Original Broadcaster Captioning (Enhanced). Treat it as a searchable index of what was broadcast, not a quotation record.
00:01:39>> FOR MANY AMERICANS, SOCIAL SECURITY IS THE CORNERSTONE OF
00:01:42RETIREMENT SECURITY AND PROVIDES VITAL SUPPORT TO WORKERS WHO CAN
00:01:46NO LONGER PROVIDE A LIVING DUE
00:01:49TO INJURY OR ILLNESS.
00:01:51THE SOCIAL SECURITY BOARD OF TRUSTEES HAS RECOMMENDED THAT
00:01:55CONGRESS ACT QUICKLY TO ADDRESS THE PROGRAM'S LONG-TERM FINANCIAL CHALLENGES.
00:01:58ACCORDING TO THE TRUSTEES'
00:02:01LATEST PROJECTIONS, THE OLD AGE
00:02:04AND SURVIVORS INSURANCE TRUST FUNDS WILL BE EXHAUSTED IN LATE
00:02:082032. IF CONGRESS FAILS TO ACT BEFORE
00:02:12THEN, INCOMING PROGRAM RUIZ WILL
00:02:13BE SUFFICIENT TO PAY ONLY 78% OF
00:02:17THE PROMISED BENEFITS. CONGRESS HAS A RESPONSIBILITY TO PROTECT AND STRENGTHEN SOCIAL
00:02:21SECURITY FOR CURRENT
00:02:23BENEFICIARIES AND FUTURE GENERATIONS.
00:02:26THE LONGER WE WAIT, THE MORE DIFFICULT THIS CHALLENGE WILL BECOME.
00:02:30THE LAST COMPREHENSIVE EFFORT TO
00:02:33IMPROVE SOCIAL SECURITY SOLVENCY TOOK PLACE OVER 40 YEARS AGO AND
00:02:36CULMINATED IN THE SOCIAL
00:02:38SECURITY AMENDMENTS OF 1983.
00:02:41THOSE REFORMS WERE PRECEDED BY
00:02:46HIGH-LEVEL BIPARTISAN NEGOTIATIONS, INFORMED AND FACILITATED BY THE WORK OF THE
00:02:50NATIONAL COMMISSION ON SOCIAL SECURITY REFORM, WHAT WAS KNOWN
00:02:54AS THE GREENSPAN COMMISSION.
00:02:57THAT PROCESS DEMONSTRATED THE
00:02:59VALUE OF CREATING A FORUM WHERE POLICYMAKERS COULD WORK THROUGH
00:03:03DIFFICULT ISSUES AND BUILD
00:03:04CONSENSUS ON A BIPARTISAN BASIS.
00:03:08MORE THAN TWO DECADES LATER, I PARTICIPATED IN ANOTHER
00:03:11BIPARTISAN EFFORT TO DEVELOP
00:03:14RECOMMENDATIONS, TO ADDRESS OUR NATION'S LONG-TERM FISCAL
00:03:18CHALLENGES. ALONG WITH SENATOR DICK DURBIN,
00:03:21THE DEMOCRATIC CO-AUTHOR OF ONE OF THE PROCESS BILLS THAT WILL
00:03:24BE DISCUSSED TODAY. AS A PART OF ITS WORK, THE
00:03:28NATIONAL COMMISSION ON FISCAL RESPONSIBILITY AND REFORM, OFTEN
00:03:32REFORMED TO AS THE SIMPSON
00:03:36COMMISSION, DEVELOPED A BIPARTISAN SOCIAL SECURITY SOLVENCY PLAN.
00:03:39WHILE THE COMMISSION'S RECOMMENDATIONS ULTIMATELY DID
00:03:43NOT RECEIVE SUPPORT NECESSARY TO
00:03:44MOVE FORWARD, ITS WORK HAS
00:03:49INFORMED SUBSEQUENT SOCIAL SECURITY SOLVENCY DISCUSSIONS.
00:03:53AS SOCIAL SECURITY APPROACHES A
00:03:56PIVOTAL MOMENT, MEMBERS OF CONGRESS HAVE PROPOSED A VARIETY
00:03:58OF PROCESS REFORMS DESIGNED TO FACILITATE BIPARTISAN
00:04:01DISCUSSIONS AND HELP DEVELOP LASTING SOLUTIONS AND THAT'S
00:04:05PART OF THE REASON WE ARE HERE TODAY. TODAY'S HEARING WILL EXAMINE
00:04:09THOSE APPROACHES AND CONSIDER
00:04:11WHAT LESSONS CAN BE DRAWN FROM PAST EFFORTS.
00:04:14BEFORE I TURN TO RANKING MEMBER
00:04:16WIDEN, I'M GOING TO BRIEFLY LAY OUT HOW THE REST OF THE HEARING
00:04:20WILL PROCEED. AFTER RANKING MEMBER WIDEN GIVES
00:04:23HIS OPENING REMARKS, GENERALLY WE GO IMMEDIATELY TO THE
00:04:26WITNESSES BUT TODAY WE'LL LET OTHER MEMBERS OF THE COMMITTEE,
00:04:29IF THEY CHOOSE, TO HAVE A FIVE-MINUTE OPENING STATEMENT.
00:04:33SOME OF THESE MEMBERS WILL I'M SURE USE THIS FIVE MINUTES TO
00:04:37TALK ABOUT THEIR IDEAS.
00:04:41ONCE MEMBERS CONCLUDE THESE
00:04:43OPENING STATEMENTS, WE WILL TURN TO OUR WITNESSES FOR THEIR
00:04:46OPENING REMARKS AND PROCEED TO MEMBER QUESTIONS.
00:04:49I WANT TO THANK OUR WITNESSES FOR BEING HERE TODAY AND I LOOK FORWARD TO YOUR TESTIMONY.
00:04:53NOW I TURN TO RANKING MEMBER WIDEN FOR HIS OPENING REMARKS.
00:04:57>> THANK YOU VERY MUCH, PLANTAR FASCITIS -- MR. CHAIRMAN.
00:05:01I SHARE YOUR VIEW THAT WE HAVE
00:05:05AN EXCELLENT PANEL OF WITNESSES AND A GOOD START TO THIS ISSUE.
00:05:08WE'RE GOING TO BE DISCUSSING THE
00:05:11FUTURE OF SOCIAL SECURITY, AS
00:05:16SACRED AN ISSUE AS THERE IS IN AMERICA.
00:05:18THE TRUST FUND IS GOING TO BE DEPLETED BEFORE THE END OF THE
00:05:22NEXT PRESIDENTIAL ADMINISTRATION. SEVERAL REPUBLICAN MEMBERS OF
00:05:26THE PANEL WILL SAY THAT THEY
00:05:29HAVE A SOLUTION, SOME SORT OF
00:05:33UNACCOUNTABLE COMMISSION THAT
00:05:35RUBBER STAMPS BENEFIT CUTS LIKE INCREASING THE RETIREMENT AGE.
00:05:39IT SEEMS THAT EVERY TIME SOME REPUBLICANS GET THEIR HANDS ON
00:05:42THESE SORT OF IDEAS FOR SOCIAL
00:05:45SECURITY, LIFE GETS WORSE FOR
00:05:47OLDER PEOPLE THAT COUNT ON THE
00:05:49PROGRAM TO GET BY.
00:05:52NOW, THANKS TO DONALD TRUMP AND THE BIG, BEAUTIFUL BILL, THE
00:05:56CRISIS IS SPEEDING UP. SENATORS ELECTED THIS FALL WILL
00:06:00BE IN OFFICE WHEN SOCIAL
00:06:01SECURITY BECOMES INSOLVENT AND
00:06:04REPUBLICANS STARTED THIS FIRE AND NOW THEY'RE CLAIMING THEY'RE
00:06:07THE ONES THAT CAN PUT IT OUT.
00:06:11THE CONSEQUENCES OF INSOLVENCY ARE SEVERE.
00:06:15AMERICANS WHO PAID INTO SOCIAL SECURITY OUT OF EVERY PAYCHECK
00:06:18DURING THEIR WORKING YEARS WOULD
00:06:19NO LONGER RECEIVE FULL BENEFIT.
00:06:22ONE IN FOUR SENIORS RELY ON THEIR EARNED SOCIAL SECURITY
00:06:26BENEFITS FOR VIRTUALLY ALL OF THEIR INCOME.
00:06:30THAT NUMBER IS EVEN HIGHER FOR PEOPLE RECEIVING DISABILITY
00:06:34BENEFITS OR KIDS WHO LOST A
00:06:37PARENT.
00:06:40TRUMP AND THE MAGA CROWD GIVE
00:06:41HUGE TAX BREAKS TO BILLIONAIRES
00:06:44AND MASSIVE CORPORATIONS AND
00:06:47THAT BILL PLUNDERED SOCIAL
00:06:50SECURITY BY $168 BILLION.
00:06:53YOU DON'T HAVE TO TAKE MY WORD FOR IT.
00:06:56THE NUMBER COMES FROM THE SOCIAL
00:06:59SECURITY ACTUARY OFFICE ITSELF.
00:07:01SO HERE'S MY BOTTOM LINE.
00:07:04I WANT TO WORK ON A BIPARTISAN
00:07:06BASIS TO FIX THE PROBLEM AND
00:07:08PROTECT TYPICAL RETIREES FROM
00:07:11MISSING OUT ON THEIR EARNED BENEFITS IN A LITTLE MORE THAN SIX YEARS.
00:07:15THAT CAN BE DONE BY UPDATING SOCIAL SECURITY TO REFLECT THE
00:07:19ECONOMY OF TODAY AND ASK BILLIONAIRES TO PAY THEIR FAIR
00:07:23SHARE THROUGH THE PAYROLL AND
00:07:27INCOME TAXES.
00:07:29THAT SAID, SO I WISH THAT THE FINANCE COMMITTEE WAS HERE TO
00:07:33MAKE SURE THAT WE HAVE A
00:07:37SUBSTANTIVE DEBATE. INSTEAD, THE CONCEPT BEING
00:07:40DISCUSSED TODAY WOULD ACT AS A SHORTCUT FOR REPUBLICANS TO
00:07:43CARRY OUT THEIR GOAL OF SLASHING
00:07:45SOCIAL SECURITY BENEFITS FOR
00:07:48RETIREES AND RAISING TAXES ON
00:07:51MIDDLE CLASS FOLKS. IN MY FEW, SUPPORTING THIS
00:07:54FLAWED IDEA WOULD BE A DERELICTION OF DUTY, SOMETHING
00:07:56THAT I WOULD NEVER BE PART OF.
