:33:33AS WELL AS FEDERAL FISCAL POLICY, ENTITLEMENTS, AND HEALTH CARE PROGRAMS.
00:33:39HE'S THE AUTHOR OF SOCIAL SECURITY, THE UNFINISHED WORK.
00:33:43HE ALSO SERVES AS PUBLIC TRUSTEE
00:33:46FOR SOCIAL SECURITY AND MEDICARE FROM 2010 TO 2015.
00:33:54MS. LAMONT'S EXECUTIVE VICE PRESIDENT AND CHIEF ADVOCACY AND ENGAGEMENT OFFICER AT AARP.
00:34:00WHERE SHE HAS DIRECTED SEVERAL
00:34:03NOTABLE ADVOCACY CAMPAIGNS FOR AARP AMONG OTHER ACHIEVEMENTS.
00:34:07SHE ALSO OVERSEES AARP'S PUBLIC OUTREACH AND EDUCATION
00:34:11INITIATIVES AS WELL AS STATE AND LOCAL ADVOCACY AND COMMUNITY
00:34:13ENGAGEMENT ACROSS ALL 50 STATES.
00:34:18THE DISTRICT OF COLUMBIA, PUERTO RICO, AND THE U.S. VIRGIN ISLANDS.
00:34:22MISS VALLAS SERVES AS CHIEF
00:34:24EXECUTIVE OFFICER OF THE ACADEMY OF SOCIAL INSURANCE.
00:34:29PREVIOUSLY A SENIOR FELLOW AT
00:34:31THE CENTURY FOUNDATION, WHERE SHE FOUNDED THE ORGANIZATION'S
00:34:35DISABILITY ECONOMIC JUSTICE WORK
00:34:37AND LAUNCHED A NATIONAL CAMPAIGN
00:34:40TO MODERNIZE SUPPLEMENTAL SECURITY INCOME.
00:34:43WE WILL BEGIN WITH MR. GOLDLINE'S OPENING STATEMENT
00:34:47FOLLOWED BY DR. BLAIR HOUSE,
00:34:49MISS LAMONT, AND MISS VALLAS.
00:34:53>> THANK YOU, CHAIRMAN, RANKING MEMBER, MEMBERS OF THE FINANCE COMMITTEE.
00:34:56THANK YOU FOR INVITING ME TO
00:34:58TESTIFY ON THIS IMPORTANT ISSUE. SOCIAL SECURITY IS THE BEDROCK
00:35:02OF AMERICA'S COURT SYSTEM PROVIDING VITAL BENEFITS TO 70 MILLION AMERICANS.
00:35:07SOCIAL SECURITY'S RETIREMENT TRUST FUND IS IN CRISIS.
00:35:11IN JUST SIX YEARS, THE RETIREMENT PROGRAM IS PROJECTED
00:35:14TO BE INSOLVENT. THAT IS NOT FAR OFF.
00:35:16IT IS WHEN TODAY'S YOUNGEST RETIREES TURN 68 AND THE NEXT
00:35:20CLASS OF SENATORS FINISH UP THEIR FIRST TERM. AT THAT POINT THE LAW CALLS FOR
00:35:25A 22 PERCENT BENEFIT CUT. THE EQUIVALENT OF $500 PER PERSON EACH MONTH.
00:35:30CONGRESS COULD CHANGE THE LAW USING GENERAL FUNDS TO COVER
00:35:33SOCIAL SECURITY'S FINANCING GAP, BUT IT WOULD ENTAIL BORROWING AN
00:35:37ADDITIONAL $190 TRILLION OVER THE NEXT 75 YEARS.
00:35:41THE EQUIVALENT OF 165% OF GDP ON
00:35:44TOP OF WHAT WE ALREADY OWE. THAT ADDITIONAL BORROWING WOULD
00:35:48STIFLE ECONOMIC AND INCOME GROWTH, BALLOON INTEREST RATES, AND LIKELY SEND THE COUNTRY INTO
00:35:52A DANGEROUS DEBT SPIRAL.
00:35:53PAYING OUT OF THE GENERAL FUND WOULD END SOCIAL SECURITY AS WE
00:35:57KNOW IT AS A SELF FINANCED CONTRIBUTORY SOCIAL INSURANCE PROGRAM.
00:36:04FORTUNATELY, A NUMBER OF WELL-KNOWN SOLUTIONS FOR SOCIAL SECURITY WITHOUT SPARKING A
00:36:08FINANCIAL CRISIS. PROPOSALS TO ENACT PROGRESSIVE BENEFIT REFORMS, INCREASE
00:36:11PAYROLL TAX, OR ADJUST THE RETIREMENT AGE HAVE BEEN WELL
00:36:14VETTED AND SHOULD BE CONSIDERED AS PART OF ANY SOLVENCY PACKAGE.
00:36:18MY ORGANIZATION HAS BEEN DEVELOPING NOVEL SOLUTIONS,
00:36:22INCLUDING IMPOSING A 100,000 ARE CAP ON THE AMOUNT OF BENEFITS A
00:36:25COUPLE CAN COLLECT, INCLUDING BROADENING THE EMPLOYER PAYROLL TAX BASE TO COVER ALL
00:36:29COMPENSATION, CAPPING FOR
00:36:33RECEIVERS, PERFORMING THE TAXATION OF BENEFITS, AND I COULD GO ON.
00:36:36THE CHALLENGE BEFORE WASHINGTON IS LESS ABOUT WHAT TO DO TO SAVE SOCIAL SECURITY, AND MORE ABOUT HOW.
00:36:42BASED ON MY RESEARCH AND PERSONAL EXPERIENCE, I SUGGEST
00:36:45YOU TASK A COMMISSION, COUNCIL,
00:36:48OR ADVISORY BOARD TO FACILITATE AN AGREEMENT ON A SOLVENCY PACKAGE BEFORE IT IS TOO LATE.
00:36:53THE APPROACH WOULD NOT BE NEW FOR SOCIAL SECURITY.
00:36:56ALL MAJOR LEGISLATION, ALL OF THE MOST SIGNIFICANT SOCIAL SECURITY LAWS EVER PASSED WERE
00:37:00DEVELOPED WITH THE HELP OF AN OUTSIDE COMMISSION OR A COUNCIL. THE SOCIAL SECURITY ACT CAME
00:37:05FROM THE COMMITTEE ON ECONOMIC
00:37:08SECURITY, MAJOR LEGISLATION IN
00:37:111939, 1950, 1956, 1972, 1977,
00:37:14CAME OUT OF THE WORK OF SOCIAL ADVISORY COUNCILS.
00:37:19AND THE LANDMARK 1983 REFORM,
00:37:22WHICH BROUGHT 50 YEARS OF SOLVENCY, WAS DEVELOPED AND
00:37:24NEGOTIATED IN PART THROUGH THE GREENSPAN COMMISSION.
00:37:28WHEN IT COMES TO SOCIAL SECURITY, THESE PROPHECIES ARE THE REGULAR ORDER.
00:37:33OF COURSE THEY DON'T REMOVE ELECTED OFFICIALS FROM THE IMPORTANT ROLES AND
00:37:37RESPONSIBILITIES IN THE LEGISLATIVE PROCESS.
00:37:41THEY HELP FACILITATE BIPARTISAN AGREEMENTS BY SETTING FORTH A SPECIFIC MISSION AND
00:37:44ESTABLISHING A SAFE SPACE TO
00:37:46DEVELOPING OPTIONS, TRADE-OFFS, AND COMPROMISES.
00:37:50OVER THE YEARS, CONGRESS ESTABLISHED HUNDREDS OF COMMISSIONS, ADVISORY COUNCILS,
00:37:54AND OTHER GROUPS FOCUSED ON ALL SORTS OF TOPICS.
00:37:58MANY FAIL, BUT MANY SUCCEED, AND THEY TAKE DIFFERENT FORMS.
00:38:02IN THE CASE OF THE BRAT COMMISSION TO CONSOLIDATE
00:38:05MILITARY BASES, CONGRESS ENACTED THE RECOMMENDATIONS IN FULL.
00:38:08FOR THE GREENSPAN COMMISSION, THAT IS A VENUE FOR NEGOTIATIONS
00:38:11BETWEEN PRESIDENT REAGAN AND THE SPEAKER.
00:38:15THE 9/11 COMMISSION DEVELOPED
00:38:18RECOMMENDATIONS CONGRESS AND THE PRESIDENT IMPLEMENT IT A PIECEMEAL BASE ON THEIR OWN POLICY JUDGMENT.
00:38:23I WAS LUCKY ENOUGH TO SERVE ON TWO OF THESE COMMITTEES, INCLUDING WORKING WITH THE
00:38:27CHAIRMAN AND SENATOR DURBIN ON
00:38:30THE FISCAL COMMISSION IN 2010. IF OUR COMMISSION DEVELOPED A
00:38:33PLAN TO STEM THE GROWTH OF DEBT AND WE SERVE PERMANENT SOLVENCY
00:38:37TO SOCIAL SECURITY. 11 OUT OF 18 OF OUR MEMBERS
00:38:41SUPPORTED THESE RECOMMENDATIONS.
00:38:43IT EVEN IN THIS BODY WOULD BE A FILIBUSTER PROOF SUPERMAJORITY.
00:38:47OUR RECOMMENDATIONS WERE NOT ENACTED IN FULL INTO LAW BUT
00:38:50SPARKED A NATIONAL CONVERSATION FOR FISCAL POLICY AND NEARLY
00:38:54CULMINATED IN -- THREE DIFFERENT TIMES.
00:38:59THE COMMISSION WAS ABLE TO REACH AGREEMENTS BECAUSE MEMBERS TOOK
00:39:02THE TIME TO BRING A COMMON SET OF FACTS AND BUILT A SHARE TRUST
00:39:06AND UNDERSTANDING. THE CHAIRMAN POINTED OUT BEFORE THE RELATIONSHIPS BUILT ON THAT
00:39:09COMMISSION WERE A VERY BIG PART OF ITS SUCCESS.
00:39:12OF COURSE, ALL SIDES HAD TO COMPROMISE, THEY DID SO IN THE
00:39:16SPIRIT OF SECURING FINANCES AND SAVING SOCIAL SECURITY FOR GENERATIONS TO COME.
00:39:20I WANT TO CLOSE BY QUOTING THE LATE 70'S TOM COLE TOM COBURN,
00:39:24WHO VOTED -- SAID THIS BEFORE HE VOTED, WHICH HE DECLARED HE
00:39:28HATED HALF OF IT.
00:39:30ALL REPUBLICS FAIL, THEY FAIL OVER FISCAL ISSUES.
00:39:36THE WAY WE REACH HISTORY IS -- SO WE CREATE A FUTURE THAT IS
00:39:40HONORING THE TREMENDOUS SACRIFICE THAT CAME BEFORE US. THANK YOU TO THE MEMBERS OF THIS
00:39:44COMMITTEE FOR YOUR IMPORTANT WORK.
00:39:47>> THANK YOU VERY MUCH. >> THANK YOU, CHAIRMAN, RANKING
00:39:50MEMBER WYDEN, ALL THE COMMITTEE MEMBERS.
00:39:54I WOULD LIKE TO MAKE FOUR POINTS BASED ON MY WRITTEN STATEMENT.
00:39:58SOCIAL SECURITY SOLVENCY MATTERS.
00:40:00THIS IS NOT JUST AN ABSTRACT ACCOUNTING EXERCISE.
00:40:04THERE'S A REASON SOCIAL SECURITY BENEFITS ARE SO RELIABLE AND
00:40:07AMERICANS DON'T REGARD THEM BECAUSE WELFARE.
00:40:09WHEN YOU GET A JOB THAT YOU PAY
00:40:12SOCIAL SECURITY PAYROLL TAXES, THESE DEDICATED TAXES ARE CREDITED TO SPECIAL TRUST FUNDS
00:40:16WHOSE SOLE PURPOSE IS TO FIND A SECURITY OBLIGATIONS.
00:40:20THE FUNDS CANNOT SPEND BEYOND THE REVENUES THEY COLLECT.
00:40:24YOUR BENEFIT IS A METH MEDICAL
00:40:26FUNCTION OF YOUR EARNINGS THAT WERE TAXED.
00:40:29ALL OF THIS ENABLES WORKERS TO SAY TO ELECTED OFFICIALS WE HAVE
00:40:31EARNED THESE BENEFITS, WE PAY FOR THESE BENEFITS, YOU CANNOT
00:40:35ARBITRARILY TAKE THEM AWAY. THERE IS A PRICE FOR THAT UNIQUE
00:40:39SECURITY AND POLITICAL STRENGTH. IT ONLY WORKS AS LONG AS
00:40:43LAWMAKERS ALIGN BENEFIT SCHEDULES WITH WHAT WORKER CONTRIBUTIONS CAN FINANCE.
00:40:47THIS IS SOMETIMES MEANT INCREASING TAX COLLECTIONS,
00:40:50MODERATING BENEFIT GROWTH, AND ADJUSTING ELIGIBILITY AGENTS. IF WE ARE NO LONGER WILLING TO
00:40:54DO SUCH THINGS, WE CAN'T HAVE THIS TYPE OF SOCIAL SECURITY SYSTEM ANYMORE.
00:40:58WE CAN HAVE A SOCIAL SECURITY SYSTEM, BUT A VERY DIFFERENT ONE
00:41:02WITH BENEFIT LEVELS DISCONNECTED
00:41:05FROM INDIVIDUAL CONTRIBUTIONS. WORKERS CAN NO LONGER ASSERT
00:41:07THEY PAID FOR THEIR BENEFITS.
00:41:10SOCIAL SECURITY'S BIPARTISAN ADVISORY COUNCILS REPEATEDLY WARNED DO NOT LET THAT HAPPEN.
00:41:16KEEP THE SYSTEM SELF FINANCING AND SOLVENT FOR SOCIAL SECURITY
00:41:19TO KEEP FUNDING EACH YEAR WITHIN THE GENERAL BUDGET, UNIQUE RELIABILITY OF ITS BENEFITS
00:41:23WOULD BE LOST.
00:41:27SPEED IS ESSENTIAL. JUST LIKE A PATIENT FACING A
00:41:30POTENTIALLY LETHAL CONDITION, THE LONGER TREATMENT IS DELAYED,
00:41:33THE WEAKER THE PROSPECTS FOR SUCCESS. THE CURRENT SITUATION DIFFERS
00:41:36DRAMATICALLY FROM THE ONE SUCCESSFULLY CONFRONTED IN 1983.
00:41:40THIS TIME THERE IS NOT THE LUXURY OF WAITING UNTIL THE TRUST FUNDS ARE NEARLY DEPLETED.
00:41:47THE 2016 TRUSTEES REPORT FOUND THE SHORTFALL EQUALED 19% OF FUTURE BENEFIT CLAIMS.
00:41:5310 YEARS LATER, THIS YEAR'S REPORT FOUND IT EQUALS 30% OF FUTURE BENEFIT CLAIMS.
00:41:57BY THE TIME THE TRUST FUND FACES
00:42:00DEPLETION, IT IS CLEARLY TOO LATE. AT THAT POINT, EVEN IF NEW
00:42:04CLAIMS WERE COMPLETELY CUT OFF, THE TRUST FUND COULD STILL RUN OUT.
00:42:08WE ARE RAPIDLY PASSING THE POINT OF NO RETURN.
00:42:11PAST WHICH IT BECOMES IMPLAUSIBLE SOCIAL SECURITY'S HISTORIC DESIGN CAN BE RETAINED.
00:42:16THIRD, WHETHER A SOLUTION HOLDS DEPENDS ON THE ANALYSIS DONE WHILE DEVELOPING IT.
00:42:21THE 1983 REFORMS WERE A MAJOR ACHIEVEMENT BUT BEGAN UNRAVELING ALMOST IMMEDIATELY.
00:42:25THE 1985 REPORT SHOWED A
00:42:29SIGNIFICANT SHORTFALL, WHICH MORE THAN QUINTUPLED AND BECAME BIGGER THAN THE ONES JUST
00:42:32ADDRESSED ALL WITHIN A DECADE.