00:07:59THIS IS THE WORK WE WERE SENT TO
00:08:02CONGRESS TO UNDERTAKE. QUAINT IDEA.
00:08:05WE DO THE WORK THAT WE'RE SENT TO CONGRESS TO DO.
00:08:08HANDING OFF THAT RESPONSIBILITY
00:08:10TO SOMEBODY ELSE, TO ME, IS JUST
00:08:14BUCK PASSING. SO IN THE WORDS OF BASKETBALL
00:08:17GREAT, ALLEN IVERSON, AND I QUOTE, WE'RE TALKING ABOUT PRACTICE, NOT A GAME.
00:08:22WE'RE TALKING ABOUT PRACTICE.
00:08:24INSTEAD OF TALKING ABOUT TALKING, THIS BODY SHOULD GET TO
00:08:27WORK ON FINDING A SOLUTION TO THE SOCIAL SECURITY SOLVENCY
00:08:31CHALLENGE AND HAVING THAT DEBATE IN PUBLIC VIEW. DEMOCRATS ON THIS COMMITTEE HAVE
00:08:35PUT FORWARD THEIR IDEAS. THROUGH OUR PLAN, SOCIAL
00:08:39SECURITY CAN BE SECURED INDEFINITELY, INTO THE FUTURE,
00:08:43WITHOUT A SINGLE DIME OF CUTS TO A CURRENT OR FUTURE RETIREE.
00:08:47THAT MEANS NO RAISING THE RETIREMENT AGE, NO COST OF
00:08:51LIVING HAIRCUTS AND NO MEANS TESTING BENEFITS BUT IT DOES
00:08:55REQUIRE THAT BILLIONAIRES WHO HAVE SEEN THEIR WEALTH SKYROCKET
00:08:58TO OVER $9 TRILLION THIS YEAR
00:09:00WHILE WORKING PEOPLE SUFFER, THOSE BILLIONAIRES WOULD PAY
00:09:04THEIR FAIR SHARE. INSTEAD OF HAVING A PUBLIC DEBATE, THE COMMISSION THAT'S
00:09:08BEING DISCUSSED WOULD SMUGGLE IN
00:09:11BENEFIT CUT PLANS WITH MINIMAL PUBLIC SCRUTINY OR DEBATE.
00:09:15I REJECT THAT APPROACH. I'M GOING TO OPPOSE EFFORTS TO
00:09:19SET UP A PLAN LIKE THAT. I'VE GOT FAITH THAT EVERY MEMBER
00:09:21OF THIS COMMITTEE HAS THE WHEREWITHAL TO ENGAGE IN AN
00:09:25IMPORTANT DEBATE HERE AND NOW,
00:09:28NOT A COMMISSION, BUT A DEBATE HERE AND NOW.
00:09:31BUT IT REQUIRES THE COURAGE TO STAND BEHIND YOUR IDEAS IN PULL
00:09:34PUBLIC VIEW AND THE AMERICAN PEOPLE DESERVE NO LESS.
00:09:37I THANK OUR WITNESSES FOR JOINING THE COMMITTEE AND I LOOK
00:09:41FORWARD TO THE DISCUSSION.
00:09:43MR. CHAIRMAN, I WOULD ASK
00:09:46UNANIMOUS CONSENT TO ENTER INTO THE RECORD A STATEMENT FROM
00:09:49SENATOR GILLIBRAND AND ALSO
00:09:51CONSENT TO ENTER IN A STATEMENT
00:09:54FROM THE ALLIANCE FOR RETIRED AMERICANS. THAT'S A REQUEST FOR BOTH
00:09:58DOCUMENTS. >> WITHOUT OBJECTION. >> THANK YOU, MR. CHAIRMAN. >> BEFORE I GO TO MEMBERS, I
00:10:02HAVE TO CORRECT SOMETHING SENATOR WYDEN.
00:10:06THIS HEARING IS NOT TO PUSH A
00:10:09SPECIFIC PROPOSAL. THIS HEARING IS TO TALK ABOUT ALL THE OPTIONS ON THE TABLE.
00:10:14THAT'S WHY WE HAVE A BROAD ARRAY OF WITNESSES AND WHY I'VE OFFERED EVERY MEMBER OF THIS
00:10:17COMMITTEE THE OPPORTUNITY TO SAY SOMETHING ABOUT THEIR IDEAS IF THEY WANT TO.
00:10:21THEN WE CAN MOVE FORWARD AND
00:10:23HOPEFULLY ON A BIPARTISAN BASIS BUILD A SOLUTION.
00:10:26>> MR. CHAIRMAN, I WON'T
00:10:28CONTINUE THIS AT LENGTH.
00:10:31WHAT I'VE INDICATED IS THAT I'M
00:10:33VERY MUCH INTERESTED IN EXACTLY
00:10:36THE KIND OF BIPARTISAN EFFORTS PEOPLE WHO'VE WORKED ON THIS
00:10:39COMMITTEE KNOW THAT I PURSUE THIS.
00:10:41I DON'T THINK BUCK-PASSING,
00:10:43THOUGH, IS SERIOUS BIPARTISAN EFFORT. I THINK IT'S DUCKING AND THAT'S
00:10:47WHAT THE DEBATE TODAY ALSO
00:10:50INCLUDES.
00:10:59>> I WAS GOING TO GO TO SENATOR
00:11:02GRASSLEY BUT I BELIEVE HE
00:11:05STEPPED OUT.
00:11:08SO THEN NEXT ON MY LIST WOULD BE
00:11:15SENATOR CASSIDY UNLESS SENATOR
00:11:17CORNYN -- I BELIEVE YOU DID NOT WANT TO.
00:11:21SENATOR CASSIDY. >> LET US BE CLEAR, WE'RE
00:11:24TALKING TODAY ABOUT SETTING UP A PROCESS. WE'RE NOT TALKING ABOUT A
00:11:27SPECIFIC SOLUTION -- A PROCESS
00:11:30THAT WOULD BE BIPARTISAN, IDEALLY INVOLVING THE HOUSE, TO
00:11:33LOOK AT SOLUTIONS.
00:11:34TO HAVE IT MISCHARACTERIZED AND
00:11:38MISREPRESENTED AS REPUBLICANS CUTTING THINGS IS FALSE.
00:11:41IT IS LYING TO THE AMERICAN PEOPLE.
00:11:44THIS COMMITTEE HEARING IS ABOUT
00:11:46SETTING UP A PROCESS TO LISTEN
00:11:49TO PROPOSALS ABOUT HITTING BILLIONAIRES AND MILLIONAIRES
00:11:52WITH LOTS OF MONEY OR OTHER PROPOSALS, HOWEVER IT IS, TO
00:11:55HAVE SOMETHING TO PRESENT TO US
00:11:57IN THIS COMMITTEE IN NORMAL
00:12:01ORDER TO EITHER REJECT OR ACCEPT. IT ISN'T ONE PROPOSAL.
00:12:05IT COULD BE TWO, IT COULD BE THREE.
00:12:07AND ANY MEMBER HERE COULD PUT UP
00:12:12A BILL, AN AMENDMENT IN THE
00:12:15NATURE OF A SUBSTITUTE AND REPLACE IT ALL. THAT'S HAD A WE'RE TALKING ABOUT
00:12:19HERE. IF THE OTHER SIDE OF THE AISLE THINKS THEY'VE GOT A GREAT IDEA,
00:12:23THEY SHOULD WANT THIS PROCESS.
00:12:26THEY SHOULD WANT THIS PROCESS BECAUSE THAT WOULD GIVE THEM THE
00:12:29OPPORTUNITY TO PRESENT TO THE AMERICAN PEOPLE AND TO THIS
00:12:32COMMITTEE AND TO THE SENATE,
00:12:34THEIR PARTICULAR PERSPECTIVE.
00:12:37TO SAY THAT YOU DON'T WANT A
00:12:40PROCESS, HOWEVER YOU PUT ALL KINDS OF FANCY WORDS ABOUT IT
00:12:43AND RHETORIC ABOUT THAT SIDE AND
00:12:45THIS SIDE, IF YOU SAY YOU DON'T WANT A PROCESS, IT MEANS YOU
00:12:49DON'T WANT TO TAKE IT ON, THAT YOU DECIDED IT'S MORE IMPORTANT
00:12:52TO BE A POLITICIAN AND TO HAVE
00:12:54AN ISSUE TO DIVIDE OUR COUNTRY
00:12:56THAN TO BE A SENATOR WHO'S LOOKING FOR SOLUTIONS.
00:13:00BY THE WAY, I HAVE AN IDEA.
00:13:03I'LL BE HONEST ABOUT THAT.
00:13:06BIPARTISAN WITH MULTIPLE
00:13:09DEMOCRATS SUPPORTING THE IDEA. BUT THAT DOESN'T MEAN MY IDEA
00:13:11WILL BE THE ONE THAT'S ACCEPTED.
00:13:13WE TODAY ARE ONLY TALKING ABOUT
00:13:16SETTING UP A PROCESS WHERE THE AMERICAN PEOPLE HAVE THE
00:13:20OPPORTUNITY TO HAVE INPUT IN
00:13:22ORDER AT THE END OF THAT PROCESS WOULD BRING TO THIS COMMITTEE A
00:13:26PRODUCT TO BE CONSIDERED OR REJECTED AND REPLACED WITH
00:13:30ANOTHER PRODUCT.
00:13:32THAT IS REGULAR ORDER AND TO
00:13:35START SAYING IT'S PARTISAN AND WE'RE CUTTING BENEFITS, THAT IS
00:13:39NOT TRUE. WHY AM I SO PASSIONATE?
00:13:43GUESS WHAT, YOU KNOW WHAT'S REALLY GOING TO CUT SENIORS?
00:13:46IF WE DON'T FIX IT AND THE THERE'S GOING TO BE BY LAW A 22%
00:13:50TO 28% CUT IN BENEFITS FOR EVERY
00:13:55SENIOR CURRENTLY RECEIVING
00:13:57SOCIAL SECURITY.
00:13:59OR WOULD INCREASE TAXES BY 40% OR WOULD THAT GUT THE ABILITY TO
00:14:04SAVE MONEY FOR RETIREMENT FOR THE AMERICAN PEOPLE, OR WE'LL
00:14:07JUST BORROW LOTS OF MONEY AND
00:14:10DESTROY OUR COUNTRY'S CREDIT RATING AND EVERY YEAR WE WAIT IT
00:14:14GETS WORSE.
00:14:16NOW I HAVE BEEN TOLD BY BERNIE
00:14:18SANDERS AND BY LINDSEY GRAHAM,
00:14:20BILL, I'M QUOTING LINDSEY NOW --
00:14:23YOU'RE A LOUSY POLITICIAN BUT YOU'RE A GOOD SENATOR.
00:14:27I TOOK THAT AS A COMPLIMENT. I CHALLENGE ALL OF US TO BE
00:14:31LOUSY POLITICIANS BUT TO BE GOOD
00:14:35SENATORS BECAUSE RIGHT NOW THE LONGER WE WAIT, THE HARDER IT IS
00:14:38FOR OUR COUNTRY AND THE MORE THAT A SENIOR IS GOING TO SEE
00:14:41THEIR BENEFITS GO AWAY AND THE MORE THE AMERICAN PEOPLE MORE
00:14:45LIKELY THE AMERICAN PEOPLE WILL SEE THEIR TAXES GO UP OR OUR
00:14:49COUNTRY WILL HAVE TO BORROW SO
00:14:51MUCH MONEY THAT WE WILL GO INTO
00:14:55OBLIVION. LET'S BE PATRIOTIC, LET'S BE GOOD SENATORS.
00:14:59LET'S BE HERE TO MAKE THE HARD DECISIONS.
00:15:01NOT ON A PARTICULAR SOLUTION
00:15:03BECAUSE WHAT WE'RE CONSIDERING TODAY IS ONLY A PROCESS BILL.
00:15:07IT SETS UP NOT AN INDEPENDENT COMMISSION WHICH IS ISOLATED FROM THE INFLUENCE OF THE
00:15:11VOTERS. IT SETS UP SOMETHING WHICH
00:15:13ULTIMATELY COMES TO THIS COMMITTEE. THIS COMMITTEE WITH EVERYBODY ON
00:15:17THIS COMMITTEE ANSWERABLE TO THE VOTERS AND EVERYBODY ON THIS
00:15:21COMMITTEE THEN HAVING TO TAKE A VOTE ON EITHER THAT WHICH IS
00:15:25PRODUCED OR AN AMENDMENT IN THE NATURE OF A SUBSTITUTE, THAT
00:15:28WOULD GO TO THE FLOOR OF THE
00:15:30SENATE WHERE EVERY SENATOR WHO'S
00:15:33ANSWERABLE TO THE PEOPLE OF HIS OR HER STATE WOULD AGAIN HAVE A
00:15:37CHANCE TO WEIGH IN. THIS IS THE WAY THE PROCESS IS
00:15:40SUPPOSED TO WORK AND WHAT WE'RE CONSIDERING TODAY IS BASICALLY A TIME AGREEMENT.
00:15:44AND TIME AGREEMENTS ARE HOW THINGS ARE DONE AROUND HERE.
00:15:47I AM SO FRUSTRATED BY THIS KIND
00:15:52OF, LET'S BE POLITICAL, LET'S
00:15:55JUST ONE MORE TIME USE THIS AS A
00:15:57WEDGE ISSUE. NO, LET'S BE GOOD SENATORS.
00:16:01LET'S BE GOOD SENATORS. LET'S VOTE FOR A BILL THAT SETS
00:16:04UP A PROCESS IN WHICH ANYBODY'S PROPOSAL CAN BE CONSIDERED,
00:16:07HEARD AND VOTED ON AND CHOSEN.
00:16:11THIS IS NOT ABOUT A SOLUTION.
00:16:13THIS IS ABOUT A SOLUTION TO ARRIVE AT A SOLUTION.
00:16:17IF YOU CARE ABOUT THE UNITED STATES AND CARE ABOUT SENIORS,
00:16:21WE SHOULD BE VOTING FOR THIS BILL TODAY. >> THANK YOU, SENATOR CASSIDY.
00:16:25SENATOR WARNER?
00:16:26>> THANK YOU, MR. CHAIRMAN, AND THANK YOU FOR HOLDING THIS
00:16:30HEARING. GOOD TO SEE FOLKS LIKE MARK ON THE PANEL.
00:16:33YOU KNOW THIS IS SOMETHING, I APPRECIATE EVERYBODY'S PASSION
00:16:36ON THIS ISSUE -- THAT YOU AND I
00:16:38WORKED ON, MR. CHAIRMAN.
00:16:41WE STARTED -- WE DIDN'T,
00:16:45OBVIOUSLY, GET IT DONE OR WE
00:16:47WOULDN'T BE HERE TODAY DEBATING THIS ISSUE.
00:16:51I DO BELIEVE THE ONLY WAY WE'LL
00:16:53GET THIS SOLVED IS THROUGH A BIPARTISAN EFFORT.
00:16:56WE KNOW SOCIAL SECURITY IS THE MOST IMPORTANT COMMITMENT OUR
00:17:01COUNTRY MAKES TO SENIORS AND TO SURVIVING SPOUSES AND CHILDREN,
00:17:05PEOPLE WITH DISABILITIES.
00:17:09IT SUPPORTS 70 MILLION
00:17:10AMERICANS, ENSURES ANOTHER 239
00:17:15MILLION WORKERS AGAINST THE RISK
00:17:16OF AGING, DISABILITY OR DEATH OF
00:17:19A SPOUSE OR PARENT. WE ALSO KNOW IT'S MATH.
00:17:23WE'RE GOING TO HIT THIS CLIFF IN
00:17:25THE FOURTH QUARTER OF 2032 WHEN
00:17:28TIME AND TRUST FUND IS DEPLETED
00:17:30AND EVERY BENEFICIARY TAKES AN
00:17:33AUTOMATIC CUT OF 22%. THAT'S WHAT HAPPENS IF WE DO
00:17:36NOTHING. FOR VIRGINIANS IT MEANS NEARLY
00:17:401.5 MILLION VIRGINIANS WHO RECEIVE SOME FORM OF SOCIAL
00:17:43SECURITY BENEFITS WILL HAVE A
00:17:46DRAMATIC CUT IN THOSE BENEFITS.
00:17:49AND WHEN THE TRUST FUND RUNS
00:17:52DRY, THE AVERAGE VIRGINIA
00:17:54RETIREE STANDS TO LOSE MORE THAN
00:17:57$500 A MONTH, CLOSE TO $9
00:18:00BILLION IN THE STATE TAKEN OUT OF THE POCKETS OF VIRGINIA SENIORS.
00:18:03A TYPICAL COUPLE RETIRING IN
00:18:052033 WOULD LOSE NEARLY $17,000 A
00:18:09YEAR. THIS IS GOING TO BE A DISASTER
00:18:12AND THE THING THAT IS ALSO COMING ON TOP OF THIS IS, I KNOW
00:18:16THE CHAIRMAN AND RANKING MEMBER
00:18:19KNOWS, THE MEDICARE HOSPITAL
00:18:22INSURANCE FUND IS ABOUT TO GO INSOLVENT A FEW MONTH AFTER
00:18:26THAT, ANOTHER HIT OF 11%.
00:18:28FOR THOSE OF US WHO HAVE BEEN
00:18:31TALKING ABOUT THIS, WE GO WAY,
00:18:33WAY BACK IN TIME, IN 2010, WHEN
00:18:36WE WERE STARTING SOME OF THESE EFFORTS.
00:18:40SOCIAL SECURITY 75-YEAR
00:18:42SHORTFALL WAS $5.4 TRILLION IN
00:18:452010 DOLLARS.
00:18:46NOW IT'S $30 TRILLION AND EVERY
00:18:50YEAR THE MATH GETS UGLIER. WE CAN TALK ABOUT PROCESSES.
00:18:54THE ONE THING WE LOOKED AT AND I
00:18:56LOOK FORWARD TO CONTINUING -- I'VE LAID OUT IDEAS, TAKEN HITS
00:19:00FROM BOTH SIDES ON SOME OF THE IDEAS I HAD.
00:19:02ONE THING I HOPE AS WE ARE
00:19:05FORCED TO GRAPPLE WITH THIS,
00:19:08THAT WHATEVER SITUATION AROUND
00:19:11CAPS AND AGE AND BENEFITS, THAT
00:19:13WE ALSO SET IN PROCESS
00:19:18-- WHERE WE DON'T WAIT ANOTHER
00:19:2230 OR 40 YEARS TO TAKE IT UP AGAIN. ONE OF THE THINGS WE
00:19:43I'M OPEN TO ALL IDEAS. AS SOMEBODY WHO HAS TAKEN HITS
00:19:47ON LAYING OUT SOME CONTROVERSIAL IDEAS, WE WILL HAVE TO COME BACK
00:19:50AND ADDRESS THEM AGAIN.
00:19:54BUT I BELIEVE HAVING THESE KIND OF HEARINGS TO STOP AT THIS
00:19:57STAGE.
00:19:59WE KNOW IT IS COMING, WE CANNOT
00:20:03PRETEND LIKE WE DID NOT SEE IT COMING DIRECTLY.
00:20:08AND OBVIOUSLY, THOSE OF US WHO
00:20:10HAVE WRESTLED WITH VERSUS
00:20:14MEDICARE, WHICH IS A REAL CHALLENGE. THIS STARTS WITH PLAIN OLD MATT,
00:20:19AND WORKING ON THIS COULD GET IT
00:20:23RIGHT. MIGHT NOT EVEN NEED TO GO TO AN AI BASED SOLUTION.
00:20:29MIGHT BE SENATORS PUT OUR HEADS TOGETHER AND SORT THIS OUT. THANK YOU FOR GIVING ME THE OPPORTUNITY.
00:20:36>> A, SENATOR WARNER. I FINALLY REMEMBER OUR WORK
00:20:40TOGETHER, AND I HOPE WE CAN DO
00:20:41ANOTHER SIMILAR ENDEAVOR THAT
00:20:44PUTS IT OVER THE GOAL LINE THIS TIME.
00:20:49SENATOR JOHNSON.
00:20:49>> MY 30 YEARS IN MANUFACTURING,
00:20:55SOLVES A LOT OF PROBLEMS. YOU REALIZE THERE IS A PROCESS TO SOLVING A PROBLEM.
00:20:58FIRST IS TO ADMIT YOU HAVE ONE, WHICH I THINK WE ALL ADMIT WE
00:21:01HAVE A PROBLEM. THE SECOND STEP IS EVEN MORE CRUCIAL.
00:21:07YOU HAVE TO PROPERLY FIND IT.
00:21:11THE LAST STEP IS THE SOLUTIONS.