00:42:35THIS HAPPENED BECAUSE THE GREENSPAN COMMISSION RELIED ON ESTIMATES OF HOW MUCH EACH
00:42:38PROVISION WOULD APPROVE THINGS ON AVERAGE OVER 75 YEARS, RATHER
00:42:42THAN HOW EACH PROVISION WOULD AFFECT ANNUAL OPERATIONS IN DIFFERENT YEARS.
00:43:08, THE LAST THING YOU WANT IS TO HAVE A REPORT SEE THE PROBLEM IS BACK.
00:43:12TO PREVENT THAT, YOU NEED TO MAKE SURE YOUR PLAN PASSES BOTH TESTS.
00:43:16WHILE MY TESTIMONY OUTLINES WHY
00:43:18THEY TAKE A 75 YEAR VIEW, A 50
00:43:21YEAR VIEW CAN WORK PROVIDED BOTH OF THESE TESTS ARE PASSED.
00:43:25FOURTH, THE PROCESS AND PRODUCT NEED TO BE BIPARTISAN.
00:43:28SINCE THE SHORTFALL REEMERGED, THERE HAVE BEEN 15 DIFFERENT YEARS WHEN ONE PARTY OR THE
00:43:32OTHER HAS CONTROLLED THE LEGISLATIVE AND EXECUTIVE BRANCHES.
00:43:36IF EITHER PARTY COULD DO THIS WITHOUT THE OTHER, IT WOULD HAVE BEEN DONE BY NOW.
00:43:41THE 1983 EXPERIENCE INSTRUCTED
00:43:43HOW KEY LAWMAKERS CAN BE BROUGHT INTO A BIPARTISAN NEGOTIATION.
00:43:46THE MOST INFLUENTIAL SENATORS
00:43:47WERE ON THE 83 COMMISSION, HOUSE
00:43:51LEADERSHIP EFFECTIVELY REPRESENTED, AND THE WHITE HOUSE PARTICIPATED IN NEGOTIATIONS.
00:43:55THE COMMISSION CONTAINED ENOUGH OUTSIDE EXPERTS TO PROVIDE NEW COVER.
00:44:00REASONS WE NEED BIPARTISAN COMPROMISE ARE NOT JUST POLITICAL. THEY ARE MATHEMATICAL.
00:44:04THERE WAS ONCE A TIME WHEN THE
00:44:06SHORTFALL WAS THE SIZE HE COULD REALISTICALLY BE FIXED WITH
00:44:09SOCIAL REVENUES, SLOWING BENEFIT GROWTH, OR THE ELIGIBILITY AGENTS.
00:44:14THAT TIME HAS LONG PASSED. MAYBE THERE ARE INDIVIDUAL
00:44:18NUMBERS OF CONGRESS WILLING TO INCREASE AMERICAN PAYROLL TAX BURDENS BY THE NECESSARY ONE
00:44:22THIRD, OR TO CUT FUTURE BENEFIT
00:44:23CLAIMS BY 50% ACROSS THE BOARD.
00:44:27UNTIL CONGRESSIONAL LEADERSHIP CAN DELIVER THE VOTES TO ENACT
00:44:29ONE EXTREME OR ANOTHER, WE SHOULD ASSUME A COMBINATION OF
00:44:33LESS EXTREME MEASURES WILL BE NECESSARY. I WILL CLOSE BY COMMENDING THE
00:44:36COMMITTEE FOR HOLDING THE HEARING AND EXPLORING WAYS FORWARD.
00:44:38THE AMERICAN PUBLIC WILL BE WELL
00:44:41SERVED IF THE LEADERSHIP RESULTS IN A SIGNIFICANT EXTENSION OF SOCIAL SECURITY SOLVENCY. THANK YOU.
00:44:46>> THANK YOU VERY MUCH.
00:44:50>> CHAIRMAN, RANKING MEMBER WYDEN, AND MEMBERS OF THE
00:44:53COMMITTEE, THANK YOU FOR THE OPPORTUNITY TO TESTIFY TODAY. IT IS A PLEASURE TO BE WITH YOU.
00:44:58I WANT TO BEGIN BY APPLAUDING THIS COMMITTEE FOR COMING
00:45:03TOGETHER ACROSS PARTY LINES TO TALK ABOUT SOCIAL SECURITY'S FUTURE.
00:45:07AARP PROBABLY REPRESENTS REPUBLICANS, DEMOCRATS, AND
00:45:12INDEPENDENCE, ALL OF WHOM SEE
00:45:13STORY AFTER STORY ABOUT PARSON
00:45:17DIVISION. WE KNOW THIS WORK IS HARD, AND
00:45:19ALREADY IN CONGRESS, AARP HAS ENDORSED MORE THAN 130
00:45:23BIPARTISAN BILLS TO SUPPORT
00:45:24FAMILY CAREGIVERS, TO LOWER
00:45:27PRESCRIPTION DRUG PRICES, TO CRACK DOWN ON FRAUD, STRENGTHEN
00:45:31SOCIAL SECURITY AND CUSTOMER SERVICE.
00:45:33FOR NEARLY 91 YEARS, SOCIAL
00:45:36SECURITY HAS BEEN ONE OF THE MOST ENDURING PROMISES IN
00:45:40AMERICAN HISTORY. WORK HARD, CONTRIBUTE THROUGHOUT
00:45:43YOUR CAREER, AND RETIRE WITH THE FOUNDATION OF FINANCIAL
00:45:47SECURITY.
00:45:50TODAY, THAT PROMISE SUPPORTS 71 MILLION AMERICANS WITH NEARLY
00:45:53185 MILLION WORKERS PAYING WITH EVERY PAYCHECK.
00:46:00OUR MESSAGE TODAY IS SIMPLE. TO PROTECT AND STRENGTHEN SOCIAL
00:46:04SECURITY WITHOUT CUTTING THE BENEFITS AMERICANS HAVE EARNED
00:46:07THROUGH A LIFETIME OF WORK, AND DO THIS IN CONGRESS THROUGH
00:46:11REGULAR ORDER IN FULL VIEW OF THE AMERICAN PEOPLE.
00:46:16IT IS FAR IMPORTANT TO BE
00:46:20RUSHED, OUTSOURCED, OR DECIDED BEHIND CLOSED DOORS.
00:46:22AT AARP, WE HEAR EVERY DAY WHAT
00:46:26SOCIAL SECURITY MEANS TO OUR MEMBERS.
00:46:29MEMBERS LIKE LEE FROM OREGON,
00:46:30WHO WORKED HIS ENTIRE LIFE, THEN
00:46:34CAME HIS WIFE'S MEDICAL CRISIS. HE TOLD US WERE IT NOT FOR
00:46:38SOCIAL SECURITY, HE WOULD BE
00:46:42HOMELESS. LEE IS NOT ALONE, YOU CAN HEAR
00:46:46FROM WAYS BACK HOME ALL THE TIME.
00:46:4843% OF OLDER HOUSEHOLDS RELY ON SOCIAL SECURITY FOR MORE THAN
00:46:52HALF OF THEIR INCOME AT A TIME
00:46:55WHEN 37% OF OLDER ADULTS SAY THEY FEEL FINANCIALLY INSECURE.
00:47:00WOMEN IN PARTICULAR RELY MORE ON
00:47:04SOCIAL SECURITY BECAUSE THEY OFTEN SPENT FEWER YEARS IN THE
00:47:07WORKFORCE, EARNED LOWER LIFETIME WAGES, AND LIVE LONGER.
00:47:11PUT SIMPLY, WHEN SOCIAL SECURITY IS SECURE, MILLIONS OF FAMILIES
00:47:14ARE MORE SECURE, AND SO IS OUR
00:47:18ECONOMY. SOCIAL SECURITY SUPPORTS $2.6
00:47:21TRILLION IN ECONOMIC ACTIVITY EVERY YEAR.
00:47:25MANY FORGET THE BENEFIT REDUCTIONS ENACTED IN 1983 ARE
00:47:29STILL BEING PHASED IN TODAY.
00:47:31TO PUT THOSE REDUCTIONS IN CONTEXT, FOR SOMEONE RETIRING
00:47:35TODAY, THOSE CHANGES HAVE ALREADY REDUCED THEIR SOCIAL SECURITY BY AN AVERAGE OF NEARLY 19%.
00:47:42ALL THE WHILE, FUTURE
00:47:44GENERATIONS ARE LIKELY TO RELY ON SOCIAL SECURITY EVEN MORE.
00:47:50PRIVATE PENSIONS HAVE MOSTLY VANISHED.
00:47:52AROUND HALF OF OUR WORKFORCE HAS
00:47:54NO EMPLOYER SPONSORED RETIREMENT PLAN.
00:47:5742% OF AMERICANS AGE 50 PLUS WHO
00:48:01ARE YET RETIRED HAVE LESS THAN
00:48:04$50,000 IN RETIREMENT SAVINGS. ALL OF THIS MEANS SOCIAL
00:48:08SECURITY WILL REMAIN ESSENTIAL FOR MANY YEARS TO COME.
00:48:12THAT IS WHY 81% OF OLDER
00:48:13AMERICANS ACROSS PARTY LINES
00:48:17REJECT CUTTING SOCIAL SECURITY BENEFITS TO SAVE IT.
00:48:21OUR MESSAGE IS STRAIGHTFORWARD, DO NOT CUT SOCIAL SECURITY THE PEOPLE HAVE EARNED.
00:48:26AND TO BE CLEAR, THERE IS WORK TO DO.
00:48:29THE QUESTION FOR US IS NOT WHETHER TO ACT, IT IS HOW
00:48:33CONGRESS ACTS. THE HISTORY OF SPECIAL COMMISSIONS IS LITTERED WITH
00:48:38VERY GOOD INTENTIONS AND FAILED RESULTS THAT TYPICALLY LACKED
00:48:42THE CLOUT, POWER, AND JURISDICTION TO DO THIS HARD WORK.
00:48:47SOCIAL SECURITY'S FUTURE BELONGS
00:48:49AT THIS TABLE BEFORE THIS COMMITTEE.
00:48:53THIS COMMITTEE HAS JURISDICTION, THE CLOUD, AND A 90 YEAR HISTORY
00:48:56OF SOLVING HARD SOCIAL SECURITY PROBLEMS.
00:48:59HEARINGS LIKE THIS ONE ARE EXACTLY WHAT WILL LEAD US FROM DISCUSSION TO ACTION.
00:49:05WE ARE CONFIDENT CONGRESS CAN GET THE JOB DONE THROUGH REGULAR ORDER BECAUSE YOU HAVE DONE IT BEFORE.
00:49:11AARP DOES NOT OPPOSE ACTION. WE WANT CONGRESS TO ACT SOONER
00:49:14RATHER THAN LATER, AND WE BRING
00:49:18WITH US THE VOICE OF THE VAST MAJORITY OF AMERICANS WHO WANT
00:49:21THIS PROMISE KEPT WITHOUT CUTS.
00:49:23WE WANT TO PARTNER WITH YOU IN LIFTING THESE VOICES UP.
00:49:26MANY OF YOU HAVE JOINED US FOR TOWN HALLS OR EVENTS.
00:49:30I HOPE WE CAN CONTINUE TO DO MORE WITH YOU AND BRING THIS
00:49:33IMPORTANT DIALOGUE TO MORE
00:49:36AMERICANS IN YOUR STATES. WE LOOK FORWARD TO WORKING WITH
00:49:39THE COMMITTEE THROUGH REGULAR ORDER TO GET THIS DONE.
00:49:42THANK YOU VERY MUCH. >> THANK YOU. I APPRECIATED WORKING WITH YOU
00:49:46IN THE PAST AND WILL CONTINUE TO APPRECIATE WORKING WITH YOU ON THIS.
00:49:52>> CHAIRMAN CRAPO, RANKING MEMBER WYDEN, MEMBERS OF THE COMMITTEE. THANK YOU FOR THE OPPORTUNITY TO TESTIFY.
00:49:58I HAVE THE PRIVILEGE OF SERVING
00:50:02AS CHIEF EXECUTIVE OFFICER OF THE NATIONAL ACADEMY OF SOCIAL INSURANCE.
00:50:05THIS YEAR AS OUR NATION CELEBRATES 200 50 YEARS OF
00:50:08AMERICAN DEMOCRACY, WE ARE CELEBRATING THE SIMPLE BUT
00:50:11PROFOUND IDEA THAT LIES AT ITS HEART.
00:50:16THE GOVERNMENT EXISTS TO SERVE THE PEOPLE, AND THOSE ENTRUSTED
00:50:20WITH PUBLIC OFFICE ARE STEWARDS OF INSTITUTIONS THAT BELONG NOT
00:50:24TO ANY ONE POLITICAL PARTY, BUT TO THE AMERICAN PEOPLE AS A WHOLE.
00:50:29FEW INSTITUTIONS BETTER IN BODY THAT IDEA THAN SOCIAL SECURITY.
00:50:3391 YEARS AGO THIS MONTH, WHEN
00:50:37PRESIDENT ROOSEVELT SIGNED THE SOCIAL SECURITY ACT INTO LAW, HE
00:50:41CALLED IT A CORNERSTONE IN A STRUCTURE WHICH BY NO MEANS IS COMPLETE.
00:50:45I'VE ALWAYS LOVED THOSE WORDS OF FDR BECAUSE THEY REMIND US
00:50:48SOCIAL SECURITY HAS NEVER BEEN A FINISHED PROJECT.
00:50:51IT IS A LIVING EXPRESSION OF OUR DEMOCRACY AND HOW WE SHOW UP FOR ONE ANOTHER WHEN IT MATTERS
00:50:55MOST.
00:50:57I BELIEVE THAT IS EXACTLY THE RESPONSIBILITY THIS COMMITTEE
00:51:00TODAY HAS AND IN THE CHAPTER AHEAD NEEDS TO WORK ON TOGETHER.
00:51:06I WILL OFFER THREE BRIEF POINTS.
00:51:09FIRST, SOCIAL SECURITY IS THE CORNERSTONE OF ECONOMIC SECURITY IN AMERICA.
00:51:14AS YOU HEARD FROM EVERYONE WHO HAS SPOKEN.
00:51:18WHILE SOCIAL SECURITY IS APPROPRIATELY CELEBRATED FOR
00:51:20REDUCING POVERTY, THE ACADEMY RESEARCH FINDS IT IS
00:51:23FOUNDATIONAL TO RETIREMENT AND
00:51:24DISABILITY SECURITY ALL THE WAY
00:51:28ACROSS THE INCOME SPECTRUM.
00:51:30VIRTUALLY EVERY AMERICAN SAYS SOCIAL SECURITY WILL BE
00:51:33IMPORTANT OR VERY IMPORTANT TO
00:51:34THEIR RETIREMENT INCOME, A 4% OF
00:51:38AMERICANS SAY IT WILL BE NOT AT ALL IMPORTANT TO THEM IN
00:51:42RETIREMENT. LIKEWISE, 2% SAY IT WOULD NOT BE
00:51:44AT ALL IMPORTANT IF THEY EXPERIENCED WORK LIMITING DISABILITY.
00:51:48AT A TIME OF GREAT DIVISION ON
00:51:51SO MANY ISSUES, THE AMERICAN PEOPLE ARE REMARKABLY UNITED
00:51:55AROUND WHAT THEY WANT FOR SOCIAL SECURITY'S FUTURE.
00:52:00THE ACADEMY NATIONAL SURVEY RESEARCH WE CONDUCTED WITH AARP
00:52:03AND OTHERS, FINDS MORE THAN
00:52:05THREE IN FOUR REPUBLICANS, MORE
00:52:08THAN NINE IN 10 DEMOCRATS, MORE THAN EIGHT IN 10 INDEPENDENTS
00:52:12WANT LAWMAKERS TO STRENGTHEN SOCIAL SECURITY REVENUE BASE TO
00:52:16PROTECT ITS CRITICAL BENEFITS.
00:52:18AMERICANS ACROSS PARTY LINES,
00:52:22INCOME, EDUCATION, AND GENERATIONS SUPPORTS STARTING BY
00:52:25REFORMING THE PAYROLL TAX CAP FOR HIGHER EARNERS AND ARE
00:52:29INTERESTED IN LOOKING TO OTHER SOURCES OF WEALTH AND INCOME
00:52:32THAT HAVE INCREASINGLY ESCAPED SOCIAL SECURITY'S FINANCING
00:52:36STRUCTURE AS THE ECONOMY HAS SHIFTED.