00:21:17AROUND HERE WAS SEEMS TO HAVE IT, EVERYONE HAS THEIR PIECE OF
00:21:21LEGISLATION, THE SOLUTION, BUT THEY HAVE NOT DEFINED THE PROBLEM.
00:21:27SO LET ME THROW OUT THE PROBLEM
00:21:30WE HAVE TO DEAL WITH IS THE FACTOR WE ARE $40 TRILLION IN
00:21:34DEBT, HEADING TO $60 TRILLION.
00:21:38WE NEED TO AGREE ON COMMON FACTS.
00:21:42ONE OF THE FACTS THAT WE HAVE TO
00:21:46GRAPPLE WITH IS BENEFITS ALREADY EXCEED REVENUE.
00:21:50AGAIN, WE ARE HONORING THOSE BENEFITS.
00:21:54WHEN THE TRUST FUND RUNS OUT, IT
00:21:57SHOULDN'T BE A CALAMITY. WE'RE JUST GOING TO HAVE TO PLUS
00:22:01UP THOSE BENEFITS, AND WE WILL PROBABLY DO THAT.
00:22:05ONE FACTOR WE HAVE TO RECOGNIZE
00:22:06IS THE U.S. GOVERNMENT BONDS HAS NO VALUE.
00:22:11THE TRUST FUNDS A FICTION.
00:22:17ANOTHER THING WE HAVE TO GRAPPLE WITH IS SOCIAL SECURITY IS A
00:22:21LEGAL PONZI SCHEME. I GET CRITICIZE, BUT THAT IS WHAT THAT IS.
00:22:26WE EXTRACTED MONEY FROM
00:22:29TAXPAYERS, INVESTORS.
00:22:31WE SPENT THE MONEY, IT IS GONE,
00:22:35IT GOT PAID OUT TO EARLIER INVESTORS. NOTHING OF VALUE.
00:22:43I OFTEN HEAR FROM CONSTITUENTS WHO GO THAT IS MY MONEY. IT IS, TO A CERTAIN EXTENT.
00:22:48BUT I WANT TO ENTER INTO THE
00:22:50RECORD TABLE ONE, RATIOS FOR
00:22:55HYPOTHETICAL WORKERS WITH VARIOUS EARNINGS LEVELS.
00:22:58IT SAYS THE SOCIAL SECURITY RECIPIENT RECEIVES WHAT THEY RECEIVED FOR EACH DOLLAR THEY
00:23:02PUT IN THE FUNDS.
00:23:03IT RANGES FROM GETTING BACK $.59
00:23:06ON THE DOLLAR, TO A HIGH OF
00:23:09GETTING A HIGH OF GETTING $4.78 ON THE DOLLAR.
00:23:14IT IS A FICTION.
00:23:18IT WASN'T SET UP AS AN INVESTMENT FUND. YOU WILL NOT SOLVE THIS PROBLEM
00:23:22IF YOU ARE NOT WILLING TO
00:23:24RECOGNIZE HOW GROSSLY MISMANAGED SOCIAL SECURITY WAS FOR DECADES.
00:23:31BY POLITICIANS. BY OUR PREDECESSORS.
00:23:35THEY SQUANDERED THE MONEY. THERE IS NOTHING OF VALUE THERE.
00:23:38EVEN WORSE THAN THAT, THEY HAVE
00:23:41RUN UP ENORMOUS DEFICITS, $40
00:23:43TRILLION IN DEBT, SO WE MAY NOT
00:23:47HAVE THE FINANCIAL WHEREWITHAL TO CONTINUE TO TRUST UP BENEFITS.
00:23:51PERSONALLY, I AM AMAZED THE DEADLINE HAS NOT ALREADY GONE OFF.
00:23:55BECAUSE I GUESS WE ARE THE LEAST
00:24:00WORSE IN TERMS OF GOVERNMENTS AROUND THE WORLD.
00:24:04WHAT I WOULD SUGGEST IS LET'S AGREE ON COMMON FACTS.
00:24:11I HAD A BUDGET HEARING YESTERDAY, THE TITLE WAS MEDICAID'S REALITY.
00:24:17I KNOW MY DEMOCRATIC COLLEAGUES MUST HAVE GOT UNDER THEIR SKIN,
00:24:20BECAUSE IN THE END THEY SAID YOU WERE TURNING THIS INTO DEBATE SOCIETY.
00:24:24EXACTLY WHAT WE'RE DOING HERE.
00:24:28THEY DID NOT LIKE THE FACT WHEN THEY WOULD LIE AND SAY WE HAVE TO CUT, I HEARD THE EXACT SAME
00:24:33WORDS FROM THE RANKING MEMBER. WE ARE NOT, THAT IS A LIE.
00:24:39WE ARE NOT CUTTING AND SLASHING MEDICAID.
00:24:42WHICH I KEPT HAVING TO REPEAT,
00:24:462014, THE START OF MEDICAID EXPANSION, $300 BILLION.
00:24:512019 BEFORE THE PANDEMIC, 400 BILLION DOLLARS.
00:24:54LAST YEAR, $668 BILLION.
00:24:57I HAVE NOT SEEN A PROJECTION WHEN THE NUMBER DECREASES.
00:25:02IT IS A LIE. QUIT LYING.
00:25:06START TELLING THE TRUTH. ACKNOWLEDGE REALITY.
00:25:11I'M ALL FOR A PROCESS, BUT
00:25:13PLEASE LET'S HAVE THE PROCESS GO
00:25:16IN THE RIGHT ORDER. LET'S START TO FIND THE PROBLEM
00:25:20WITH FACTS. LET'S AGREE ON THE FACTS.
00:25:25STOP LYING ABOUT PEOPLE.
00:25:28STOP SAYING THAT WE WANT -- NO,
00:25:30WE WANT TO PRESERVE SOCIAL SECURITY. THE BEST WAY TO DO THAT IS
00:25:34REDUCE THE DEFICITS SO WE DON'T RUN THE MASSIVE DEBT BOMB THAT
00:25:38WILL BLOW UP IN OUR FACE AND WE WILL NOT HAVE THE WHEREWITHAL TO
00:25:40CROSS UP THE BENEFITS WHEN A
00:25:43FICTION OF THE SOCIAL SECURITY TRUST FUND RUNS OUT.
00:25:47>> THANK. SENATOR WHITEHOUSE.
00:25:49>> THIS HEARING IS NOT ABOUT MEDICAID, BUT LET ME POINT OUT
00:25:53THERE IS IN FACT AROUND $1 TRILLION IN CUTS COMING TO
00:25:57MEDICAID. AND WE KNOW THAT IS A FACT
00:26:00BECAUSE FACT-BASED PEOPLE OUT IN
00:26:01THE REAL WORLD LIKE HOSPITALS
00:26:04AND NURSING HOMES AND DOCTORS PRACTICES ARE ALREADY PLANNING
00:26:07THEIR FINANCES FOR THE CRASH IN
00:26:12REVENUE THAT IS GOING TO COME FROM THE REPUBLICAN BUILT RED
00:26:14TAPE BOMB IN MEDICAID TO
00:26:20BASICALLY DRIVE PEOPLE OFF BECAUSE THEY WILL NOT BE ABLE TO
00:26:23KEEP UP WITH THE RED TAPE REQUIREMENT. I CANNOT LET THAT GO.
00:26:28WITH RESPECT TO SOCIAL SECURITY,
00:26:31TRUST FUND IS GOING TO BE EXHAUSTED BUT YOU'RE EARLIER
00:26:35THAN PREDICTED. A LOT OF THAT IS THANKS TO THE BILLIONAIRES BILL THAT THE
00:26:39REPUBLICANS JAMMED THROUGH. IN 2032, JUST SIX YEARS FROM NOW.
00:26:45DEMOCRATS HAVE BEEN PRETTY OUT THERE. WE HAVE BILLS.
00:26:49YOU CAN LOOK AT IT. KICK THE TIRES, TAKE YOUR POT SHOTS.
00:26:53WE HAVE LEGISLATION THAT WILL MAKE SOCIAL SECURITY SOLVENT AS
00:26:57FAR AS THE EYE CAN SEE WITHOUT CUTTING BENEFITS.
00:27:01WHERE IS REPUBLICAN PROPOSAL? WHERE IS IT? IT DOESN'T EXIST.
00:27:06YOU WANT TO GO IN THE BACK ROOM AND GET WHEEL OR DEALS DONE THAT
00:27:09ALLOW FOR BENEFIT CUTS AND THINGS LIKE THAT THAT THEY DON'T WANT TO OWN SO THEY DON'T PUT IT OUT THERE.
00:27:14THAT IS WHERE WE ARE. THE FIRST THING WE SHOULD SEE IS
00:27:17IF REPUBLICANS WANT TO SOLVE SOCIAL SECURITY, PUT YOUR PLAN ON THE TABLE. WHY HIDE IT?
00:27:22PUT IT OUT THERE. WE HAVE DONE THAT.
00:27:26WHILE WE ARE AT IT ON SOCIAL SECURITY, NOT ONLY IS IT RUNNING
00:27:30OUT OF TRUST FUND, BUT WE'VE
00:27:36ALSO GOT SOCIAL SECURITY ADMINISTRATION INTERNAL COLLAPSE
00:27:39THANKS TO ELON MUSK AND HIS WRETCHED LITTLE DOGGY BOYS GOING
00:27:43IN AND GETTING A LOT OF PEOPLE FIRED FROM THEIR JOBS.
00:27:46WE'VE GOT REPORTING THAT THEY
00:27:49TOOK DATA, PLANNING TO TAKE
00:27:52SOCIAL SECURITY PRIVATE DATA, AND OFFER IT TO PRIVATE
00:27:56EMPLOYERS.
00:27:59THERE ARE A LOT OF PROBLEMS WITH SOCIAL SECURITY. BUT THE BIG ONE IS HOW DO WE
00:28:02MAKE SURE BENEFITS DON'T GET CUT IN 2032? WE HAVE A PLAN.
00:28:06WE ARE NOT ASHAMED OF OUR PLAN. WE PUT IT OUT THERE.
00:28:10IT IS NOT COMPLICATED. YOU MAKE PEOPLE WHO ARE MAKING
00:28:14HUGE AMOUNT OF INCOME PAY SOCIAL SECURITY TAXES AS EVERYONE ELSE
00:28:17ALL THE WAY UP THE REST OF THEIR INCOME.
00:28:19AND IF THEY ARE DODGING THEIR INCOME BECAUSE THEY ARE REALLY FANCY AND THEY HAVE BEEN ABLE TO
00:28:23PARK IT THROUGH VARIOUS TYPES OF
00:28:27CORPORATE OBSCURING, GO HUNT
00:28:32THAT DOWN AND MAKE SURE THAT THEY'VE GOT A SOCIAL SECURITY ON THAT AS WELL.
00:28:37YOU SHOULD NOT BE ABLE TO HIDE YOUR INCOME THROUGH A CORPORATE DEVICE AND DODGE SOCIAL SECURITY
00:28:41THAT WAY. YOU ARE STILL SPENDING IT, THAT
00:28:45IS THE WAY YOUR WORLD WORKS. WE CAN DO THAT.
00:28:49REMEMBER THE DAY WHEN BIDEN AT
00:28:52THE STATE OF THE UNION SAID NO
00:28:55BENEFIT CUTS TO SOCIAL SECURITY?
00:28:56AND THE WHOLE ROOM STOOD UP.
00:29:00UNANIMOUS, BIPARTISAN APPLAUSE.
00:29:04IF WE ARE STILL THERE, THE MATH IS REALLY SIMPLE.
00:29:07IF YOU DON'T CUT BENEFITS, YOU'VE GOT TO ADD REVENUE.
00:29:11WHERE WOULD YOU WANT TO GO FOR REVENUE?
00:29:15WHY NOT TO THE HIGHEST INCOME PEOPLE WHO ARE NOT PAYING INTO
00:29:19IT NOW BEYOND WHAT AN ORDINARY NURSE OR PLUMBER WOULD?
00:29:23THAT DOESN'T MAKE ANY SENSE. WHY WOULD YOU REWARD PEOPLE FOR
00:29:26DODGING THEIR INCOME THROUGH CORPORATE SCREAMS SO THAT THEY
00:29:28DON'T HAVE TO COUNT IT AS
00:29:32PAYROLL, THEY BRING IT IN OTHER WAYS.
00:29:36THIS SHOULD NOT BE HARD.
00:29:38AND THE FIRST STEP IS GOING TO
00:29:44BE OUR REPUBLICAN COLLEAGUES, PUT UP OR SHUT UP.
00:29:48GIVE US A PLAN.
00:29:50IF YOU DON'T HAVE ONE, LET'S HAVE A VOTE ON OURS AND YOU CAN
00:29:53VOTE IT DOWN AND ON THAT.
00:29:55BUT WE HAVE BEEN VERY CLEAR,
00:29:58MULTIPLE DEMOCRAT SENATORS HAVE PUT OUT PLAN AFTER PLAN THAT WILL MAKE SOCIAL SECURITY
00:30:02SOLVENT, MIGHT MAKE SOCIAL SECURITY AND MEDICARE SOLVENT
00:30:06FOR 75 YEARS AS FAR AS THE EYE
00:30:09CAN SEE, ACCORDING TO BOTH SOCIAL SECURITY AND THE CMS ACTUARIES.
00:30:13WE CAN DO THIS. THEY ARE RIGHT IN FRONT OF US.
00:30:17IT IS A QUESTION OF POLITICAL WILL. OF SOME PEOPLE NOT WANTING TO
00:30:21OWE WHAT THEY WANT TO DO TO SOCIAL SECURITY. THAT IS OUR PROBLEM. THANK YOU.
00:30:26>> THANK YOU, SENATOR.
00:30:28BEFORE I GO TO THE WITNESSES, I HAVE TO MAKE ONE CLARIFICATION.
00:30:33THIS NOTION THAT REPUBLICANS HAVEN'T GOT ANY IDEA OR HAVE NOT PUT UP ANY PLANS IS FALSE.
00:30:39THE REALITY IS BEFORE YOU GOT
00:30:41HERE, SENATOR WHITEHOUSE, SENATOR WARNER AND I WERE
00:30:44TALKING ABOUT A PLAN THAT I HAVE
00:30:46PUT UP WITH HIM AND OTHERS BEFORE, AND WE HAVE DONE THIS
00:30:49OVER THE YEARS, AND THERE ARE THOSE SITTING HERE WHO HAVE PUT
00:30:53OUT PLANS. LET'S NOT MAKE THIS PARTISAN.
00:30:57LET'S GET TOGETHER AND WORK ON SOLUTIONS. THEN WE CAN HOPEFULLY GET TO
00:31:01SOMETHING WE CAN PUT OVER THE FINISH LINE AND PASS.
00:31:06>> MR. CHAIRMAN, I'M ALL FOR SOLUTIONS, BUT I THINK THEY HAVE
00:31:09TO BE SOLUTIONS, AND NOT
00:31:12COMMISSIONS, AND WORK PROJECTS THAT DON'T ACTUALLY HAVE A SOLUTION IN THEM.
00:31:17I THINK A LOT OF THAT STUFF IS ANOTHER WAY TO HIDE WHAT PEOPLE WANT TO DO IN TERMS OF CUTTING BENEFITS.
00:31:23>> MR. CHAIRMAN, THE GOOD NEWS IS SINCE WE ARE VOTING ONLY ON A
00:31:25BILL TODAY TO GIVE A PROCESS FOR
00:31:29SENATOR WHITEHOUSE'S BILL TO BE THE SOLUTION, I THINK HE WILL ENDORSE THIS.
00:31:33WE ARE NOT VOTING ON SOLUTIONS TODAY, WE ARE VOTING ON A
00:31:37PROCESS BY WHICH THE BILL --
00:31:41SINCE THE SENATOR OFFERED, OR A BILL LIKE I AND DICK DURBIN HAVE OFFERED, THAT IS A GOOD THING.
00:31:46I LOOK FORWARD TO SUPPORT FOR THIS BILL.
00:31:51>> THANK YOU, SENATOR CASSIDY.
00:31:54TO OUR WITNESSES, IT IS TIME FOR YOU.
00:31:58THERE IS A LOT OF EMOTION AND INTENSITY ON BOTH SIDES OF THE AISLE.
00:32:03I THINK THAT IS A GOOD THING
00:32:04BECAUSE IT SHOWS THERE'S A LOT
00:32:08OF DESIRE TO GET THIS ISSUE ADDRESSED.
00:32:10WE MAY STILL HAVE OUR FIGHTS, BUT WE WANT TO GET THIS FIXED.
00:32:14THAT IS WHY I'M HOLDING THIS
00:32:17HEARING, AND WHY WHAT WILL COME OUT OF THE HEARING IS SUPPORT
00:32:20FROM YOU WITH IDEAS AND ANALYTICS AND ASSISTANCE TO HELP
00:32:24US FIGURE OUT WHAT THE PLAN SHOULD BE.
00:32:31BEFORE I ASK YOU TO BEGIN, GIVE A BRIEF INTRODUCTION OF EACH OF
00:32:35OUR WITNESSES.
00:32:37>> OUR FIRST WITNESS WILL BE MR.
00:32:40GOLDMINE, THE VICE PRESIDENT AND SENIOR POLICY DIRECTOR AT THE COMMITTEE FOR A RESPONSIBLE BUDGET.
00:32:44PRIOR TO JOINING THE COMMITTEE FOR A RESPONSIBLE FEDERAL
00:32:47BUDGET, HE SERVED AS ASSOCIATE
00:32:50DIRECTOR OF THE NATIONAL COMMISSION ON FISCAL
00:32:52RESPONSIBILITY AND REFORM KNOWN
00:32:55AS THE BALL SIMPSON COMMISSION, WHICH I REFERENCED AND SERVED
00:32:59ON. AND SENIOR BUDGET ANALYSTS ON THE JOINT SELECT COMMITTEE ON
00:33:02DEFICIT REDUCTION, ALSO KNOWN AS THE SUPERCOMMITTEE.
00:33:07DR. BLAIR HOUSE IS THE J FISH
00:33:11AND LILY SMITH CHAIR AND SENIOR
00:33:13RESEARCH STRATEGIST AT THE MAKEDA CENTER.
00:33:18HE SPECIALIZES IN DOMESTIC ECONOMIC POLICY AND RETIREMENT
00:33:22SECURITY WITH AN EMPHASIS ON SOCIAL SECURITY.
00:33:24AS WELL AS FEDERAL FISCAL POLICY, ENTITLEMENTS, AND HEALTH CARE PROGRAMS.
00:33:30HE'S THE AUTHOR OF SOCIAL SECURITY, THE UNFINISHED WORK.
00:33:34HE ALSO SERVES AS PUBLIC TRUSTEE
00:33:37FOR SOCIAL SECURITY AND MEDICARE FROM 2010 TO 2015.
00:33:45MS. LAMONT'S EXECUTIVE VICE PRESIDENT AND CHIEF ADVOCACY AND ENGAGEMENT OFFICER AT AARP.
00:33:51WHERE SHE HAS DIRECTED SEVERAL
00:33:54NOTABLE ADVOCACY CAMPAIGNS FOR AARP AMONG OTHER ACHIEVEMENTS.
00:33:58SHE ALSO OVERSEES AARP'S PUBLIC OUTREACH AND EDUCATION
00:34:02INITIATIVES AS WELL AS STATE AND LOCAL ADVOCACY AND COMMUNITY
00:34:04ENGAGEMENT ACROSS ALL 50 STATES.
00:34:09THE DISTRICT OF COLUMBIA, PUERTO RICO, AND THE U.S. VIRGIN ISLANDS.
00:34:13MISS VALLAS SERVES AS CHIEF
00:34:15EXECUTIVE OFFICER OF THE ACADEMY OF SOCIAL INSURANCE.
00:34:20PREVIOUSLY A SENIOR FELLOW AT
00:34:22THE CENTURY FOUNDATION, WHERE SHE FOUNDED THE ORGANIZATION'S
00:34:26DISABILITY ECONOMIC JUSTICE WORK
00:34:27AND LAUNCHED A NATIONAL CAMPAIGN
00:34:31TO MODERNIZE SUPPLEMENTAL SECURITY INCOME.
00:34:34WE WILL BEGIN WITH MR. GOLDLINE'S OPENING STATEMENT
00:34:38FOLLOWED BY DR. BLAIR HOUSE,
00:34:40MISS LAMONT, AND MISS VALLAS.
00:34:44>> THANK YOU, CHAIRMAN, RANKING MEMBER, MEMBERS OF THE FINANCE COMMITTEE.
00:34:47THANK YOU FOR INVITING ME TO
00:34:49TESTIFY ON THIS IMPORTANT ISSUE. SOCIAL SECURITY IS THE BEDROCK
00:34:53OF AMERICA'S COURT SYSTEM PROVIDING VITAL BENEFITS TO 70 MILLION AMERICANS.