00:52:40AMERICANS DON'T SEE SOLVENCY AND
00:52:42BENEFIT ADEQUACY AS COMPETING GOALS.
00:52:4582% PREFER A PACKAGE THAT BOTH
00:52:48CLOSES THE LONG TERM FINANCING
00:52:50GAP AND AS MY TESTIMONY NOTES,
00:52:53MAKES TARGETED IMPROVEMENTS THAT BETTER REFLECT THE REALITIES OF MODERN LIFE.
00:52:57MY THIRD AND FINAL POINT IS THIS.
00:53:00SOCIAL SECURITY BELONGS TO THE AMERICAN PEOPLE.
00:53:05THAT MEANS THE PROCESS THIS COMMITTEE ADOPTS TO ADDRESS
00:53:08SOCIAL SECURITY'S FINANCES IS
00:53:10JUST AS IMPORTANT AS THE POLICY
00:53:13CHOICES THEMSELVES. COMMISSIONS AND EXPEDITED LEGISLATIVE PROCEDURES ARE NOT
00:53:17INHERENTLY GOOD OR BAD, BUT AIR ANY PROCESS TO SHAPE THE FUTURE
00:53:20OF A PROGRAM AS IMPORTANT AS
00:53:23SOCIAL SECURITY SHOULD STRENGTHEN, NOT WEAKEN THE
00:53:26CONNECTION BETWEEN CONGRESS AND THE WILL OF THE PEOPLE IT SERVES.
00:53:30A PROCESS THAT LIMITS PUBLIC
00:53:32DEBATE OR MAKES IT EASIER FOR
00:53:36ELECTED OFFICIALS TO DISTANCE THEMSELVES FROM THE OUTCOME RISKS DOING THE OPPOSITE.
00:53:40ON MANY ISSUES, DEMOCRATIC GOVERNANCE IS DIFFICULT BECAUSE
00:53:43THE AMERICAN PEOPLE THEMSELVES ARE DEEPLY DIVIDED.
00:53:47BUT SOCIAL SECURITY IS DIFFERENT. THE AMERICAN PEOPLE ARE REMARKABLY UNITED ABOUT WHAT
00:53:50THEY WANT FOR THE PROGRAM'S FUTURE.
00:53:54STRENGTHEN ITS REVENUE BASE TO PROTECT BENEFITS, AND EXPAND
00:53:57PROTECTIONS FOR GROUPS BEING LEFT BEHIND.
00:54:00IN OTHER WORDS, ON THIS ISSUE, THE AMERICAN PEOPLE HAVE ALREADY
00:54:03ANSWERED MANY OF THE BIGGEST QUESTIONS.
00:54:07CONGRESS PASSED TASK IS NOT TO FIND WAYS AROUND THE AMERICAN PEOPLE, IT IS TO LISTEN TO THEM.
00:54:12SOCIAL SECURITY IS NOT JUST A GOVERNMENT PROGRAM, AND NOT
00:54:16SIMPLY A MATH PROBLEM TO SOLVE. IT IS PART OF THE FABRIC OF
00:54:19AMERICAN LIFE, RELIED UPON TODAY
00:54:22AND COUNTED ON TOMORROW BY
00:54:24AMERICANS ACROSS INCOME LEVELS,
00:54:26PARTY AFFILIATIONS, AND
00:54:29GENERATIONS. AS WE CELEBRATE 250 YEARS OF
00:54:32AMERICAN DEMOCRACY, THERE ARE FEW RESPONSIBILITIES OF GREATER CONSEQUENCE THAN STEWARDING A
00:54:37PROGRAM THAT BELONGS TO THE AMERICAN PEOPLE.
00:54:41AND THE ACADEMY STANDS READY TO SUPPORT THE COMMITTEE AS IT
00:54:45UNDERTAKES THIS IMPORTANT BIPARTISAN WORK. THANK YOU FOR HAVING ME AS PART
00:54:49OF THIS CRITICAL CONVERSATION. >> THANK YOU FOR YOUR TESTIMONY
00:54:52AND TO OUR COMMITTEE.
00:54:54I WILL START OUT WITH MR. GOLD WINE.
00:54:58I MAY NOT GET PAST THEM. BUT I WANT YOU TO LISTEN TO THIS
00:55:01QUESTION IF WE DON'T GET TO YOU DURING MY BRIEF FIVE MINUTES.
00:55:04I WOULD LIKE YOU TO RESPOND TO IT IF I DON'T GET TO YOU.
00:55:08IT GETS TO THE CORE ISSUES DISCUSSED BETWEEN MY COLLEAGUES,
00:55:14AND IT WAS DISCUSSED BY EACH OF YOU.
00:55:17IT HAS BEEN MENTIONED BY ME THAT
00:55:19I WAS PART OF THE BOLD SIMPSON COMMISSION.
00:55:26SENATOR WARNER ALSO REFERENCED THAT I WAS PART OF THE GANG OF SIX.
00:55:31THE BOLD SIMPSON COMMISSION WAS
00:55:32A COMMISSION APPOINTED BY
00:55:38PRESIDENT OBAMA. THE GANG OF SIX WAS A GROUP OF SIX SENATORS WHO GOT TOGETHER
00:55:40AND SAID WE ARE GOING TO TRY AND HELP THE COMMISSION GET OVER THE
00:55:44LINE.
00:55:48BUT THERE HAS BEEN SOME VERY
00:55:50DIFFICULT ISSUES RAISED HERE TODAY.
00:55:54THAT IS WHAT IS THE VALUE OF THE COMMISSION? IS IT THE DIRECTION TO GO?
00:55:59THERE ARE THOSE ON OUR PANEL WHO
00:56:01SAID NO, THIS IS CONGRESS'S RESPONSIBILITY.
00:56:05I FIND MYSELF THE CHAIRMAN OF THAT COMMITTEE.
00:56:10I'M A FORMER MEMBER OF THE
00:56:13COMMISSION, BUT NOW THE CHAIRMAN OF THE COMMITTEE THAT DEALS WITH
00:56:17IT AND HAS THE JURISDICTION TO DEAL WITH IT.
00:56:21I WOULD SAY WHEN WE WERE TRYING
00:56:23TO GET THE COMMISSION PASSED, A
00:56:26LOT OF MY COLLEAGUES ON THE FLOOR AFTER WE HAD OUR VOTE AND
00:56:30PUT WHAT I THOUGHT WAS A FABULOUS PRODUCT, A LOT OF MY COLLEAGUES SAID THAT IS GREAT
00:56:34BUT I WASN'T PART OF IT.
00:56:37IT WAS NOT DONE THROUGH THE PROCESS WE DO TO MAKE LAW IN THE U.S.
00:56:41ONE OF THE BIG ISSUES WE RAN
00:56:45INTO WAS GETTING BY INNS BECAUSE OF THOSE WHO THOUGHT THEY DID
00:56:48NOT HAVE A PART IN THE PROCESS
00:56:51AND WHO THOUGHT THAT THEY WERE ELECTED TO BE A PART OF THAT PROCESS.
00:56:56SO THERE WERE SOME COMPETING PRESSURES HERE.
00:56:59I SEE IT FROM BOTH SIDES.
00:57:04THE QUESTION I HAVE IS I UNDERSTAND THE NOTION THAT THIS
00:57:06COMMITTEE AND THE APPROPRIATE
00:57:09COMMITTEE IN THE HOUSE AND CONGRESS AND THE PRESIDENT ARE
00:57:13THE ONES WHO SHOULD MAKE THESE DECISIONS.
00:57:18THIS COMMITTEE IS THE PLACE WHERE THESE DECISIONS SHOULD BE CRAFTED.
00:57:21ON THE OTHER HAND, IF PAST
00:57:27POLICY -- PARTISAN POLITICS HAVE STOPPED THIS, THE IDEA IS TO GET
00:57:29A COMMISSION TO DO THE JOB.
00:57:32IT SEEMS TO BE THERE IS SOME MERIT TO THAT NOTION THAT WE
00:57:35WON'T DO OUR WORK, THEN LET'S
00:57:39GET SOME ADVISORS OUT THERE TO PUT PUBLIC PRESSURE ON US WITH IDEAS.
00:57:45SO I GUESS MY QUESTION TO YOU IS
00:57:48HOW DO WE ADDRESS THIS
00:57:50COMPETITION OF CONCERNS?
00:57:53IS A COMMISSION SIMPLY A BAD IDEA, OR IS THE WAY A COMMISSION
00:57:58OPERATES -- DOES IT NEED TO BE
00:58:00HANDLED IN A WAY THAT FULLY RECOGNIZES AND INVOLVES THE
00:58:04CONGRESS IN THE OUTCOME OF ITS PROCEEDINGS.
00:58:08>> THANK YOU FOR YOUR QUESTION.
00:58:14>> TO AVOID PEOPLE SAYING IT IS THE BS COMMISSION.
00:58:18VERY IMPORTANT TO AL SIMPSON. >> I WILL TRY TO SAY THAT.
00:58:22>> OF COURSE THIS IS CONGRESS'S JOB.
00:58:25THE COMMITTEE'S JOB.
00:58:27WITH ADVISORY BOARD IS THEY HELP CONGRESS.
00:58:31IT IS WHAT THEY HAVE ALWAYS DONE THROUGH MAJOR PIECES OF SOCIAL SECURITY LEGISLATION.
00:58:35THE COMMISSIONS CREATE A SINGLE
00:58:41MISSION. THE COMMITTEE IS DEALING WITH ALL SORTS OF THINGS.
00:58:44THEY SAY THIS IS OUR MISSION, TO STOP SOCIAL SECURITY SOLVENCY,
00:58:48TO GET THE DEFICIT TO A CERTAIN PERCENTAGE OF GDP, THEY CREATED
00:58:52A MISSION, A SPACE TO ACCOMPLISH THAT MISSION, AN OPPORTUNITY FOR
00:58:55TRUST BUILDING. I THINK THEY ENGAGE THE PUBLIC.
00:59:00THEY DID MORE TO ENGAGE THE PUBLIC ON FISCAL POLICY THAN ALL
00:59:03OF THE COMMITTEE HEARINGS DONE BY THE FINANCE COMMITTEE OVER
00:59:06THE PREVIOUS 10 YEARS COMBINED. I THINK THESE COMMISSIONS ARE
00:59:10REALLY IMPORTANT NOT AS A REPLACEMENT OF THE COMMITTEE WORK, BUT TO HELP TO SUPPORT IT.
00:59:15>> THANK YOU, I'VE ONLY GOT 35 SECONDS LEFT, I'M NOT GOING TO
00:59:20ASK THE REST OF YOU TO RESPOND
00:59:22IN THIS MEETING, BUT I WOULD ASK
00:59:24YOU TO RESPOND TO ME ON THIS. YOU WILL GET SOME QUESTIONS FOR
00:59:28THE RECORD FROM OTHER SENATORS.
00:59:31TAKE THIS AS MIND FOR YOU, HOW WE ADDRESS THIS ISSUE.
00:59:35IN THE END, THE REASON SIMPSON BOWLES DID NOT GET OVER THE
00:59:39FINISH LINE WAS THIS ISSUE.
00:59:41WHETHER IT WAS DONE IN A WAY
00:59:45THAT GOT THE BUY-IN FROM THE
00:59:47REST OF THE ELECTED OFFICIALS IN CONGRESS.
00:59:52>> THANK YOU, MR. CHAIRMAN.
00:59:55I HAVE QUESTIONS FOR THE PANEL ACROSS THE BOARD.
01:00:00IT SEEMS TO ME WHAT YOU ARE
01:00:03SAYING SAFEGUARDING SOCIAL SECURITY FOR THE NEXT GENERATION
01:00:06IS NOT JUST DOLLARS AND CENTS,
01:00:07IT IS ABOUT ENSURING WITH
01:00:11DIGNITY.
01:00:16>> ABSOLUTELY. I MENTIONED LEE FROM OREGON.
01:00:19ALL OF YOU WHEN YOU MEET WITH CONSTITUENTS BACK HOME, SIMILAR
01:00:23STORIES. LEE WAS SOMEBODY WHO HAD GOOD
01:00:28SAVINGS, HIS WIFE ENDED UP WITH
01:00:31A VERY SERIOUS ILLNESS AND WAS IN A SITUATION WHERE THEY WERE
01:00:35LIVING ON THE SOCIAL SECURITY BENEFIT.
01:00:38THE AVERAGE BENEFIT IS ABOUT $2000 A MONTH, MAY BE A MAXIMUM
01:00:43OF $4000. WE HEAR THIS ALL THE TIME.
01:00:46WE HEAR IT INCREASINGLY AS WE
01:00:48ENJOY THE MIRACLE OF LONGEVITY.
01:00:51AT THE SAME TIME, AS PEOPLE LIVE LONGER, THEY LIVE WITH CHRONIC
01:00:55DISEASES. WE ARE FINDING CAREGIVING IS TAKING MORE AND MORE TIME AND
01:00:59ATTENTION. THAT WAS THE EXPERIENCE LEE HAD.
01:01:03WE KNOW AS WE TALK TO OUR MEMBERS THAT THEY ARE STRUGGLING
01:01:06RIGHT NOW.
01:01:10AND REALLY LOOKING TO ALL OF US
01:01:13TO COME TO A SOLUTION, TO FIND A
01:01:15WAY TO PRESERVE SOCIAL SECURITY
01:01:18SO THEY CAN COUNT ON IT. IT IS THE BEDROCK RETIREMENT
01:01:22SECURITY IN THE U.S. >> LET ME TURN TO YOU.
01:01:27IF I MIGHT TALK ABOUT THE WAY
01:01:31THE UNDERLYING ECONOMICS OF SOCIAL SECURITY WORKS AND HOW IT FIGURES INTO WHAT WE ARE TALKING ABOUT TODAY.
01:01:37TODAY, WORKING AMERICANS PAY INTO SOCIAL SECURITY STRAIGHT OUT OF EACH PAYCHECK.
01:01:41BUT IF YOU ARE WEALTHY AND HAVE ACCOUNTANTS AND LAWYERS AND THE
01:01:45LIKE, YOU CAN USE A BUNCH OF LOOPHOLES TO GET OUT OF PAYING
01:01:48ANYTHING SIGNIFICANT.
01:01:52THE ALREADY LOW CAP ON SOCIAL SECURITY IS NOT ENOUGH OF THE
01:01:54GIVEAWAY TO THE VERY WEALTHY TO STRUCTURE THEIR INCOME THROUGH
01:01:58COMPLEX PARTNERSHIPS TO AVOID PAYING EVEN THE BARE MINIMUM
01:02:02INTO SOCIAL SECURITY.
01:02:05SO IT SEEMS TO ME AS WE GET INTO
01:02:07THIS ISSUE, FAIRNESS IS ESSENTIAL IN ORDER TO MOVE
01:02:12FORWARD IN A CONSTRUCTIVE AND BIPARTISAN WAY.
01:02:16MY QUESTION TO YOU IS DO YOU
01:02:18THINK RAISING NEW REVENUE AND
01:02:22ENSURING SOPHISTICATED TAXPAYERS
01:02:26CAN'T DODGE THEIR SOCIAL SECURITY TAXES, IT SHOULD BE AN
01:02:30IMPORTANT COMPONENT OF ACHIEVING SOLVENCY?
01:02:33>> THANK YOU FOR ASKING THAT. MANY HIGH INCOME BUSINESS OWNERS
01:02:36TO RECLASSIFY THEIR LABOR INCOME
01:02:39AS BUSINESS INCOME TO BASICALLY AVOID THE PAYROLL TAX. THAT IS BIG FOR MEDICARE RIGHT NOW.
01:02:45IF YOU PAY TAXES IT WOULD BE BIG FOR SOCIAL SECURITY. IT IS SOMETHING TO ADDRESS.
01:02:51>> APROPOS OF MY QUESTION, DO
01:02:53YOU THINK RAISING NEW REVENUE
01:02:56AND ENSURING SOPHISTICATED TAXPAYERS CAN DODGE SOCIAL
01:03:00SECURITY OUT OF THE KEY
01:03:03COMPONENT OF ACHIEVING SOLVENCY? >> YES. IT SHOULD BE PART OF SOLVENCY.