00:34:58SOCIAL SECURITY'S RETIREMENT TRUST FUND IS IN CRISIS.
00:35:02IN JUST SIX YEARS, THE RETIREMENT PROGRAM IS PROJECTED
00:35:05TO BE INSOLVENT. THAT IS NOT FAR OFF.
00:35:07IT IS WHEN TODAY'S YOUNGEST RETIREES TURN 68 AND THE NEXT
00:35:11CLASS OF SENATORS FINISH UP THEIR FIRST TERM. AT THAT POINT THE LAW CALLS FOR
00:35:15A 22 PERCENT BENEFIT CUT. THE EQUIVALENT OF $500 PER PERSON EACH MONTH.
00:35:21CONGRESS COULD CHANGE THE LAW USING GENERAL FUNDS TO COVER
00:35:24SOCIAL SECURITY'S FINANCING GAP, BUT IT WOULD ENTAIL BORROWING AN
00:35:28ADDITIONAL $190 TRILLION OVER THE NEXT 75 YEARS.
00:35:31THE EQUIVALENT OF 165% OF GDP ON
00:35:35TOP OF WHAT WE ALREADY OWE. THAT ADDITIONAL BORROWING WOULD
00:35:39STIFLE ECONOMIC AND INCOME GROWTH, BALLOON INTEREST RATES, AND LIKELY SEND THE COUNTRY INTO
00:35:43A DANGEROUS DEBT SPIRAL.
00:35:44PAYING OUT OF THE GENERAL FUND WOULD END SOCIAL SECURITY AS WE
00:35:48KNOW IT AS A SELF FINANCED CONTRIBUTORY SOCIAL INSURANCE PROGRAM.
00:35:55FORTUNATELY, A NUMBER OF WELL-KNOWN SOLUTIONS FOR SOCIAL SECURITY WITHOUT SPARKING A
00:35:59FINANCIAL CRISIS. PROPOSALS TO ENACT PROGRESSIVE BENEFIT REFORMS, INCREASE
00:36:01PAYROLL TAX, OR ADJUST THE RETIREMENT AGE HAVE BEEN WELL
00:36:05VETTED AND SHOULD BE CONSIDERED AS PART OF ANY SOLVENCY PACKAGE.
00:36:09MY ORGANIZATION HAS BEEN DEVELOPING NOVEL SOLUTIONS,
00:36:13INCLUDING IMPOSING A 100,000 ARE CAP ON THE AMOUNT OF BENEFITS A
00:36:16COUPLE CAN COLLECT, INCLUDING BROADENING THE EMPLOYER PAYROLL TAX BASE TO COVER ALL
00:36:20COMPENSATION, CAPPING FOR
00:36:24RECEIVERS, PERFORMING THE TAXATION OF BENEFITS, AND I COULD GO ON.
00:36:27THE CHALLENGE BEFORE WASHINGTON IS LESS ABOUT WHAT TO DO TO SAVE SOCIAL SECURITY, AND MORE ABOUT HOW.
00:36:33BASED ON MY RESEARCH AND PERSONAL EXPERIENCE, I SUGGEST
00:36:36YOU TASK A COMMISSION, COUNCIL,
00:36:39OR ADVISORY BOARD TO FACILITATE AN AGREEMENT ON A SOLVENCY PACKAGE BEFORE IT IS TOO LATE.
00:36:44THE APPROACH WOULD NOT BE NEW FOR SOCIAL SECURITY.
00:36:47ALL MAJOR LEGISLATION, ALL OF THE MOST SIGNIFICANT SOCIAL SECURITY LAWS EVER PASSED WERE
00:36:51DEVELOPED WITH THE HELP OF AN OUTSIDE COMMISSION OR A COUNCIL. THE SOCIAL SECURITY ACT CAME
00:36:56FROM THE COMMITTEE ON ECONOMIC
00:36:59SECURITY, MAJOR LEGISLATION IN
00:37:021939, 1950, 1956, 1972, 1977,
00:37:05CAME OUT OF THE WORK OF SOCIAL ADVISORY COUNCILS.
00:37:10AND THE LANDMARK 1983 REFORM,
00:37:13WHICH BROUGHT 50 YEARS OF SOLVENCY, WAS DEVELOPED AND
00:37:15NEGOTIATED IN PART THROUGH THE GREENSPAN COMMISSION.
00:37:19WHEN IT COMES TO SOCIAL SECURITY, THESE PROPHECIES ARE THE REGULAR ORDER.
00:37:24OF COURSE THEY DON'T REMOVE ELECTED OFFICIALS FROM THE IMPORTANT ROLES AND
00:37:28RESPONSIBILITIES IN THE LEGISLATIVE PROCESS.
00:37:32THEY HELP FACILITATE BIPARTISAN AGREEMENTS BY SETTING FORTH A SPECIFIC MISSION AND
00:37:35ESTABLISHING A SAFE SPACE TO
00:37:37DEVELOPING OPTIONS, TRADE-OFFS, AND COMPROMISES.
00:37:41OVER THE YEARS, CONGRESS ESTABLISHED HUNDREDS OF COMMISSIONS, ADVISORY COUNCILS,
00:37:45AND OTHER GROUPS FOCUSED ON ALL SORTS OF TOPICS.
00:37:49MANY FAIL, BUT MANY SUCCEED, AND THEY TAKE DIFFERENT FORMS.
00:37:52IN THE CASE OF THE BRAT COMMISSION TO CONSOLIDATE
00:37:56MILITARY BASES, CONGRESS ENACTED THE RECOMMENDATIONS IN FULL.
00:37:59FOR THE GREENSPAN COMMISSION, THAT IS A VENUE FOR NEGOTIATIONS
00:38:02BETWEEN PRESIDENT REAGAN AND THE SPEAKER.
00:38:06THE 9/11 COMMISSION DEVELOPED
00:38:09RECOMMENDATIONS CONGRESS AND THE PRESIDENT IMPLEMENT IT A PIECEMEAL BASE ON THEIR OWN POLICY JUDGMENT.
00:38:14I WAS LUCKY ENOUGH TO SERVE ON TWO OF THESE COMMITTEES, INCLUDING WORKING WITH THE
00:38:18CHAIRMAN AND SENATOR DURBIN ON
00:38:21THE FISCAL COMMISSION IN 2010. IF OUR COMMISSION DEVELOPED A
00:38:24PLAN TO STEM THE GROWTH OF DEBT AND WE SERVE PERMANENT SOLVENCY
00:38:28TO SOCIAL SECURITY. 11 OUT OF 18 OF OUR MEMBERS
00:38:31SUPPORTED THESE RECOMMENDATIONS.
00:38:34IT EVEN IN THIS BODY WOULD BE A FILIBUSTER PROOF SUPERMAJORITY.
00:38:38OUR RECOMMENDATIONS WERE NOT ENACTED IN FULL INTO LAW BUT
00:38:41SPARKED A NATIONAL CONVERSATION FOR FISCAL POLICY AND NEARLY
00:38:45CULMINATED IN -- THREE DIFFERENT TIMES.
00:38:49THE COMMISSION WAS ABLE TO REACH AGREEMENTS BECAUSE MEMBERS TOOK
00:38:53THE TIME TO BRING A COMMON SET OF FACTS AND BUILT A SHARE TRUST
00:38:57AND UNDERSTANDING. THE CHAIRMAN POINTED OUT BEFORE THE RELATIONSHIPS BUILT ON THAT
00:39:00COMMISSION WERE A VERY BIG PART OF ITS SUCCESS.
00:39:03OF COURSE, ALL SIDES HAD TO COMPROMISE, THEY DID SO IN THE
00:39:07SPIRIT OF SECURING FINANCES AND SAVING SOCIAL SECURITY FOR GENERATIONS TO COME.
00:39:11I WANT TO CLOSE BY QUOTING THE LATE 70'S TOM COLE TOM COBURN,
00:39:15WHO VOTED -- SAID THIS BEFORE HE VOTED, WHICH HE DECLARED HE
00:39:19HATED HALF OF IT.
00:39:20ALL REPUBLICS FAIL, THEY FAIL OVER FISCAL ISSUES.
00:39:27THE WAY WE REACH HISTORY IS -- SO WE CREATE A FUTURE THAT IS
00:39:31HONORING THE TREMENDOUS SACRIFICE THAT CAME BEFORE US. THANK YOU TO THE MEMBERS OF THIS
00:39:35COMMITTEE FOR YOUR IMPORTANT WORK.
00:39:38>> THANK YOU VERY MUCH. >> THANK YOU, CHAIRMAN, RANKING
00:39:41MEMBER WYDEN, ALL THE COMMITTEE MEMBERS.
00:39:45I WOULD LIKE TO MAKE FOUR POINTS BASED ON MY WRITTEN STATEMENT.
00:39:49SOCIAL SECURITY SOLVENCY MATTERS.
00:39:51THIS IS NOT JUST AN ABSTRACT ACCOUNTING EXERCISE.
00:39:54THERE'S A REASON SOCIAL SECURITY BENEFITS ARE SO RELIABLE AND
00:39:58AMERICANS DON'T REGARD THEM BECAUSE WELFARE.
00:40:00WHEN YOU GET A JOB THAT YOU PAY
00:40:03SOCIAL SECURITY PAYROLL TAXES, THESE DEDICATED TAXES ARE CREDITED TO SPECIAL TRUST FUNDS
00:40:07WHOSE SOLE PURPOSE IS TO FIND A SECURITY OBLIGATIONS.
00:40:11THE FUNDS CANNOT SPEND BEYOND THE REVENUES THEY COLLECT.
00:40:15YOUR BENEFIT IS A METH MEDICAL
00:40:17FUNCTION OF YOUR EARNINGS THAT WERE TAXED.
00:40:20ALL OF THIS ENABLES WORKERS TO SAY TO ELECTED OFFICIALS WE HAVE
00:40:22EARNED THESE BENEFITS, WE PAY FOR THESE BENEFITS, YOU CANNOT
00:40:26ARBITRARILY TAKE THEM AWAY. THERE IS A PRICE FOR THAT UNIQUE
00:40:30SECURITY AND POLITICAL STRENGTH. IT ONLY WORKS AS LONG AS
00:40:34LAWMAKERS ALIGN BENEFIT SCHEDULES WITH WHAT WORKER CONTRIBUTIONS CAN FINANCE.