01:03:08>> NOW WE HAVE SOMETHING SIGNIFICANT ON THE TABLE.
01:03:12I THINK MEMBERS OF THIS COMMITTEE KNOW THAT I HAVE
01:03:16INTRODUCED LEGISLATION, NOT A
01:03:21COMMISSION, BUT A LEGISLATION TO TRY TO MOVE IN THE DIRECTION OF
01:03:25WORKING WITH DEMOCRATS AND
01:03:25REPUBLICANS AROUND SOMETHING MR.
01:03:29GOLDLINE SAID HE THINKS MAKES SENSE.
01:03:31THAT IS BY BILLIONAIRE INCOME
01:03:35TAX, A PIECE OF LEGISLATION,
01:03:37BLACK LETTER TEXT WITH 22
01:03:39MEMBERS OF THE U.S. SENATE ON
01:03:44THIS COMPROMISE. MY SENSE IS WHAT WE ARE GOING TO
01:03:46HAVE TO DO IS WORK TOGETHER ON
01:03:52LEGISLATION, NOT COMMISSIONS, IN ORDER TO DEAL WITH THIS ISSUE
01:03:55AND ENSURE THAT SENIORS -- HAS
01:04:00BEEN ELOQUENT ON THIS SUBJECT AS WELL. WE ARE GOING TO HAVE TO FIND A
01:04:04WAY TO DEAL WITH THE REVENUE IN QUESTION.
01:04:07AND I'VE INTRODUCED LEGISLATION THAT STARTS US IN THE RIGHT DIRECTION.
01:04:13MR. GOLDLINE HAS SAID, AND I THINK HE COMES FROM A DIFFERENT
01:04:17PERSPECTIVE THAT IT WILL BE IMPORTANT.
01:04:18I THINK WE OUGHT TO GET GOING IN
01:04:21TERMS OF TALKING ABOUT
01:04:25LEGISLATION WHERE WE DO WHAT THE FINANCE COMMITTEE HAS HISTORICALLY BEEN ALL ABOUT.
01:04:29THE SOONER WE DO IT, THE BETTER. I YIELD BACK.
01:04:34>> THANK YOU, SENATOR. NEXT WILL BE SENATOR CASSIDY.
01:04:39>> THANK YOU ALL.
01:04:45-- DO YOUR 38 MILLION MEMBERS,
01:04:48WOULD THEY LIKE TO HAVE A SOCIAL
01:04:50SECURITY SYSTEM THAT IS FULLY
01:04:53FUNDED AND WITHOUT THE THREAT OF
01:04:55A 22% TO 28% BENEFIT CUT?
01:04:59>> NO, THEY DON'T WANT TO BENEFIT CUP.
01:05:02>> WHAT I'M SAYING IS WOULD THEY
01:05:03LIKE TO AVOID THAT, AND HAVING
01:05:06SOCIAL SECURITY PROGRAM FULLY FUNDED? >> YES.
01:05:11>> IS AARP DEVELOPING A PLAN TO DO SO?
01:05:13>> AARP HAS NOT ENDORSED ANY OF THE --
01:05:16>> ARE YOU DEVELOPING A PLAN?
01:05:18>> WE ARE REVIEWING --
01:05:21>> IS AARP DEVELOPING A PLAN TO ADDRESS IT? >> WE ARE NOT DEVELOPING OUR OWN PLAN.
01:05:26>> THAT SAID, LET ME ASK YOU --
01:05:30THE OBJECTION YOU SEEM TO HAVE
01:05:31TO THIS, WHAT WE ARE CONSIDERING
01:05:36TODAY, WHICH IS MERELY SETTING UP A PROCESS SO SENATOR WYDEN'S
01:05:40PLAN, SENATOR WHITEHOUSE'S PLAN,
01:05:42SENATOR CASSIDY'S PLAN WITH SENATOR DURBIN WOULD BE
01:05:47CONSIDERED. IT DOESN'T SAY ONE OF THOSE WILL
01:05:48BE THE FINAL SOLUTION, IT JUST
01:05:51SAYS WE ARE GOING TO CONSIDER THEM. WE ARE SETTING UP A PROCESS.
01:05:56YOU OBJECT TO THIS.
01:05:59SEEM TO OBJECT BECAUSE WE ARE BRINGING IN THE SOCIAL SECURITY ACTUARY BOARDS.
01:06:04IF THE SOCIAL SECURITY ACTUARY
01:06:06BOARD WAS NOT INVOLVED, BUT IT
01:06:09WAS JUST A WORKING GROUP OF
01:06:11REPRESENTATIVES AND SENATORS
01:06:14BIPARTISAN HAVING OPEN MEETINGS
01:06:15IN WHICH THE PRODUCT OR PRODUCTS
01:06:19WOULD BE BROUGHT BACK TO THIS COMMITTEE AND WAYS AND MEANS TO
01:06:23BE REJECTED, ACCEPTED, OR TO BE
01:06:26COMPLETELY REPLACED WITH SENATOR
01:06:30WYDEN'S PLAN OR SENATOR
01:06:32WHITEHOUSE'S PLAN, WOULD YOU OBJECT?
01:06:35>> WE WOULD SUPPORT ANY EFFORT OF GROUPS OF SENATORS,
01:06:39BIPARTISAN SENATORS COMING TOGETHER TO COME UP WITH A PLAN.
01:06:42WE HAVE EXAMPLES OF THAT.
01:06:45>> IF WHAT WE DO IS TAKE OUT THE
01:06:47SOCIAL SECURITY ACTUARY BOARD
01:06:49AND SET UP -- JUST TO REPEAT
01:06:51THIS, BECAUSE THIS IS DOABLE.
01:06:54A BIPARTISAN, BICAMERAL GROUP OF SENATORS AND REPRESENTATIVES
01:06:58STARTING NOW TO CONSIDER ALL OF THE PLANS TO BRING SENATOR
01:07:01WHITEHOUSE PLAN UP, AND CASSIDY AND DURBIN FOR THIS COMMITTEE TO
01:07:05CONSIDER AARP WOULD SUPPORT THAT?
01:07:09>> WE WOULD CERTAINLY WANT TO TALK WITH YOU --
01:07:12>> NO, BECAUSE THE ROPE A DOPE
01:07:14IS WE WANT TO TALK TO YOU ABOUT IT. I'M TRYING TO MEET YOU WHERE YOU ARE.
01:07:19IF YOU DON'T LIKE THE SOCIAL SECURITY ACTUARY BOARD, AND WE
01:07:22WANT TO TELL LEE THAT SHE IS NOT
01:07:25GOING TO HAVE A 22% TO 28%
01:07:27BENEFIT CUT, RIGHT NOW SHE IS
01:07:30GOING TO GET A 20 TO 20% BENEFIT CUT.
01:07:35IF YOUR OBJECTION IS THE INVOLVEMENT OF THE SOCIAL
01:07:37SECURITY ACTUARY BOARD, BUT INSTEAD WE HAVE A WORKING GROUP OF PUBLIC MEETINGS BRINGING
01:07:41SOMETHING TO THIS TABLE, WHICH
01:07:43MAY BE SENATOR WHITEHOUSE'S
01:07:46PLAN, WOULD YOU ACCEPT THAT PROCESS BILL?
01:07:50>> WE ARE SEEKING REGULAR ORDER. WHAT YOU HAVE DESCRIBED SOUNDS
01:07:53TO ME LIKE REGULAR ORDER. >> THAT WOULD BE REGULAR ORDER.
01:07:57BRING IT BACK TO THE COMMITTEE WOULD BE A REGULAR ORDER, THEN
01:08:00IT WOULD BE CONSIDERED BY THIS COMMITTEE. THEN ON THE SENATE FLOOR.
01:08:05THAT IS WHAT WE ARE TALKING ABOUT, SO YOU CAN ACCEPT THAT?
01:08:08>> IF IT IS REGULAR ORDER, WHICH IS WHAT IT SOUNDS LIKE, YES.
01:08:13WE OBJECT TO A COMMISSION AND WOULD VERY MUCH LIKE SENATE
01:08:17FINANCE COMMITTEE, WAYS AND MEANS CAN BECOME A BIPARTISAN
01:08:19BICAMERAL TO COME TOGETHER AND
01:08:25REVIEW THE MANY PROPOSALS THAT
01:08:26EXIST, MANY OF WHICH ARE
01:08:29BIPARTISAN, SOME OF WHICH ARE NOT. AS THE CHAIRMAN SAID, LOOK AT
01:08:33THE VARIOUS IDEAS THAT ARE OUT THERE. >> I THINK WE MAY HAVE COMMON
01:08:37GROUND AFTER ALL. THE POINT IS HOW DID WE REVIEW
01:08:41THOSE PROPOSALS IN A TIMELY FASHION? THEY ARE ALL OUT THERE AND THEY
01:08:45HAVE BEEN SCORED. IN A TIMELY FASHION TO BRING THEM UP.
01:08:49AND I WANT HIM TO HAVE A HEARING. WHAT WE ARE DISCUSSING IS A PROCESS.
01:08:54AT SOME POINT I WILL PERHAPS MOVE THAT WE MODIFY THAT WHICH
01:08:58IS BEFORE US, AND I'M WILLING TO TAKE UP THE SOCIAL SECURITY
01:09:02ACTUARY BOARD BECAUSE PEOPLE KEEP OBJECTING TO COMMISSIONS.
01:09:07AND COME TOGETHER AS BIPARTISAN, BICAMERAL TO REVIEW THESE SOLUTIONS.
01:09:13IF THE PROPOSAL THEY COME UP
01:09:15WITH IS A STINKY PROPOSAL, I'M A
01:09:19GASTROENTEROLOGIST, WE CAN DO WHITE HOUSES.
01:09:22IT CAN BE AN AMENDMENT AND THE NATURE OF A SUBSTITUTE.
01:09:25THEN WE WILL GET THEIR DAY.
01:09:27THERE DOESN'T HAVE TO BE BENEFIT CUTS, NO ONE IS SAYING BENEFIT
01:09:31CUTS, WE ARE TALKING A PROCESS BY WHICH TO COME UP WITH A SOLUTION.
01:09:34THERE MAY BE COMMON GROUND HERE.
01:09:37THANK YOU, AARP. I YIELD BACK.
01:09:42>> NEXT IS SENATOR WHITEHOUSE. >> THANK YOU VERY MUCH, CHAIRMAN.
01:09:52DOES MY MEDICARE AND SOCIAL SECURITY FAIR SHARE ACT DO THE JOB?
01:09:57MAKING SOCIAL SECURITY ACTUALLY
01:10:00SOLVING FOR AS LONG AS ACTUARIES CAN SEE?
01:10:03>> THE SOCIAL SECURITY MEDICARE
01:10:05-- IT IS A NEW BASELINE, IT MIGHT FALL IF PERCENT SHORT.
01:10:10>> THE EXISTING BASELINE -- AGAINST THE LAST BASELINE IT DOES IT. YOU ARE VERY CLOSE.
01:10:15>> GOOD TO KNOW IT WILL WORK.
01:10:19DOES AARP BELIEVE THAT BENEFITS
01:10:23NEED TO BE CUT IN ORDER TO PROTECT SOCIAL SECURITY
01:10:27SOLVENCY? >> NO. >> ESSAY AGAIN.
01:10:29>> AARP DOES NOT BELIEVE BENEFITS SHOULD BE CUT.
01:10:33>> AND MS. FALES, I BELIEVE YOU
01:10:36HAVE TAKEN A LOOK AT MY BILL.
01:10:39HOW WOULD YOU COMMENT ON THE
01:10:43FAIRNESS OF THE TAX PROPOSALS
01:10:47THAT RAISE THE REVENUE THAT ALLOWS SOCIAL SECURITY THE
01:10:52SOLVENCY MENTIONED WITHOUT THE
01:10:56BENEFIT CUTS THAT WERE OPPOSED? >> IT IS IMPORTANT IN ADDITION
01:11:00TO UNDERSTANDING WHERE THE AMERICAN PEOPLE ARE IN THESE ISSUES TO UNDERSTAND THE ECONOMY
01:11:03WE HAVE TODAY IS NOT THE ECONOMY
01:11:05WE HAD IN 1983, CERTAINLY NOT
01:11:08THE ACADEMY -- ECONOMY WE HAD IN 1930 FIVE.
01:11:11MORE OF HIGHER EARNERS INCOME AND WEALTH NOW COMES FROM
01:11:15SOURCES OUTSIDE OF SOCIAL SECURITY PLUS TRADITIONAL FINANCING STRUCTURE.
01:11:20INVESTMENT INCOME, ALL OF THESE
01:11:22ARE THINGS THAT ARE ESCAPING
01:11:26SOCIAL SECURITY, IF YOU WILL. ALONG WITH REFORMS TO THE
01:11:30PAYROLL TAX CAP, WHICH HAVE BEEN MENTIONED, THERE'S A STRONG
01:11:34ECONOMIC CASE IN ADDITION TO IT BEING WITH THE AMERICAN PEOPLE
01:11:39ARE INTERESTED IN THIS BODY EXPLORING. WE ARE STARTING TO LOOK AT OTHER
01:11:42TYPES OF REVENUE OPTIONS AND BROADENING THAT REVENUE BASE.
01:11:46I THINK IT IS IMPORTANT FOR THIS COMMITTEE TO HAVE THIS CONVERSATION.
01:11:51>> YOU WOULD APPROVE AS A REVENUE PROPOSAL.
01:11:53>> THE ACADEMY DOES NOT TAKE
01:11:55POSITIONS ON LEGISLATION, BUT I SUGGEST THE AMERICAN PEOPLE ARE INTERESTED IN STARTING TO
01:11:59EXPLORE THAT IDEA. >> THANK YOU ALL VERY MUCH.
01:12:03>> MR. CHAIRMAN, BACK TO YOU.
01:12:11>> SENATOR JOHNSON. >> MR. CHAIRMAN.
01:12:14HAVE YOUR RACINE TABLE ONE? >> I HAVE.
01:12:18I LOOK AT THOSE MONEY WORTH
01:12:21MEMORANDUM ALL THE TIME. THE ONE I USE IS TABLE THREE.
01:12:24>> WE ARE TALKING ABOUT TABLE ONE.
01:12:27>> MY ISSUE WITH TABLE ONE IS IT ASSUMES WE PAY FULL SCHEDULE
01:12:31BENEFITS WITHOUT COLLECTING PAYROLL TAXES TO DO IT.
01:12:34SO IT EXAGGERATES THE ACTUAL
01:12:37RATES OF RETURN FROM SOCIAL SECURITY.
01:12:41THE ONE FIGURED ON THE BASIS OF WHAT SOCIAL SECURITY WOULD PAY IS TABLE THREE.
01:12:44THE BASIC QUALITATIVE STORY IS THE SAME.
01:12:48>> WHAT I POINTED OUT, 220
01:12:51DIFFERENT INCOME LEVELS.
01:12:55THE PEOPLE GET HOSED THE MOST, THEY GET $.59 ON THE DOLLAR.
01:12:59PEOPLE WHO BENEFIT MOST GET $4.78 ON THE HOUR.
01:13:05YOU ARE TALKING ABOUT THE GRAND
01:13:06DESIGN OF SOCIAL SECURITY,
01:13:11FORCING YOU TO SAVE IT FOR YOUR RETIREMENT. THEN INVEST THAT MONEY AND GET
01:13:15RETURNS ON IT, THEN WE WILL RETURN TO YOU YOUR SAVINGS AND RETIREMENT.
01:13:21IT WASN'T A WELFARE PROGRAM, IT WAS FORCED SAVINGS RETURNED TO
01:13:25YOU.
01:13:27-- OUR CARE CUSTODY CONTROL, CORRECT?
01:13:30>> CORRECT, YOU CAN CONTINUE, BUT I THINK THERE IS A REALLY
01:13:34IMPORTANT STORY TO TELL BASED ON
01:13:37THAT TABLE IN YOUR PREVIOUS REMARKS, WHICH IS THAT.
01:13:42THE EARLIEST RECIPIENTS OF SOCIAL SECURITY DO NOT PAY FOR BENEFITS. THEY WERE BASICALLY GIVEN
01:13:45BENEFITS THEY DID NOT PAY FOR.
01:13:49>> I'M TRYING TO DEFINE THE PROBLEM HERE.
01:13:52WE JUST MISSED A FIND IT ALL THE TIME. THE PROBLEM IS $40 TRILLION IN DEBT.
01:13:58I DON'T KNOW WHERE YOU GET YOUR
01:14:01$190 TRILLION, BUT IF YOU DON'T
01:14:03TAKE OUT A GENERAL FUND, YOU
01:14:06WILL HAVE TO INCREASE PEOPLE'S TAXES $190 TRILLION.
01:14:10IN THE SCORING OF THESE ACTUARIES, DO THEY CONSIDER THE DYNAMIC IMPACT TO THAT?
01:14:17THE DYNAMIC ECONOMIC IMPACT?
01:14:21>> 190 TRILLION DOLLARS IS WHAT WE HAVE TO BORROW IN TODAY'S
01:14:24DOLLARS IF WE WANT TO CLOSE THE ENTIRE GAP.
01:14:28>> OR WE CAN ADJUST BENEFITS.
01:14:30>> DO THEY CONSIDER THE DYNAMIC
01:14:34IMPACT AND THE FAIRNESS? IF YOU HAVE HIGH INCOME EARNERS
01:14:38GETTING $.59 ON THE DOLLAR, YOU
01:14:41LIFT THE CAP ON EARNINGS TO
01:14:44RAISE $190 TRILLION, FIRST OF ALL THAT IS THE GOLDEN GOOSE.
01:14:47THOSE PEOPLE DID NOT INVEST --
01:14:51PUTTING IN A MATTRESS, THEY INVEST IN BUSINESSES, WHICH I
01:14:55WOULD ARGUE IS THE NUMBER ONE COMPONENT SOLUTION FOR THESE PROBLEMS.
01:14:59WE HAVE TO GROW OUR ECONOMY. LET'S NOT DO ANYTHING THAT HARMS
01:15:03ECONOMIC GROWTH. MASSIVE TAX INCREASES.
01:15:06TAKING UP THE CAP VIOLATES THE PREMISE OF SOCIAL SECURITY.
01:15:11THOSE INDIVIDUALS PAY TO SOCIAL SECURITY SYSTEMS, THEY WILL GET
01:15:15EVEN A PENNY.
01:15:18BY DOING THAT, YOU ARE TURNING IT INTO A WELFARE SYSTEM, BY AND LARGE.
01:15:24>> I WOULD URGE EXTREME CAUTION. SEVERING THAT CONNECTION.
01:15:29>> THEY ARE NOT USING EXTREME CAUTION.
01:15:32THE SOLUTION IS LIFT THE CAPS,
01:15:34COMPLETELY VIOLATE THE PREMISE
01:15:37OF THE SOCIAL SECURITY SYSTEM, THAT IS WHAT THEY ARE TALKING
01:15:41ABOUT, DOING GREAT ECONOMIC HARM.
01:15:43>> I WAS A CHANGE THE POLITICAL DYNAMICS AROUND THE PROGRAM.
01:15:47ONCE YOU HAVE A SYSTEM WHERE SOME PEOPLE PAY INTO THE SYSTEM
01:15:50WITHOUT GETTING BENEFITS, OTHERS GETTING BENEFITS THEY DID NOT
01:15:54PAY FOR. >> I WANT TO HONOR THOSE PROBLEMS.
01:15:58HERE'S A SIMPLE SOLUTION. LET'S GET RID OF THAT LAW THAT
01:16:02FORCES US TO CUT BENEFITS AND RECOGNIZE THE REALITY OF WHAT
01:16:05THE TRUE PROBLEM IS, RUNNING TO
01:16:08TRILLION DOLLAR PLUS DEFICITS. WE ARE $40 TRILLION IN DEBT.
01:16:13START ADDRESSING THAT PROBLEM BECAUSE THAT IS THE PROBLEM THAT
01:16:15HAS TO BE -- WE CAN FIND SOCIAL
01:16:19SECURITY, WILL COME UP WITH ALL OF THESE HALF-BAKED IDEAS.
01:16:22IT DOES NOT SOLVE THE PROBLEM.
01:16:25UNTIL YOU ADDRESS THE FACT WE
01:16:27ARE 40 TRILLION DOLLARS IN DEBT AND THAT WILL GO OFF IN OUR
01:16:31FACES, AND HISTORY WILL
01:16:33SKYROCKET, AND YOU ALSO HAVE TO RECOGNIZE THE GROSS MISMANAGEMENT.
01:16:39HAVE YOU REDONE A CALCULATION IF WE TAKE THOSE SURPLUSES AND
01:16:42INVEST THAT IN SOMETHING THAT HAS THAT GOVERNMENT LIKE STOCKS?
01:16:46HAVE YOU EVER DONE A CALCULATION WITH HOW MUCH MONEY WE HAVE IN A TRUST FUND THAT HAS VALUE IN
01:16:50GOVERNMENT? >> CERTAINLY THERE HAVE BEEN
01:16:54CALCULATIONS DONE. >> I WANTED TO REDO THAT
01:16:58CALCULATION LAST TIME, $1 TRILLION.
01:17:01DO YOU AGREE WITH ME GOVERNMENT BONDS IN THE HAND OF A
01:17:04GOVERNMENT ORGANIZATION -- THE FEDERAL GOVERNMENT?
01:17:07>> --
01:17:10IT HAS NO VALUE BECAUSE IT IS WORTHLESS. WHEN THE TRUSTEES RETURNED IT TO
01:17:14PAY OFF THOSE BENEFITS, THE TREASURY HAVE -- NEW BOND.
01:17:18I KNOW WE HAVE RUN OUT OF TIME, BUT IF WE GO THROUGH THIS
01:17:23PROCESS, LET'S RECOGNIZE THE REALITY OF THE SITUATION. LET'S RECOGNIZE HOW GROSSLY
01:17:28MISMANAGED, HOW THE AMERICAN PEOPLE WERE SOLD A BILL OF GOODS.
01:17:34AND NOW WE ARE GOING TO FIX IT.
01:17:36FIXING IT IS NOT GOING TO BE
01:17:39TAXING HIGH EARNERS WHO CREATE ALL OF THE JOBS AND PROSPERITY IN THIS COUNTRY. THANK YOU.
01:17:45>> THANK YOU. SENATOR HASSAN. >> THANK YOU CHAIR AND RANKING
01:17:49MEMBER WYDEN FOR HAVING TODAY'S HEARING. TO ALL OUR WITNESSES, THANK YOU
01:17:53FOR BEING HERE.
01:17:55I WANT TO START WITH A QUESTION
01:18:01ABOUT ONE IN FOUR GRANITE STATERS, MORE THAN 300 50,000 PEOPLE COUNT ON THEIR SOCIAL
01:18:04SECURITY BENEFITS TO MAKE ENDS MEET. WE HAVE TO PROTECT AND
01:18:08STRENGTHEN SOCIAL SECURITY
01:18:11BENEFICIARIES, AND FOR FUTURE GENERATIONS.
01:18:13I WANT TO BE CLEAR I DON'T SUPPORT CUTS TO SOCIAL SECURITY.
01:18:18ONE WAY TO STRENGTHEN SOCIAL
01:18:20SECURITY, AND I HAVE A DIFFERENT VIEW ON THIS THAN SENATOR
01:18:25JOHNSON, IS TO MAKE SURE THE WEALTHIEST AMERICANS CONTRIBUTE
01:18:29THE SAME SHARE OF THEIR INCOME
01:18:33TO SOCIAL SECURITY AS WORKING AMERICANS. UNDER CURRENT LAW, THE PAYROLL
01:18:36TAX ONLY APPLIES TO EARNINGS UP TO AROUND $185,000.
01:18:42HOW WOULD RAISING OR ELIMINATING THE TAX CAP STRENGTHEN THE
01:18:45SOLVENCY OF SOCIAL SECURITY?
01:18:49MR. GOLDWEIN: THANK YOU FOR YOUR QUESTION, SENATOR HASSAN. OBVIOUSLY THE ANSWER DEPENDS ON HOW MUCH YOU RAISE IT AND
01:18:52WHETHER YOU PAY BENEFITS.
01:18:57BUT IF YOU WERE TO ELIMINATE THE
01:18:58CAP, YOU COULD CLOSE IN THE
01:19:03NEIGHBORHOOD UP HALF OF THE 75-YEAR SHORTFALL AND 40% OF THE LONG-TERM SHORTFALL. SEN. HASSAN: AT A TIME WHEN OUR DEFICIT HAS BEEN DRAWN UP --
01:19:06DRIVEN UP BY EXTRAORDINARY TAX
01:19:12CUTS TO THE WEALTHIEST PEOPLE IN THIS COUNTRY, THIS IS ONE WAY TO
01:19:16ADDRESS THE SOLVENCY ISSUE WITHOUT HARMING THE BENEFITS FOR RECIPIENTS?
01:19:19MR. GOLDWEIN: IT IS ONE WAY TO
01:19:24HELP GET TO SOLVENCY, YES.
01:19:25SEN. HASSAN: THANK YOU.
01:19:30MS. LE MONDE, SCAMMERS ARE BECOMING MORE SOPHISTICATED IN
01:19:32USING TECHNOLOGY TO STEAL
01:19:39PEOPLE'S HARD-EARNED RETIREMENT
01:19:40SAVINGS. ACCORDING TO THE FBI, IN 2025
01:19:43SCAMMERS STOLE ABOUT 7.7 BILLION DOLLARS FROM SENIORS, A 30%
01:19:47INCREASE FROM 2024, JUST IN ONE YEAR. I HAVE APPRECIATED AARP'S
01:19:49SUPPORT FOR IMPROVING SOCIAL
01:19:54SECURITY'S SERVICE TO VICTIMS OF IDENTITY THEFT ACT, WHICH IS A
01:19:56MOUTHFUL. WHAT WE ARE TRYING TO DO IS MAKE
01:19:59SURE WHEN A SOCIAL SECURITY RECIPIENT'S IDENTITY HAS BEEN STOLEN THEY HAVE A SINGLE OFFICE
01:20:02TO GO TO AND THE SOCIAL SECURITY ADMINISTRATION HAS DEDICATED
01:20:05SOMEBODY TO THIS WORK.
01:20:08SO THIS IS A BIPARTISAN BILL THAT I CO-LEAD WITH SENATOR
01:20:11GRASSLEY TO GET VICTIMS HELP IN
01:20:17REALLY DIFFICULT SITUATIONS. IN ADDITION TO GETTING THE BILL
01:20:19ACROSS THE FINISH LINE, WHAT STEPS SHOULD CONGRESS TAKE TO
01:20:22SUPPORT BENEFICIARIES WHO BECOME
01:20:24VICTIMS OF IDENTITY THEFT?
01:20:30MS. LEAMOND: FIRST OF ALL, THANKS TO YOU AND SENATOR
01:20:32GRASSLEY FOR YOUR LEADERSHIP ON
01:20:36THIS VERY IMPORTANT ISSUE. UNFORTUNATELY, MY PORTFOLIO ON FRAUD AND SCAMS IS THE
01:20:38FASTEST-GROWING I HAVE.
01:20:42THEY ARE SIMPLY UNENDING, AND WE WANT TO BE SURE THAT SOCIAL SECURITY ADMINISTRATION IS ABLE
01:20:45TO PROVIDE THE KIND OF SUPPORT YOU HAVE DESCRIBED. AS YOU PROBABLY KNOW, WE HAVE A
01:20:49FRAUD WATCH NETWORK LINE WHERE PEOPLE CALL IN.
01:20:52WE HAVE HUNDREDS OF CALLS EVERY WEEK FROM PEOPLE WHO HAVE BEEN
01:20:54VICTIMS OF SCAMS.
01:20:57AND WE WANT TO PROVIDE THE KIND
01:20:59OF SUPPORT WE ARE GIVING, BUT
01:21:09ALSO HAVE FEDERAL AGENCIES -- THE SOCIAL SECURITY ADMINISTRATION PROVIDES SIMILAR KINDS OF SUPPORT. I MENTIONED IN THE BEGINNING WE
01:21:12HAVE SUPPORTED A NUMBER OF BIPARTISAN BILLS IN THE CONGRESS
01:21:14THIS YEAR TO DEAL WITH THIS TREMENDOUS PROBLEM OF SCAMS AND
01:21:18FRAUD, AND WE APPRECIATE THE LEADERSHIP.
01:21:25SEN. HASSAN: I LOOK FORWARD TO CONTINUING TO WORK WITH AARP ON SOME OF THOSE EFFORTS AND SEEING WHAT WE NEED TO DO TO SUPPORT
01:21:29THEM. LAST QUESTION IS TO YOU, MS.
01:21:31VALLAS. WE CAN'T TALK ABOUT RETIREMENT SECURITY IN A VACUUM.
01:21:35SENIORS ARE HAVING A HARDER TIME TODAY AFFORDING EVERYDAY
01:21:38EXPENSES.
01:21:42BETWEEN SOARING INFORMATION --
01:21:45INFLATION AND THE PRESIDENT'S FAILED ECONOMIC AGENDA, SOCIAL
01:21:50SECURITY BENEFITS ARE NOT GOING AS FAR AS THEY USED TO. HOW ARE INCREASED COSTS IMPACTING RETIREMENT SECURITY?
01:21:53MS. VALLAS: IT IS SUCH AN IMPORTANT QUESTION, AND THANK
01:21:55YOU FOR CONNECTING THOSE DOTS.
01:21:59WE ARE HAVING A NATIONAL CONVERSATION ABOUT
01:22:03AFFORDABILITY, AND SOCIAL SECURITY ABSOLUTELY IS AND NEEDS
01:22:06TO BE PART OF THAT. FOR MOST AMERICANS RETIREMENT SECURITY IS NOT SOME ABSTRACT
01:22:09CONCEPT.
01:22:15CONCEPT.
01:22:20IT IS ABOUT WHETHER THEY CAN AFFORD THE BASICS -- THEIR HOUSING, THEIR GROCERIES, THEIR PRESCRIPTION DRUGS, THEIR HEALTH
01:22:23CARE, THEIR LONG-TERM CARE. THESE ARE THE THINGS WE HEAR WHEN PEOPLE SAY WHAT SOCIAL SECURITY MAKES IT POSSIBLE TO BE
01:22:27ABLE TO AFFORD, BUT ALSO HOW SOCIAL SECURITY DOES NOT GO AS FAR AS IT MIGHT NEED TO.
01:22:31THAT IS NOT JUST WHY SOCIAL SECURITY IS SO IMPORTANT, BUT PART OF WHY IT WAS UNSURPRISING IN THE ACADEMY'S SURVEY RESEARCH
01:22:34WE FOUND HUGE POPULARITY FOR
01:22:38ACTUALLY HAVING A MORE ACCURATE
01:22:43COST-OF-LIVING ADJUSTMENT AND HUGE UNPOPULARITY FOR A SLOWER COST-OF-LIVING ADJUSTMENT THAT WOULD MAKE THAT AFFORDABILITY
01:22:47CRISIS HARDER FOR SENIORS. SEN. HASSAN: THANK YOU VERY MUCH FOR YOUR EXPERTISE AND
01:22:50TESTIMONY. THANKS, MR. CHAIR.
01:22:55CHAIR CRAPO: SENATOR WARREN. YOU ARE UP. [LAUGHTER]
01:22:58SEN. WARREN: ALL RIGHT.
01:23:00SO, THANK YOU, MR. CHAIRMAN.
01:23:03SOCIAL SECURITY IS A PROMISE.
01:23:05YOU PAY IN, YEAR AFTER YEAR, AND
01:23:13THEN WHEN YOU NEED IT AT THE END, IT WILL ALWAYS, ALWAYS BE THERE FOR YOU.