00:40:38THIS IS SOMETIMES MEANT INCREASING TAX COLLECTIONS,
00:40:41MODERATING BENEFIT GROWTH, AND ADJUSTING ELIGIBILITY AGENTS. IF WE ARE NO LONGER WILLING TO
00:40:45DO SUCH THINGS, WE CAN'T HAVE THIS TYPE OF SOCIAL SECURITY SYSTEM ANYMORE.
00:40:49WE CAN HAVE A SOCIAL SECURITY SYSTEM, BUT A VERY DIFFERENT ONE
00:40:53WITH BENEFIT LEVELS DISCONNECTED
00:40:56FROM INDIVIDUAL CONTRIBUTIONS. WORKERS CAN NO LONGER ASSERT
00:40:58THEY PAID FOR THEIR BENEFITS.
00:41:01SOCIAL SECURITY'S BIPARTISAN ADVISORY COUNCILS REPEATEDLY WARNED DO NOT LET THAT HAPPEN.
00:41:07KEEP THE SYSTEM SELF FINANCING AND SOLVENT FOR SOCIAL SECURITY
00:41:10TO KEEP FUNDING EACH YEAR WITHIN THE GENERAL BUDGET, UNIQUE RELIABILITY OF ITS BENEFITS
00:41:14WOULD BE LOST.
00:41:18SPEED IS ESSENTIAL. JUST LIKE A PATIENT FACING A
00:41:21POTENTIALLY LETHAL CONDITION, THE LONGER TREATMENT IS DELAYED,
00:41:24THE WEAKER THE PROSPECTS FOR SUCCESS. THE CURRENT SITUATION DIFFERS
00:41:27DRAMATICALLY FROM THE ONE SUCCESSFULLY CONFRONTED IN 1983.
00:41:31THIS TIME THERE IS NOT THE LUXURY OF WAITING UNTIL THE TRUST FUNDS ARE NEARLY DEPLETED.
00:41:38THE 2016 TRUSTEES REPORT FOUND THE SHORTFALL EQUALED 19% OF FUTURE BENEFIT CLAIMS.
00:41:4410 YEARS LATER, THIS YEAR'S REPORT FOUND IT EQUALS 30% OF FUTURE BENEFIT CLAIMS.
00:41:48BY THE TIME THE TRUST FUND FACES
00:41:51DEPLETION, IT IS CLEARLY TOO LATE. AT THAT POINT, EVEN IF NEW
00:41:55CLAIMS WERE COMPLETELY CUT OFF, THE TRUST FUND COULD STILL RUN OUT.
00:41:59WE ARE RAPIDLY PASSING THE POINT OF NO RETURN.
00:42:02PAST WHICH IT BECOMES IMPLAUSIBLE SOCIAL SECURITY'S HISTORIC DESIGN CAN BE RETAINED.
00:42:07THIRD, WHETHER A SOLUTION HOLDS DEPENDS ON THE ANALYSIS DONE WHILE DEVELOPING IT.
00:42:11THE 1983 REFORMS WERE A MAJOR ACHIEVEMENT BUT BEGAN UNRAVELING ALMOST IMMEDIATELY.
00:42:16THE 1985 REPORT SHOWED A
00:42:20SIGNIFICANT SHORTFALL, WHICH MORE THAN QUINTUPLED AND BECAME BIGGER THAN THE ONES JUST
00:42:23ADDRESSED ALL WITHIN A DECADE.
00:42:26THIS HAPPENED BECAUSE THE GREENSPAN COMMISSION RELIED ON ESTIMATES OF HOW MUCH EACH
00:42:29PROVISION WOULD APPROVE THINGS ON AVERAGE OVER 75 YEARS, RATHER
00:42:33THAN HOW EACH PROVISION WOULD AFFECT ANNUAL OPERATIONS IN DIFFERENT YEARS.
00:42:59, THE LAST THING YOU WANT IS TO HAVE A REPORT SEE THE PROBLEM IS BACK.
00:43:03TO PREVENT THAT, YOU NEED TO MAKE SURE YOUR PLAN PASSES BOTH TESTS.
00:43:07WHILE MY TESTIMONY OUTLINES WHY
00:43:09THEY TAKE A 75 YEAR VIEW, A 50
00:43:12YEAR VIEW CAN WORK PROVIDED BOTH OF THESE TESTS ARE PASSED.
00:43:16FOURTH, THE PROCESS AND PRODUCT NEED TO BE BIPARTISAN.
00:43:19SINCE THE SHORTFALL REEMERGED, THERE HAVE BEEN 15 DIFFERENT YEARS WHEN ONE PARTY OR THE
00:43:23OTHER HAS CONTROLLED THE LEGISLATIVE AND EXECUTIVE BRANCHES.
00:43:27IF EITHER PARTY COULD DO THIS WITHOUT THE OTHER, IT WOULD HAVE BEEN DONE BY NOW.
00:43:32THE 1983 EXPERIENCE INSTRUCTED
00:43:34HOW KEY LAWMAKERS CAN BE BROUGHT INTO A BIPARTISAN NEGOTIATION.
00:43:37THE MOST INFLUENTIAL SENATORS
00:43:38WERE ON THE 83 COMMISSION, HOUSE
00:43:42LEADERSHIP EFFECTIVELY REPRESENTED, AND THE WHITE HOUSE PARTICIPATED IN NEGOTIATIONS.
00:43:46THE COMMISSION CONTAINED ENOUGH OUTSIDE EXPERTS TO PROVIDE NEW COVER.
00:43:51REASONS WE NEED BIPARTISAN COMPROMISE ARE NOT JUST POLITICAL. THEY ARE MATHEMATICAL.
00:43:55THERE WAS ONCE A TIME WHEN THE
00:43:57SHORTFALL WAS THE SIZE HE COULD REALISTICALLY BE FIXED WITH
00:44:00SOCIAL REVENUES, SLOWING BENEFIT GROWTH, OR THE ELIGIBILITY AGENTS.
00:44:05THAT TIME HAS LONG PASSED. MAYBE THERE ARE INDIVIDUAL
00:44:09NUMBERS OF CONGRESS WILLING TO INCREASE AMERICAN PAYROLL TAX BURDENS BY THE NECESSARY ONE
00:44:13THIRD, OR TO CUT FUTURE BENEFIT
00:44:14CLAIMS BY 50% ACROSS THE BOARD.
00:44:18UNTIL CONGRESSIONAL LEADERSHIP CAN DELIVER THE VOTES TO ENACT
00:44:20ONE EXTREME OR ANOTHER, WE SHOULD ASSUME A COMBINATION OF
00:44:24LESS EXTREME MEASURES WILL BE NECESSARY. I WILL CLOSE BY COMMENDING THE
00:44:27COMMITTEE FOR HOLDING THE HEARING AND EXPLORING WAYS FORWARD.
00:44:29THE AMERICAN PUBLIC WILL BE WELL
00:44:32SERVED IF THE LEADERSHIP RESULTS IN A SIGNIFICANT EXTENSION OF SOCIAL SECURITY SOLVENCY. THANK YOU.
00:44:37>> THANK YOU VERY MUCH.
00:44:41>> CHAIRMAN, RANKING MEMBER WYDEN, AND MEMBERS OF THE
00:44:44COMMITTEE, THANK YOU FOR THE OPPORTUNITY TO TESTIFY TODAY. IT IS A PLEASURE TO BE WITH YOU.
00:44:49I WANT TO BEGIN BY APPLAUDING THIS COMMITTEE FOR COMING
00:44:53TOGETHER ACROSS PARTY LINES TO TALK ABOUT SOCIAL SECURITY'S FUTURE.
00:44:58AARP PROBABLY REPRESENTS REPUBLICANS, DEMOCRATS, AND
00:45:02INDEPENDENCE, ALL OF WHOM SEE
00:45:04STORY AFTER STORY ABOUT PARSON
00:45:08DIVISION. WE KNOW THIS WORK IS HARD, AND
00:45:10ALREADY IN CONGRESS, AARP HAS ENDORSED MORE THAN 130
00:45:14BIPARTISAN BILLS TO SUPPORT
00:45:15FAMILY CAREGIVERS, TO LOWER
00:45:18PRESCRIPTION DRUG PRICES, TO CRACK DOWN ON FRAUD, STRENGTHEN
00:45:22SOCIAL SECURITY AND CUSTOMER SERVICE.
00:45:24FOR NEARLY 91 YEARS, SOCIAL
00:45:27SECURITY HAS BEEN ONE OF THE MOST ENDURING PROMISES IN
00:45:31AMERICAN HISTORY. WORK HARD, CONTRIBUTE THROUGHOUT
00:45:34YOUR CAREER, AND RETIRE WITH THE FOUNDATION OF FINANCIAL
00:45:38SECURITY.
00:45:41TODAY, THAT PROMISE SUPPORTS 71 MILLION AMERICANS WITH NEARLY
00:45:44185 MILLION WORKERS PAYING WITH EVERY PAYCHECK.
00:45:51OUR MESSAGE TODAY IS SIMPLE. TO PROTECT AND STRENGTHEN SOCIAL
00:45:54SECURITY WITHOUT CUTTING THE BENEFITS AMERICANS HAVE EARNED
00:45:58THROUGH A LIFETIME OF WORK, AND DO THIS IN CONGRESS THROUGH
00:46:02REGULAR ORDER IN FULL VIEW OF THE AMERICAN PEOPLE.
00:46:07IT IS FAR IMPORTANT TO BE
00:46:11RUSHED, OUTSOURCED, OR DECIDED BEHIND CLOSED DOORS.
00:46:13AT AARP, WE HEAR EVERY DAY WHAT
00:46:17SOCIAL SECURITY MEANS TO OUR MEMBERS.
00:46:20MEMBERS LIKE LEE FROM OREGON,
00:46:21WHO WORKED HIS ENTIRE LIFE, THEN
00:46:25CAME HIS WIFE'S MEDICAL CRISIS. HE TOLD US WERE IT NOT FOR
00:46:28SOCIAL SECURITY, HE WOULD BE
00:46:33HOMELESS. LEE IS NOT ALONE, YOU CAN HEAR
00:46:37FROM WAYS BACK HOME ALL THE TIME.
00:46:3943% OF OLDER HOUSEHOLDS RELY ON SOCIAL SECURITY FOR MORE THAN
00:46:43HALF OF THEIR INCOME AT A TIME
00:46:46WHEN 37% OF OLDER ADULTS SAY THEY FEEL FINANCIALLY INSECURE.
00:46:51WOMEN IN PARTICULAR RELY MORE ON
00:46:55SOCIAL SECURITY BECAUSE THEY OFTEN SPENT FEWER YEARS IN THE
00:46:58WORKFORCE, EARNED LOWER LIFETIME WAGES, AND LIVE LONGER.