01:23:15BUT WE HAVE GOT SIX YEARS NOW
01:23:19AHEAD OF US BEFORE THE SOCIAL
01:23:22SECURITY TRUST FUND FACES
01:23:25INSOLVENCY, MEANING THAT RETIREES COULD SEE THEIR BENEFITS SLASHED BY 22%. CONGRESS NEEDS TO ACT TO MAKE
01:23:29SURE THAT DOESN'T HAPPEN. THIS IS WHY DEMOCRATS ARE
01:23:33FIGHTING TO PROTECT AND EXPAND
01:23:39SOCIAL SECURITY BENEFITS FUNDED BY THE WEALTHIEST AMERICANS
01:23:41PAYING THEIR FAIR SHARE. BUT SO FAR, CONGRESSIONAL
01:23:44REPUBLICANS LIKE TO PRETEND THAT THE ONLY SOLUTION IS BENEFIT CUTS.
01:23:48AND WHEN THEY SEE HOW UNPOPULAR
01:23:49THAT IS, THEY THEN TRY TO PIVOT
01:23:53AND SAY LET'S SET UP A COMMISSION TO MAKE THE CUTS, BECAUSE THEN MAYBE THE VOTERS
01:23:57WON'T BLAME THE REPUBLICANS FOR IT. NOW, MS. LEAMOND, YOUR
01:24:01ORGANIZATION, AARP, REPRESENTS
01:24:02MILLIONS OF SENIORS.
01:24:05RIGHT NOW THEY ARE SEEING
01:24:07SKYROCKETING PRICES FOR
01:24:11EVERYTHING FROM HEALTH CARE TO
01:24:14GAS TO GROCERIES. MS. LEAMOND, IF SOCIAL SECURITY
01:24:16CHECKS ALREADY AREN'T KEEPING UP WITH INFLATION, WHAT HAPPENS IF
01:24:20THEY ARE CUT BY 22%? MS. LEAMOND: WELL, SENATOR,
01:24:24THANK YOU FOR THE QUESTION, AND OF COURSE IT WOULD BE
01:24:27DEVASTATING TO OUR CONSTITUENCY.
01:24:30THAT 22% CUT, IF YOU GET THE
01:24:33MINIMUM BENEFIT, IT IS ALREADY $400. THINK ABOUT THAT IN TERMS OF
01:24:37PEOPLE AND THEIR DAILY EXPENSES.
01:24:41WE ARE HEARING MORE AND MORE
01:24:46FROM OUR MEMBERS NOT ONLY ABOUT
01:24:47THE KIND OF COST-OF-LIVING
01:24:50KITCHEN-TABLE ECONOMICS RIGHT
01:24:54NOW, BUT ALSO LONG TERM AS THEY THINK ABOUT SOCIAL SECURITY. SEN. WARREN: LOOK, HERE IS A BETTER IDEA.
01:24:57HOW ABOUT WE MAKE THE WEALTHY PAY INTO SOCIAL SECURITY AT THE
01:24:59SAME RATE THAT WORKING FAMILIES PAY INTO SOCIAL SECURITY?
01:25:03RIGHT NOW THE SOCIAL SECURITY PAYROLL TAX IS CAPPED AT
01:25:06$184,500.
01:25:12THAT MEANS IF YOU ARE A NURSE OR CONSTRUCTION WORKER, YOU ARE
01:25:16PAYING SOCIAL SECURITY ON 100%
01:25:18OF YOUR INCOME.
01:25:22BUT IF YOU ARE A CORPORATE LAWYER RAKING IN MILLIONS, YOU
01:25:23ARE ONLY PAYING SOCIAL SECURITY
01:25:30ON A TINY LITTLE FRACTION OF YOUR INCOME. THAT IS NOT RIGHT. THAT IS WHY SENATOR MORENO AND I
01:25:33HAVE CALLED FOR CONGRESS TO
01:25:36SCRAP THE CAP ON PAYROLL TAXES. THAT ONE REFORM ALONE WOULD
01:25:38IMPACT ABOUT 6% OF ALL
01:25:43HOUSEHOLDS, THE HIGHEST-EARNING AMERICANS, AND WOULD PROTECT
01:25:46SOCIAL SECURITY BENEFITS FOR AT
01:25:47LEAST TWO DECADES.
01:25:54SO, MS. LEAMOND, DO YOU AGREE THAT SECURING BENEFITS BY
01:25:57SCRAPPING THE CAP ON PAYROLL TAXES WOULD HELP SENIORS?
01:26:00MS. LEAMOND: WELL, YOU HAVE
01:26:04DESCRIBED WHAT WE HEAR A GREAT
01:26:05DEAL FROM OUR SENIORS, AND IN
01:26:09OUR POSITION, WHICH IS PLEASE DON'T CUT BENEFITS, WE KNOW WE HAVE TO LOOK FOR SOURCES OF
01:26:12REVENUE, AND WE HEAR ALL THE TIME FROM PEOPLE ABOUT, IS IT
01:26:14FAIR THAT I AM PAYING ON ALL OF MY WAGES AND SOMEBODY DOWN THE
01:26:18STREET ISN'T?
01:26:22SOMETIMES THEY USE EXAMPLES OF
01:26:27PEOPLE THAT WORK IN NONPROFITS
01:26:28EVEN.
01:26:32SEN. WARREN: UH-HUH, THERE YOU GO. THAT IS NOT ALL WE COULD DO.
01:26:34WHILE WORKING-CLASS FAMILIES PAY
01:26:39INTO SOCIAL SECURITY ON EVERY PAYCHECK, WEALTHY INVESTORS TAKE ADVANTAGE OF LOOPHOLES TO AVOID PAYING INTO THE TRUST FUND.
01:26:42FOR EXAMPLE, IF YOU ARE AN
01:26:46INVESTOR IN A HEDGE FUND, YOU CAN PAY YOURSELF MILLIONS OF DOLLARS IN PROFITS EACH YEAR
01:26:50WITHOUT PAYING ANYTHING INTO
01:26:51SOCIAL SECURITY.
01:26:56NOW, MS. VALLAS, YOU ARE AN EXPERT IN SOCIAL SECURITY AND DISABILITY POLICY.
01:27:00DO YOU AGREE THAT SECURING BENEFITS BY CLOSING THESE
01:27:03LOOPHOLES THAT ARE AVAILABLE
01:27:08PRETTY MUCH ONLY FOR WEALTHY INVESTORS WOULD HELP SENIORS AND AMERICANS WITH DISABILITIES WHO
01:27:11RELY ON SOCIAL SECURITY?
01:27:15MS. VALLAS: IF THOSE FORMS OF
01:27:22REVENUE DO END UP BEING LOOKED AT AS SOLVENCY OPTIONS, WE WILL SEE HUGE PROTECTION FOR PEOPLE WHOSE BENEFITS WOULD NOT BE CUT,
01:27:25INCLUDING SENIORS AND PEOPLE
01:27:28WITH DISABILITIES.
01:27:31AND, JUST TO NOTE, DEPENDING ON
01:27:35HOW YOU STRUCTURE IT, YOU COULD ALSO END UP SEEING SUFFICIENT REVENUES TO STRENGTHEN BENEFITS
01:27:38FROM SOME OF THOSE FOLKS WHO ARE
01:27:42NOT WELL-SERVED, SOMETHING YOU AND OTHERS HAVE PROPOSED AS WELL. SEN. WARREN: I REALLY APPRECIATE -- LOOK, CONGRESS HAS A CHOICE
01:27:46TO MAKE. EITHER WE CAN DECIDE TO PROTECT THE TOP 6% OF ALL EARNERS IN
01:27:49AMERICA AND LET THE SOCIAL
01:27:52SECURITY TRUST FUND GET INTO
01:27:55TROUBLE, CUT BENEFITS FOR
01:27:56SENIORS, THROW MORE SENIORS INTO
01:28:03POVERTY, OR WE CAN DECIDE THAT EVERYBODY PAYS THE SAME SHARE AND PROTECT SOCIAL SECURITY FOREVER INTO THE FUTURE.
01:28:08THANK YOU ALL FOR BEING HERE.
01:28:09THANK YOU, MR. CHAIRMAN.
01:28:13SEN. WYDEN: THANK YOU, SENATOR
01:28:13WARREN.
01:28:18ARE GOING TO GET ALL THESE MEMBERS IN BEFORE THE BREAK. NEXT IN TERMS OF APPEARANCE ON
01:28:22THE CHAIRMAN'S CARD IS SENATOR
01:28:26GRASSLEY. WE WILL GET EVERYBODY IN.
01:28:27WE WANT TO GET SENATOR SANDERS
01:28:31AND SENATOR CORTEZ MASTO AND SENATOR LANKFORD, AND WE CAN DO IT ALL BEFORE THE BREAK. SENATOR GRASSLEY.
01:28:34SEN. GRASSLEY: I APOLOGIZE.
01:28:35I WAS ACROSS THE HALL WITH THE
01:28:39JUDICIARY COMMITTEE NOMINEES.
01:28:44SO I'M GOING TO START WITH MR.
01:28:45GOLDWEIN.
01:28:48FOR ANY SOCIAL SECURITY REFORM PROPOSAL TO SUCCEED, IT WILL
01:28:52REQUIRE THE SUPPORT OF AT LEAST 60 SENATORS.
01:28:56SO THAT MEANS BOTH PARTIES WORKING TOGETHER TO FIND A
01:28:57SOLUTION.
01:29:02OUTSIDE OF THE 1983 COMMISSION, ARE THERE EXAMPLES OF A
01:29:06COMMISSION OR OTHER SPECIAL
01:29:07PROCESS THAT SUCCESSFULLY
01:29:11SPARKED BIPARTISAN COOPERATION AND ACTION? MR. GOLDWEIN: THANK YOU FOR THAT
01:29:15QUESTION. COMMITTEES OFTEN SPARKED
01:29:16BIPARTISAN ACTION.
01:29:22AS I MENTIONED MY TESTIMONY, EVERY PIECE OF SOCIAL SECURITY LEGISLATION, THE LARGEST PIECES,
01:29:25HAVE BEEN BASED ON ONE OF THESE
01:29:30COMMITTEES, MOST OF THEM BIPARTISAN. THE 9/11 COMMISSION, BIPARTISAN RESULTS.
01:29:34I WILL ALSO SAY SIMPSON-BOWLES, ALTHOUGH WE DID NOT GET TO THE FINISH LINE, SPARKED A
01:29:36BIPARTISAN CONVERSATION.
01:29:38IN FACT, 45 SENATORS IN THIS BODY CALLED FOR LEGISLATION
01:29:42BASED ON SIMPSON-BOWLES, INCLUDING SENATOR WYDEN, SENATOR JOHNSON, AND MANY OTHERS WHO
01:29:45HAVE SINCE LEFT. SO ABSOLUTELY, YES.
01:29:50SEN. GRASSLEY: AND MS. LEAMOND
01:29:51AND MS. VALLAS, BASED IN YOUR
01:29:55TESTIMONY, I UNDERSTAND YOU BOTH
01:29:57OPPOSE ANY SORT OF
01:30:02COMMISSION-BASED PROCESS.
01:30:06INSTEAD, YOU CONTEND CONGRESS SHOULD ADDRESS SOCIAL SECURITY THROUGH REGULAR COMMITTEE AND FLOOR PROCESSES. I RESPECT THAT VIEW.
01:30:09I AM OPEN TO ANY PROCESS THAT
01:30:10WILL FACILITATE THE BIPARTISAN
01:30:17COOPERATION THAT IS NECESSARY, WITH AN EMPHASIS UPON THE WORD
01:30:19"BIPARTISAN."
01:30:22WHAT ARE SOME ACTIONS YOUR GROUPS ARE TAKING OR PLAN TO TAKE TO FOSTER BIPARTISAN COOPERATION AND DISCUSSION OF
01:30:25SOCIAL SECURITY?
01:30:29MS. LEAMOND: THANK YOU, SENATOR GRASSLEY, AND THANK YOU FOR YOUR LEADERSHIP.
01:30:31WE KNOW YOU DID A HEARING IN JUNE.
01:30:35HEARING TODAY. WE ARE HOPEFUL WE WILL SEE MORE
01:30:39AND MORE DISCUSSION IN THE SENATE FINANCE COMMITTEE. AS YOU KNOW FROM OUR TESTIMONY, WE BELIEVE THE SENATE FINANCE
01:30:42COMMITTEE IS WHERE THIS SHOULD
01:30:45BE DEBATED, SHOULD BE CONCERNED,
01:30:48-- SHOULD BE CONSIDERED, AND WHERE ACTION SHOULD BE TAKEN.
01:30:54ON OUR PART, WE, AS YOU KNOW, HAVE BEEN VERY ACTIVE ACROSS THE COUNTRY.
01:30:57WE DO TELE- TOWN HALLS WITH
01:31:03OUR MEMBERS. WE WANT TO OFFER THAT TO MEMBERS
01:31:07OF THE COMMITTEE. AS YOU DELIBERATE VARIOUS PROPOSALS, WE THINK THAT IS GOING TO BE HUGELY IMPORTANT IN
01:31:10TERMS OF BRINGING PEOPLE TO THE
01:31:14TABLE.
01:31:17AND NOT JUST OUR CONSTITUENCY. BUT WHY DON'T WE REACH OUT TO
01:31:21YOUNGER PEOPLE? YOU KNOW THEY HAVE A TREMENDOUS STAKE IN THE FUTURE OF SOCIAL SECURITY.
01:31:24WE WANT TO WORK WITH YOU TO BRING PEOPLE TOGETHER, TALK ABOUT VARIOUS APPROACHES, AND MOVE AHEAD.
01:31:27WE DO NOT SUPPORT A COMMISSION. WE DO SUPPORT ACTION BY BIPARTISAN LEADERS IN THE
01:31:31CONGRESS, THE SENATE FINANCE
01:31:32COMMITTEE, HOUSE WAYS AND MEANS
01:31:37COMMITTEE. AND YOU CAN COUNT ON US BEING AN HONEST PARTNER ALL THE WAY, BOTH
01:31:41IN OUR OUTREACH TO OUR CONSTITUENCY, AND ALSO IN OUR DELIBERATIONS ABOUT VARIOUS
01:31:45POLICY APPROACHES.
01:31:48MS. VALLAS: I WILL ECHO MS.
01:31:50LEAMOND IN THANKING YOU,
01:31:54SENATOR, FOR THE QUESTION, AND YOUR LEADERSHIP. TO ANSWER ON BEHALF OF THE ACADEMY, THE NATIONAL ACADEMY OF
01:31:58SOCIAL INSURANCE DOES NOT TAKE OFFICIAL POSITIONS ON
01:32:01LEGISLATIVE PROCEDURES OR INDIVIDUAL PIECES OF
01:32:03LEGISLATION.
01:32:06WE ARE NOT HERE OPPOSING OR SUPPORTING THE IDEA OF A
01:32:08COMMISSION.
01:32:15BUT WHAT WE ARE DOING TO TRY TO RESOURCE THIS COMMITTEE IN THIS IMPORTANT BIPARTISAN WORK IS
01:32:19ASKING THE AMERICAN PEOPLE WHAT THEY WANT THIS COMMITTEE TO DO. AS I MENTIONED AND AS I LAY OUT
01:32:22IN MY WRITTEN TESTIMONY AS WELL, DEMOCRATIC GOVERNANCE CAN BE
01:32:25DIFFICULT ON CERTAIN ISSUES
01:32:27WHERE THE AMERICAN PEOPLE DON'T
01:32:35AGREE, BUT ON THIS ISSUE, ON SOCIAL SECURITY, THE AMERICAN PEOPLE ARE VERY UNITED AND CLEAR
01:32:38ABOUT WHAT THEY WANT.
01:32:41SO OUR MESSAGE TO THIS COMMITTEE WOULD BE START BY LISTENING TO THE AMERICAN PEOPLE. THEY HAVE DONE A LOT OF THE HARD WORK FOR YOU. SEN. GRASSLEY: I SEE A LOT OF
01:32:46AARP ADS ON TELEVISION. I'VE GOT A LITTLE BIT OF ADVICE
01:32:49FOR YOU.
01:32:53BUT YOU ARE NO DIFFERENT THAN A
01:32:57CANDIDATE TRUMP AND A PRESIDENT
01:32:58BIDEN.
01:33:04THEY ALL RAN ON A PLATFORM, WE'RE NOT GOING TO DO ANYTHING ABOUT SOCIAL SECURITY.
01:33:07AND YOUR TV ADVERTISEMENTS ARE
01:33:11SAYING WE AREN'T GOING TO CUT SOCIAL SECURITY. I DON'T BLAME YOU FOR DEFENDING THE PROGRAM THAT WAY, BUT WE'VE
01:33:15GOT TO WAKE THIS ENTIRE NATION
01:33:17UP TO FACT THAT THERE IS GOING
01:33:21TO BE A 20% -- 22% CUTS IF WE DO
01:33:26N'T DO SOMETHING RIGHT NOW. AND YOU OUGHT TO SPEND SOME OF YOUR MONEY WAKING UP PEOPLE TO
01:33:29THE FACT THAT THERE IS A CRISIS
01:33:33DOWN THE LINE. AND YOU SAY DON'T CUT SOCIAL
01:33:35SECURITY, BUT IT IS GOING TO BE
01:33:40CUT AUTOMATICALLY IF YOU DON'T WAKE THE PEOPLE OF THIS COUNTRY
01:33:42UP, AND THAT IS WHAT I WOULD
01:33:46ADVISE YOU TO DO BECAUSE YOU'VE GOT A BIG VOICE. SEN. WYDEN: THANK YOU, MR. CHAIRMAN.
01:33:51I DON'T WANT TO BE DIFFICULT HERE, BUT SENATOR LANKFORD WOULD BE NEXT, AND THEN SENATOR
01:33:55SANDERS, AND WE ARE GOING TO BE
01:33:56DONE.
01:34:01SEN. LANKFORD: WHY WOULD THAT BE DIFFICULT? SEN. WYDEN: EVERYBODY IS
01:34:03JUGGLING.
01:34:08SEN. LANKFORD: Y'ALL, THANKS FOR BEING HERE.
01:34:11I APPRECIATE THE CHAIRMAN
01:34:15AND RANKING MEMBER OF OUR HAVING A DIALOGUE ABOUT SOCIAL SECURITY. THIS IS A MOMENT THAT WE SHOULD
01:34:19TALK ABOUT STABILIZING THE PROGRAM, AND THE CONCERN IS THAT WE ALL KNOW IN SIX YEARS WE HAVE
01:34:22AN INSOLVENCY ISSUE.
01:34:25THAT RED LIGHT ON THE DASH HAS BEEN FLASHING FOR A LONG TIME.
01:34:29BUT THE PROBLEM IS WHEN WE HAVE
01:34:34A CONVERSATION, IT BECOMES AN ISSUE OF FEAR MONGERING THAT THIS IS ABOUT TAKING BENEFITS AWAY.
01:34:38WE ARE TRYING TO GET TO A POINT THAT NO ONE LOSES BENEFITS. IN FACT, WE STABILIZE THE PROGRAM LONG-TERM IS THE GOAL OF
01:34:42THIS. BUT IT IS A REAL CHALLENGE TO
01:34:45HAVE A GROWN-UP CONVERSATION TO
01:34:54FIGURE OUT HOW DO WE RESOLVE IT. I AM SUPPORTIVE OF THIS COMMITTEE TO BEING ABLE TO PULL
01:34:56TOGETHER A NONPARTISAN COMMISSION MADE UP OF MEMBERS TO
01:34:59BE ABLE TO MAKE RECOMMENDATIONS. THERE ARE SOME MEMBERS THAT
01:35:02SPEND A LOT OF TIME DIGGING IN ON THE ISSUES OF SOCIAL
01:35:04SECURITY, AND SOME THAT DO NOT.
01:35:09AND TO BE ABLE TO PULL THE PEOPLE TOGETHER THAT HAVE AN
01:35:11INVESTMENT IN THE TIME AND DETAILS OF WHAT IT IS GOING TO TAKE TO DO THAT ON BOTH SIDES OF
01:35:14THE AISLE I THINK IS BENEFICIAL TO DO THAT AND ALLOW THEIR GROUP
01:35:18TO DO THE WORK, BRING IT BACK TO
01:35:21THE REST OF THE BODY, AND HAVE A VOTE. THAT IS THE WAY OFTEN THESE
01:35:23DIFFICULT CHALLENGES HAPPEN.
01:35:26I WAS PART OF A SMALL GROUP THAT
01:35:28MET WITH PRESIDENT OBAMA YEARS
01:35:32AGO WHEN THE HOUSE CHANGED OVER, AND IT WAS A REPUBLICAN HOUSE, DEMOCRATIC SENATE, AND
01:35:36DEMOCRATIC PRESIDENT.
01:35:41NOW, IT WELL KNOWN AROUND THIS TOWN THAT HARD ISSUES ARE DONE WHEN THERE IS BIPARTISAN
01:35:45DIFFERENCES IN HOUSE, SENATE,
01:35:49AND THE WHITE HOUSE, AND SOME GAP THERE.
01:35:52I WAS PART OF THAT GROUP THAT SAT DOWN WITH PRESIDENT OBAMA
01:35:56THAT WE HAVE A REPUBLICAN HOUSE, DEMOCRATIC SENATE, DEMOCRATIC
01:35:59WHITE HOUSE, THIS WOULD BE AN IDEAL TIME TO TALK ABOUT SOME OF
01:36:03THESE HARD ISSUES LIKE THIS. HIS RESPONSE TO ME IN THAT PRIVATE CONVERSATION, WHICH I
01:36:05HAVE TALKED ABOUT SINCE THEN,
01:36:11WAS "I DIDN'T CAMPAIGN ON THIS. THIS IS NOT WHAT I CAMPAIGNED ON, WE ARE NOT GOING TO WORK ON THIS."
01:36:14IT TAKES TWO TO TANGO ON THIS.
01:36:18WE HAVE GOT TO HAVE A WHITE HOUSE AND A CONGRESS THAT ARE WILLING TO DO THIS.
01:36:22BUT WE ALSO NEED OUTSIDE GROUPS TO CONTRIBUTE TO THIS. MS. LEAMOND, THANK YOU FOR THE
01:36:25WORK YOU HAVE DONE.
01:36:26THERE ARE A LOT OF SENIORS IN MY
01:36:30STATE. IF I COULD RAISE SOMETHING TO
01:36:33YOU, WE NEED TO HAVE GOOD, HONEST I LIKE THAT DOESN'T START
01:36:37WITH PEOPLE BEING AFRAID THAT I'M GOING TO GO ATTACK SENIORS.
01:36:38IF I GO ON THE AARP'S WEBSITE
01:36:51TODAY, IT SAYS "TELL CONGRESS, DON'T CUT OUR SOCIAL SECURITY. SOCIAL SECURITY DIDN'T CAUSE THE NATION'S DEBT, WE PAID FOR SOCIAL SECURITY THROUGH OUR
01:36:55PAYCHECKS.
01:36:58HOWEVER, SOME ARE CALLING FOR A COMMISSION THAT COULD CUT SOCIAL SECURITY IN ORDER TO REDUCE OUR COUNTRY'S DEBT.
01:37:01THIS IS OUTRAGEOUS. WE WON'T LET LAWMAKERS TAKE THE
01:37:04MONEY WE HAVE EARNED OVER OUR LIFETIME. CONTACT YOUR MEMBER OF
01:37:08CONGRESS." NOW, WHAT WE ARE TRYING TO DO IS
01:37:12HAVE A CONVERSATION ABOUT HOW WE STABILIZE THIS PROGRAM. BUT WHAT YOUR ENTITY IS DOING IS
01:37:15TELLING PEOPLE TO CALL MY OFFICE
01:37:20AND SAY "STOP TALKING ABOUT THIS." WE SHOULD TALK ABOUT THIS. I SHOULD LISTEN TO SENATOR SANDERS AND HIS IDEAS ON THIS.
01:37:24I SHOULD LISTEN TO SENATOR WYDEN AND HIS IDEAS ON THIS. THEY SHOULD LISTEN TO MINE.
01:37:26WE'VE GOT TO FIGURE THIS OUT.
01:37:33BUT THIS IS A MESSAGE THAT SAYS "DON'T LET THEM TALK ABOUT THIS." SIX YEARS FROM NOW WE GO
01:37:36INSOLVENT.
01:37:40I HAVE A GREAT RELATIONSHIP WITH
01:37:45THE AARP LEADERSHIP IN MY STATE.
01:37:46KEEPS ME INFORMED.
01:37:52TERRIFIC ADVOCATE FOR SENIORS IN MY STATE. THAT'S GREAT.
01:37:56BUT WE NEED OUTSIDE ENTITIES THAT SAY PLEASE TELL CONGRESS TO SIT DOWN AND HAVE HARD CONVERSATIONS TO SOLVE THIS, NOT DON'T TALK.
01:37:59THAT IS MY CONCERN ON THIS. I WOULD LOVE TO HAVE A NATIONAL
01:38:03ALLY ON THIS AS WELL, TO SAY LET'S FIGURE THIS OUT. THIS COMMITTEE IS ANOTHER WAY TO
01:38:05DO IT.
01:38:09AT THE END, CONGRESS STILL HAS TO VOTE. THE AMERICAN PEOPLE ARE GOING TO
01:38:12BE ABLE TO HEAR THIS OUT. BUT LONG-TERM WE HAVE GOT TO FIGURE IT OUT.
01:38:16IS THAT AN UNFAIR REQUEST? MS. LEAMOND: WE WILL MEET YOU WITH THAT REQUEST.
01:38:18I BELIEVE THAT COMMUNICATION WAS
01:38:21REALLY GEARED TOWARD A COMMISSION, WHICH WE DO NOT SUPPORT.
01:38:24WE SUPPORT THE KIND OF BIPARTISAN DISCUSSIONS TO HAVE
01:38:27IN THE FINANCE COMMITTEE AND ELSEWHERE, AND TO WORK
01:38:30INDIVIDUALLY.
01:38:37SEN. LANKFORD: BUT A COMMISSION WOULD HAVE BIPARTISAN MEMBERS, INCLUDING NUMBERS OF THIS COMMITTEE. IT IS THE WAY HARD THINGS HAVE
01:38:40BEEN DONE IN THE PAST.
01:38:44MS. LEAMOND: YEAH, WELL, WE HAVEN'T SUPPORTED COMMISSIONS
01:38:46OVER A PERIOD OF TIME, AND ALSO
01:38:50THE FAST-TRACK AUTHORITY INVOLVED IN THAT, BELIEVING THAT
01:38:55THIS IS SUCH AN IMPORTANT ISSUE IT SHOULD BE DEALT WITH THROUGH REGULAR ORDER. SEN. LANKFORD: WHAT IS FUNNY TO
01:38:59ME IS MOST PIECES OF LEGISLATION IN THE TIME I HAVE BEEN IN
01:39:02CONGRESS, WHEN THE COMMISSION IS AT WORK, I HAVE TO CALL SOMEBODY IN ONE OF THE OUTSIDE
01:39:06ORGANIZATIONS BECAUSE THEY SEE
01:39:11THE TEXT BEFORE I DO.
01:39:13THERE IS A LOT OF IN AND OUT CONVERSATIONS.
01:39:17SO ANY WORK LIKE THAT WOULD NOT HAPPEN IN A DARK BACKROOM THAT
01:39:20IS SMOKE-FILLED. I DON'T LIKE SMOKE ANYWAY. IT'S GOING TO BE IN CONVERSATION
01:39:24WITH OUTSIDE GROUPS WITH PEOPLE TO BE ABLE TO BE ENGAGED.
01:39:28MY ENCOURAGEMENT WOULD BE TO
01:39:32FIND A WAY TO WORK TOGETHER TO SOLVE THIS, NOT JUST DISCOURAGE ANYONE FROM TALKING ABOUT IT. SEN. WYDEN: SENATOR SANDERS. SEN. SANDERS: THANK YOU, MR.
01:39:36CHAIRMAN, AND THANK YOU, PANELISTS, FOR BEING HERE.
01:39:40SENATOR LANKFORD IS RIGHT, WE
01:39:40SHOULD WORK TOGETHER AND TALK TO
01:39:45EACH OTHER.
01:39:47BUT I THINK IN THAT DISCUSSION, WE HAVE TO TAKE A BROAD LOOK AT WHAT IS HAPPENING IN OUR COUNTRY
01:39:51TODAY.
01:39:54IT GOES BEYOND SOCIAL SECURITY. WHAT IS THE REALITY OF AMERICAN SOCIETY TODAY?
01:39:59I DON'T HAVE TO TELL ANYBODY ON THE PANEL THAT WE HAVE MILLIONS OF SENIORS WHO ARE STRUGGLING.
01:40:03I THINK WE HAVE ABOUT HALF OF SENIORS TRYING TO MAKE IT ON
01:40:08$30,000 A YEAR OR LESS. ONE OUT OF THREE ARE STRUGGLING ECONOMICALLY.
01:40:11UNBELIEVABLY, SENATOR LANKFORD,
01:40:15IT'S REALLY QUITE UNBELIEVABLE, SOMETHING LIKE 20% OF SENIORS IN AMERICA ARE TRYING TO MAKE IT ON
01:40:18$15,000 A YEAR. I MEAN, THAT IS UNBELIEVABLE.
01:40:22I DON'T KNOW HOW ANYBODY SURVIVES ON THAT.
01:40:25BUT WITHIN THAT REALITY OF SO
01:40:29MANY OF OUR SENIORS STRUGGLING, THERE IS ANOTHER REALITY THAT
01:40:31HAS TO BE PLACED ON THE TABLE.
01:40:33AND THAT IS TODAY WE HAVE MORE WEALTH INEQUALITY THAN WE HAVE
01:40:37EVER HAD IN THE HISTORY OF THE UNITED STATES OF AMERICA. REMEMBER THE GILDED AGE?
01:40:42ROCKEFELLER AND JP CARNEGIE? MUCH WORSE RIGHT NOW. IF YOU ARE GOING TO TALK ABOUT
01:40:46SAVING SOCIAL SECURITY, YOU'VE GOT TO THROW THAT INTO THE HOPPER.
01:40:50AS SENATOR WARREN WAS SAYING,
01:40:52LEGISLATION I HAVE WHICH IS CALLED THE SOCIAL SECURITY
01:40:56EXPANSION ACT IS NOT COMPLICATED.
01:40:58YOU WANT BIPARTISANSHIP? REPUBLICANS SUPPORT IT OUTSIDE
01:41:02OF HERE, IN THE REAL WORLD. DEMOCRATS SUPPORT IT COME
01:41:06INDEPENDENTS SUPPORT IT. NOT VERY COMPLICATED.
01:41:10SHOULD ELON MUSK PAY THE SAME PERCENTAGE OF HIS INCOME -- HE DOESN'T PAY ANY -- INTO THE
01:41:12SOCIAL SECURITY TRUST FUND AS A FIREMAN OR NURSE?
01:41:15ANYBODY THINK THAT DOESN'T MAKE SENSE?
01:41:16NOBODY DOES.
01:41:22AND THE BOTTOM LINE HERE IS THE PEOPLE ON TOP HAVE NEVER HAD IT
01:41:24SO GOOD AND SENIORS ARE STRUGGLING.
01:41:28WE'VE GOT TO DO WHAT SENIOR ADVOCATES FOR YEARS HAVE SAID.
01:41:30LIFT THAT CAP.
01:41:34AND MR. CHAIRMAN, IF WE DO THAT,
01:41:38IN 2023, THE CHIEF ACTUARY OF
01:41:41THE SOCIAL SECURITY ADMINISTRATION FOUND WE COULD EXTEND THE LIFE OF SOCIAL SECURITY FOR 75 YEARS.
01:41:44THAT IS PRETTY GOOD, SENATOR LANKFORD.
01:41:48YOU COULD INCREASE BENEFITS BY
01:41:50$2400 A YEAR.
01:41:52SO WE ARE DOING TWO THINGS. HELPING SENIORS TRYING TO GET
01:41:56BY, AND EXPANDING THE SOLVENCY
01:42:00IN SOCIAL SECURITY. AND WE DO THAT WITHOUT RAISING TAXES BY ONE PENNY ON THE 90% OF
01:42:04AMERICANS WHO EARN LESS THAN
01:42:07$250,000 A YEAR. I WOULD SAY TO MY FRIEND SENATOR
01:42:12LANKFORD, THAT HAS GOT TO BE THROWN INTO THE HOPPER. YOU CAN'T JUST TALK ABOUT SOCIAL
01:42:15SECURITY IN ISOLATION. LET ME TAKE A MOMENT TO ASK A
01:42:18FEW QUESTIONS TO SOME OF OUR
01:42:19PANELISTS HERE.
01:42:23PLEASE, BRIEF ANSWER. I DON'T HAVE A LOT OF TIME. DO YOU BELIEVE WE SHOULD INCREASE THE RETIREMENT AGE?
01:42:26MS. VALLAS? MS. VALLAS: OUR RESEARCH FINDS
01:42:31AMERICANS STRONGLY OPPOSE RAISING THE RETIREMENT AGE. MS. LEAMOND: NO.
01:42:34MR. BLAHOUS: YES.
01:42:37MR. GOLDWEIN: YES, AMERICANS ARE
01:42:42LIVING LONGER, AND RAISING THE AGE IS PART OF IT CONFERENCE A PACKAGE TO HELP PEOPLE BUILD
01:42:46MORE WEALTH, GET MORE BENEFITS. SEN. SANDERS: I WOULD JUST SAY
01:42:50IN RESPONSE TO THAT, HALF OF ALL OLDER WORKERS TODAY HAVE NOTHING
01:42:54IN SAVINGS AS THEY FACE RETIREMENT.
01:42:58SECOND QUESTION IS DO YOU BELIEVE WE SHOULD CONSIDER CAPPING OR REDUCING SOCIAL SECURITY?
01:43:02MS. VALLAS: OUR RESEARCH FINDS THAT AMERICANS STRONGLY OPPOSE DOING THAT.
01:43:06MS. LEAMOND: WE WOULD OPPOSE AS WELL. MR. BLAHOUS: I AM OPEN TO IT.
01:43:10MR. GOLDWEIN: IF THE CURRENT
01:43:14INFLATION OVERSTATES INFLATION
01:43:17-- IF WE CAP FOR THE HIGHEST
01:43:26EARNERS, IT IS A SMART IDEA THAT CAN EXTEND SOLVENCY. SEN. SANDERS: MS. VALLAS, DO YOU
01:43:28BELIEVE IT IS APPROPRIATE THAT ELON MUSK, THE WEALTHIEST MAN
01:43:32ALIVE, PAYS THE SAME AMOUNT OF
01:43:33TAXES IN SOCIAL SECURITY AS
01:43:38SOMEONE WHO MAKES $184,000 A YEAR? MS. VALLAS: AMERICANS ACROSS PARTY LINES THINGS THAT DOESN'T
01:43:41MAKE A LOT OF SENSE, AND I HAVE IN-LAWS IN MY FAMILY WHO SUPPORTED THIS CURRENT
01:43:45PRESIDENT, AND THE FIRST THING THEY ASKED ME WHEN THEY FOUND OUT WHEN I DO IS, WHY HASN'T CONGRESS DEALT WITH THE PAYROLL
01:43:48TAX CAP YET?
01:43:51MS. LEAMOND: WE SUPPORT LOOKING
01:43:56AT RAISING THE PAYROLL TAX.
01:43:59THAT IS PART OF WHAT HAS TO BE LOOKED AT IF WE TALK ABOUT NOT CUTTING BENEFITS. MR. BLAHOUS: I THINK A
01:44:02COMPREHENSIVE BIPARTISAN SOLUTION WOULD REQUIRE RAISING THE CAP.
01:44:05MR. GOLDWEIN: I THINK WE SHOULD
01:44:09LOOK AT RAISING THE CAP AND ALSO CAPPING BENEFITS.
01:44:13THAT CAN EXCEED $100,000 FOR THE WEALTHIEST SENIOR COUPLES. SEN. SANDERS: THANK YOU ALL VERY
01:44:17MUCH. THANK YOU, MR. CHAIRMAN. CHAIR CRAPO: THANK YOU, SENATOR. SENATOR CORTEZ MASTO.
01:44:21SEN. CORTEZ MASTO: THANK YOU ALL FOR BEING HERE.
01:44:26THE DISCUSSION AROUND SOCIAL
01:44:28SECURITY SOLVENCY TENDS TO FOCUS ON TWO THINGS, COST SAVINGS AND
01:44:32PROGRAM EFFICIENCY. WHILE IT WOULD NOT DIRECTLY IMPACT THE TRUST FUND COMPANY ON
01:44:37-- TRUST FUND, ONE PROPOSAL
01:44:41WOULD BIPARTISAN SUPPORT IS REFORMING THE ASSET LIMITS THAT
01:44:46PREVENT LOW-INCOME SENIORS AND PEOPLE WITH DISABILITIES FROM BUILDING EVEN MODEST SAVINGS.
01:44:49THAT IS WHY I INTRODUCED WITH MY
01:44:50GOOD FRIEND OVER THERE, SENATOR
01:44:53CASSIDY, THE SSI SAVINGS PENALTY
01:44:55ELIMINATION ACT. THE BILL WOULD MODERNIZE ASSET
01:44:59LIMITS AND EMPOWER SSI
01:45:03RECIPIENTS TO WORK, SAVE, AND BETTER PLAN FOR THEIR FUTURE. MS. VALLAS, CAN YOU EXPLAIN HOW
01:45:06THE ACT WOULD IMPROVE THE ADMINISTRATION OF THE SSI
01:45:10PROGRAM, AND WHY IT IS IMPORTANT
01:45:12TO INCLUDE SSI IN THE BROADER CONVERSATION ABOUT STRENGTHENING
01:45:16SOCIAL SECURITY?
01:45:18MS. VALLAS: THANK YOU SO MUCH FOR YOUR LEADERSHIP ON THIS
01:45:22ISSUE, AND I ALSO WANT TO SAY, SENATOR LANKFORD, SENATOR
01:45:26CASSIDY, SENATOR WYDEN, EVERYONE ON THIS COMMITTEE WHO HAS SUPPORTED THAT PIECE OF
01:45:30LEGISLATION, THANK YOU FOR YOUR LEADERSHIP.
01:45:32THE LAST TIME THAT SSI'S ASSET LIMITS WERE INCREASED EVEN FOR
01:45:35INFLATION WAS 1984. THAT HAPPENS TO BE THE YEAR I WAS BORN.
01:45:39SO IT HAS BEEN A MINUTE. PEOPLE ARE NOT ABLE TO SAVE EVEN MODEST AMOUNTS OF SAVING, EVEN
01:45:44$2000 FOR AN INDIVIDUAL.
01:45:46IT IS TRAPPING PEOPLE AT A LEVEL WHERE DIGNITY ISN'T EVEN WITHIN
01:45:50REACH. WHAT THAT PIECE OF LEGISLATION WOULD DO -- AND I SHOULD NOTE OUR POLLING FINDS THAT MORE THAN
01:45:55TWO THIRDS OF AMERICANS ACROSS PARTY LINES SUPPORT RAISING MORE
01:45:59FOR EVEN ELIMINATING SSI'S SAVINGS PENALTIES.
01:46:02WHEN IT WOULD DO IS ADDRESS WHAT
01:46:07MY COLLEAGUE JASON FICKNER, WHO HELPED LEAD SOCIAL SECURITY UNDER PRESIDENT BUSH, HAS CALLED THE MOST PROGRESSIVE
01:46:11ANTI-SAVINGS POLICY IN FEDERAL LAW.
01:46:14IT WOULD ALSO BE A WIN-WIN FOR THE SOCIAL SECURITY ADMINISTRATION, BECAUSE IT WOULD
01:46:18RELIEVE A COSTLY,
01:46:22ADMINISTRATIVELY BURDENSOME RULE FOR THEM TO ACTUALLY RUN.
01:46:27THIS IS A COMMON-SENSE THING THAT NEEDS TO BE PART OF THIS CONVERSATION, AS WELL AS OTHER
01:46:31LONG OUTDATED RULES IN SSI THAT NEED TO BE UPDATED, AND I'M GLAD
01:46:33TO SEE THIS COMMITTEE START TO PAY BIPARTISAN ATTENTION.
01:46:37SEN. CORTEZ MASTO: MS. LEAMOND, YOU WOULD AGREE WITH THAT? MS. LEAMOND: WE SUPPORT THAT AS
01:46:39WELL.
01:46:45SEN. CORTEZ MASTO: THANK YOU. CONGRESS HAS NOT ACTED ON RECOMMENDATIONS OF A PRESIDENTIAL COMMISSION SINCE
01:46:491983. 1983. AMERICANS WANT TO KNOW THEY CAN
01:46:52DEPEND ON THE SOCIAL SECURITY
01:46:55PROGRAM, AND YET WE HAVE GONE 43 YEARS WITHOUT PURSUING
01:46:58MEANINGFUL SOLUTIONS. WHAT BARRIERS HAVE PREVENTED
01:47:00CONGRESS FROM ACTING ON RECOMMENDATIONS PROVIDED BY
01:47:04COMMISSIONS?
01:47:07MS. LEAMOND: WELL, I THINK IT IS
01:47:09A VERY, VERY CHALLENGING ISSUE AND VERY HARD TO COME TOGETHER IN A BIPARTISAN WAY TO ADDRESS
01:47:13IT.
01:47:14WE ARE NOW AT A POINT WHERE I
01:47:19THINK WE ALL AGREE THAT THE TIME HAS COME WHEN IT MUST BE
01:47:21ADDRESSED.
01:47:25AND OUR PREFERENCE IS NOT A COMMISSION.
01:47:28IT IS TO COME WITH REGULAR ORDER
01:47:31TO THE SENATE FINANCE COMMITTEE,
01:47:33HOUSE WAYS AND MEANS COMMITTEE,
01:47:41DEBATE, REVIEW ALL OF THE PROPOSALS. THERE ARE MANY PROPOSALS TO MAKE SOCIAL SECURITY MORE SECURE. SEN. CORTEZ MASTO: THOSE
01:47:44PROPOSALS ARE BIPARTISAN, CORRECT?
01:47:46MS. LEAMOND: PARDON ME?
01:47:51SEN. CORTEZ MASTO: THEY ARE BIPARTISAN, CORRECT? MS. LEAMOND: MANY OF THEM ARE BIPARTISAN WITHIN THE CONGRESS.
01:47:56MEMBERS WHO HAVE COME TOGETHER AND WORK ON VARIOUS APPROACHES. SOME ARE NOT, BUT MANY ARE
01:48:00BIPARTISAN. SEN. CORTEZ MASTO: THANK YOU. MR. GOLDWEIN, THIS YEAR'S
01:48:03ANNUAL SOCIAL SECURITY TRUSTEE
01:48:07REPORT CITED HR 1 AS ONE OF THREE FACTORS THAT INCREASE TO THE ACTUARIAL DEFICIT OF THE
01:48:10SOCIAL SECURITY TRUST FUND.
01:48:12IN FACT, THIS LAW, WHICH ALL BUT
01:48:17ONE OF MY REPUBLICAN COLLEAGUES ON THIS COMMITTEE VOTED FOR, ACCOUNTS FOR 25% OF THIS
01:48:22INCREASE, THE LARGEST SINGLE-YEAR CHANGE IN ACTUARIAL BALANCE IN OVER 30 YEARS.
01:48:24MR. GOLDWEIN, CAN YOU TELL US
01:48:28WHAT HR 1 HAS DONE TO ACCELERATE SOCIAL SECURITY INSOLVENCY? AND WHAT THIS MEANS FOR
01:48:32BENEFICIARIES LONG-TERM? MR. GOLDWEIN: ONE SOURCE OF REVENUE FOR SOCIAL SECURITY IS
01:48:35THE INCOME TAXATION OF BENEFITS.
01:48:38I BELIEVE AARP SUPPORTED A
01:48:41PROVISION IN THE ONE BIG BEAUTIFUL BILL THAT REDUCED TAXATION BENEFITS BY EXPANDING
01:48:46-- EXPANDING THE SENIOR DEDUCTION.
01:48:50THAT COME IN ADDITION TO THE LOWER RATES, MEANS WE ARE GETTING LESS MONEY COMING INTO THE TRUST FUND, WHICH BRINGS
01:48:58-- I KNOW MY TIME IS UP. WE NEED BIPARTISAN SOLUTIONS.
01:49:02WE HAVE TO FIX THIS. THAT MEANS WORKING TOGETHER.
01:49:06AND I KNOW WORKING TOGETHER,
01:49:10THERE'S A LOT OF GREAT IDEAS IF WE WOULD JUST MAKE THIS A FOCUS
01:49:12AND A PRIORITY, WE CAN GET SOMETHING DONE. THANK YOU ALL FOR STAYING IN
01:49:16THIS FIGHT. >> THANK YOU SENATOR CORTEZ MASTO.
01:49:22WE HAVE A VOTE.
01:49:25EXPECT ANY OTHER SENATORS TO
01:49:27SHOW UP BEFORE I WRAP UP THE HEARING TODAY.
01:49:30I WANT TO THANK OUR WITNESSES FOR APPEARING TODAY.
01:49:33WITH THAT IN MIND, I REMIND MY COLLEAGUES THE DEADLINE FOR
01:49:37SUBMITTING ANY QUESTIONS FOR THE
01:49:37RECORD IS 5:00 P.M. ON
01:49:42WEDNESDAY, AUGUST 12. WITH THAT, THE COMMITTEE IS ADJOURNED.
01:49:49-- SORRY, WE JUST ADJOURNED.
01:49:53>> HE STOLE MY GAVEL.
01:50:02>> C-SPAN'S WASHINGTON JOURNAL.
01:50:05OUR LIVE FORM INVITING YOU TO
01:50:07DISCUSS THE LATEST ISSUES IN
01:50:09GOVERNMENT, POLITICS, AND PUBLIC POLICY.
01:50:12FROM WASHINGTON TO ACROSS THE COUNTRY.
01:50:14SUNDAY MORNING, WE WILL TALK
01:50:17WITH THE HOST OF THE DINO BUT
01:50:19I'LL SHOW ON CAMPAIGN 2026, GROWING MOMENTUM OF DEMOCRATIC
01:50:23SOCIALISM, AND THE FUTURE OF THE DEMOCRATIC PARTY.
01:50:27ALSO MORE ON CAMPAIGN 2020 SIX.
01:50:30DEMOCRATIC SOCIALISTS, THE IRAN WAR, AND THE NEWS OF THE WEEK
01:50:34WITH WASHINGTON EXAMINER EDITOR.
01:50:37AT C-SPAN'S WASHINGTON JOURNAL. JOIN IN THE CONVERSATION AT 7:00
01:50:41EASTERN SUNDAY MORNING ON
01:50:43C-SPAN, C-SPAN NOW, OR ONLINE AT C-SPAN.ORG.
01:50:51HOUSE SPEAKER MIKE JOHNSON SAID REPUBLICANS WILL GROW THEIR
01:50:54MAJORITY IN THE HOUSE IN THE MIDTERM ELECTIONS AND DEFY
01:50:58HISTORY FOR A SITTING PRESIDENT
01:51:00TO PICK UP SEATS FOR HIS PARTY. HE CRITICIZED THE DEMOCRATIC
01:51:04PARTY, CLAIMING IT WAS EMBRACING
01:51:06COMMUNISM AND SOCIALISM, AND
01:51:09WARRANTY ELECTIONS HAVE CONSEQUENCES WHILE URGING VOTERS
01:51:11NOT TO LET THE COMMUNISTS TAKE OVER CONGRESS.
01:51:15HE MADE THESE COMMENTS TO REPORTERS IN ARIZONA WITH THE
01:51:17TREASURY SECRETARY AND ARIZONA
01:51:20REPUBLICAN CONGRESSMAN JUAN CISCOMANI AFTER TOURING A
01:51:24MANUFACTURING FACILITY AND PROMOTING REPUBLICAN TAX
01:51:28POLICIES.
01:51:53PATIENCE.
01:51:54WE JUST CONCLUDED A ROUNDTABLE
01:51:58WITH PEPSICO AND FRITO-LAY A