00:47:02PUT SIMPLY, WHEN SOCIAL SECURITY IS SECURE, MILLIONS OF FAMILIES
00:47:05ARE MORE SECURE, AND SO IS OUR
00:47:09ECONOMY. SOCIAL SECURITY SUPPORTS $2.6
00:47:12TRILLION IN ECONOMIC ACTIVITY EVERY YEAR.
00:47:16MANY FORGET THE BENEFIT REDUCTIONS ENACTED IN 1983 ARE
00:47:20STILL BEING PHASED IN TODAY.
00:47:22TO PUT THOSE REDUCTIONS IN CONTEXT, FOR SOMEONE RETIRING
00:47:26TODAY, THOSE CHANGES HAVE ALREADY REDUCED THEIR SOCIAL SECURITY BY AN AVERAGE OF NEARLY 19%.
00:47:33ALL THE WHILE, FUTURE
00:47:35GENERATIONS ARE LIKELY TO RELY ON SOCIAL SECURITY EVEN MORE.
00:47:41PRIVATE PENSIONS HAVE MOSTLY VANISHED.
00:47:43AROUND HALF OF OUR WORKFORCE HAS
00:47:45NO EMPLOYER SPONSORED RETIREMENT PLAN.
00:47:4842% OF AMERICANS AGE 50 PLUS WHO
00:47:51ARE YET RETIRED HAVE LESS THAN
00:47:55$50,000 IN RETIREMENT SAVINGS. ALL OF THIS MEANS SOCIAL
00:47:59SECURITY WILL REMAIN ESSENTIAL FOR MANY YEARS TO COME.
00:48:03THAT IS WHY 81% OF OLDER
00:48:04AMERICANS ACROSS PARTY LINES
00:48:08REJECT CUTTING SOCIAL SECURITY BENEFITS TO SAVE IT.
00:48:12OUR MESSAGE IS STRAIGHTFORWARD, DO NOT CUT SOCIAL SECURITY THE PEOPLE HAVE EARNED.
00:48:17AND TO BE CLEAR, THERE IS WORK TO DO.
00:48:20THE QUESTION FOR US IS NOT WHETHER TO ACT, IT IS HOW
00:48:24CONGRESS ACTS. THE HISTORY OF SPECIAL COMMISSIONS IS LITTERED WITH
00:48:29VERY GOOD INTENTIONS AND FAILED RESULTS THAT TYPICALLY LACKED
00:48:33THE CLOUT, POWER, AND JURISDICTION TO DO THIS HARD WORK.
00:48:38SOCIAL SECURITY'S FUTURE BELONGS
00:48:40AT THIS TABLE BEFORE THIS COMMITTEE.
00:48:44THIS COMMITTEE HAS JURISDICTION, THE CLOUD, AND A 90 YEAR HISTORY
00:48:47OF SOLVING HARD SOCIAL SECURITY PROBLEMS.
00:48:50HEARINGS LIKE THIS ONE ARE EXACTLY WHAT WILL LEAD US FROM DISCUSSION TO ACTION.
00:48:56WE ARE CONFIDENT CONGRESS CAN GET THE JOB DONE THROUGH REGULAR ORDER BECAUSE YOU HAVE DONE IT BEFORE.
00:49:02AARP DOES NOT OPPOSE ACTION. WE WANT CONGRESS TO ACT SOONER
00:49:05RATHER THAN LATER, AND WE BRING
00:49:09WITH US THE VOICE OF THE VAST MAJORITY OF AMERICANS WHO WANT
00:49:12THIS PROMISE KEPT WITHOUT CUTS.
00:49:14WE WANT TO PARTNER WITH YOU IN LIFTING THESE VOICES UP.
00:49:17MANY OF YOU HAVE JOINED US FOR TOWN HALLS OR EVENTS.
00:49:21I HOPE WE CAN CONTINUE TO DO MORE WITH YOU AND BRING THIS
00:49:23IMPORTANT DIALOGUE TO MORE
00:49:27AMERICANS IN YOUR STATES. WE LOOK FORWARD TO WORKING WITH
00:49:30THE COMMITTEE THROUGH REGULAR ORDER TO GET THIS DONE.
00:49:33THANK YOU VERY MUCH. >> THANK YOU. I APPRECIATED WORKING WITH YOU
00:49:37IN THE PAST AND WILL CONTINUE TO APPRECIATE WORKING WITH YOU ON THIS.
00:49:43>> CHAIRMAN CRAPO, RANKING MEMBER WYDEN, MEMBERS OF THE COMMITTEE. THANK YOU FOR THE OPPORTUNITY TO TESTIFY.
00:49:49I HAVE THE PRIVILEGE OF SERVING
00:49:53AS CHIEF EXECUTIVE OFFICER OF THE NATIONAL ACADEMY OF SOCIAL INSURANCE.
00:49:56THIS YEAR AS OUR NATION CELEBRATES 200 50 YEARS OF
00:49:59AMERICAN DEMOCRACY, WE ARE CELEBRATING THE SIMPLE BUT
00:50:02PROFOUND IDEA THAT LIES AT ITS HEART.
00:50:07THE GOVERNMENT EXISTS TO SERVE THE PEOPLE, AND THOSE ENTRUSTED
00:50:11WITH PUBLIC OFFICE ARE STEWARDS OF INSTITUTIONS THAT BELONG NOT
00:50:15TO ANY ONE POLITICAL PARTY, BUT TO THE AMERICAN PEOPLE AS A WHOLE.
00:50:20FEW INSTITUTIONS BETTER IN BODY THAT IDEA THAN SOCIAL SECURITY.
00:50:2491 YEARS AGO THIS MONTH, WHEN
00:50:28PRESIDENT ROOSEVELT SIGNED THE SOCIAL SECURITY ACT INTO LAW, HE
00:50:32CALLED IT A CORNERSTONE IN A STRUCTURE WHICH BY NO MEANS IS COMPLETE.
00:50:36I'VE ALWAYS LOVED THOSE WORDS OF FDR BECAUSE THEY REMIND US
00:50:39SOCIAL SECURITY HAS NEVER BEEN A FINISHED PROJECT.
00:50:42IT IS A LIVING EXPRESSION OF OUR DEMOCRACY AND HOW WE SHOW UP FOR ONE ANOTHER WHEN IT MATTERS
00:50:46MOST.
00:50:48I BELIEVE THAT IS EXACTLY THE RESPONSIBILITY THIS COMMITTEE
00:50:51TODAY HAS AND IN THE CHAPTER AHEAD NEEDS TO WORK ON TOGETHER.
00:50:57I WILL OFFER THREE BRIEF POINTS.
00:51:00FIRST, SOCIAL SECURITY IS THE CORNERSTONE OF ECONOMIC SECURITY IN AMERICA.
00:51:04AS YOU HEARD FROM EVERYONE WHO HAS SPOKEN.
00:51:09WHILE SOCIAL SECURITY IS APPROPRIATELY CELEBRATED FOR
00:51:11REDUCING POVERTY, THE ACADEMY RESEARCH FINDS IT IS
00:51:14FOUNDATIONAL TO RETIREMENT AND
00:51:15DISABILITY SECURITY ALL THE WAY
00:51:19ACROSS THE INCOME SPECTRUM.
00:51:21VIRTUALLY EVERY AMERICAN SAYS SOCIAL SECURITY WILL BE
00:51:24IMPORTANT OR VERY IMPORTANT TO
00:51:25THEIR RETIREMENT INCOME, A 4% OF
00:51:29AMERICANS SAY IT WILL BE NOT AT ALL IMPORTANT TO THEM IN
00:51:33RETIREMENT. LIKEWISE, 2% SAY IT WOULD NOT BE
00:51:35AT ALL IMPORTANT IF THEY EXPERIENCED WORK LIMITING DISABILITY.
00:51:39AT A TIME OF GREAT DIVISION ON
00:51:42SO MANY ISSUES, THE AMERICAN PEOPLE ARE REMARKABLY UNITED
00:51:46AROUND WHAT THEY WANT FOR SOCIAL SECURITY'S FUTURE.
00:51:51THE ACADEMY NATIONAL SURVEY RESEARCH WE CONDUCTED WITH AARP
00:51:54AND OTHERS, FINDS MORE THAN
00:51:56THREE IN FOUR REPUBLICANS, MORE
00:51:59THAN NINE IN 10 DEMOCRATS, MORE THAN EIGHT IN 10 INDEPENDENTS
00:52:03WANT LAWMAKERS TO STRENGTHEN SOCIAL SECURITY REVENUE BASE TO
00:52:07PROTECT ITS CRITICAL BENEFITS.
00:52:09AMERICANS ACROSS PARTY LINES,
00:52:13INCOME, EDUCATION, AND GENERATIONS SUPPORTS STARTING BY
00:52:16REFORMING THE PAYROLL TAX CAP FOR HIGHER EARNERS AND ARE
00:52:20INTERESTED IN LOOKING TO OTHER SOURCES OF WEALTH AND INCOME
00:52:23THAT HAVE INCREASINGLY ESCAPED SOCIAL SECURITY'S FINANCING
00:52:27STRUCTURE AS THE ECONOMY HAS SHIFTED.
00:52:31AMERICANS DON'T SEE SOLVENCY AND
00:52:33BENEFIT ADEQUACY AS COMPETING GOALS.
00:52:3682% PREFER A PACKAGE THAT BOTH
00:52:39CLOSES THE LONG TERM FINANCING
00:52:41GAP AND AS MY TESTIMONY NOTES,
00:52:44MAKES TARGETED IMPROVEMENTS THAT BETTER REFLECT THE REALITIES OF MODERN LIFE.
00:52:48MY THIRD AND FINAL POINT IS THIS.
00:52:51SOCIAL SECURITY BELONGS TO THE AMERICAN PEOPLE.
00:52:56THAT MEANS THE PROCESS THIS COMMITTEE ADOPTS TO ADDRESS
00:52:59SOCIAL SECURITY'S FINANCES IS
00:53:01JUST AS IMPORTANT AS THE POLICY
00:53:04CHOICES THEMSELVES. COMMISSIONS AND EXPEDITED LEGISLATIVE PROCEDURES ARE NOT
00:53:08INHERENTLY GOOD OR BAD, BUT AIR ANY PROCESS TO SHAPE THE FUTURE
00:53:11OF A PROGRAM AS IMPORTANT AS
00:53:14SOCIAL SECURITY SHOULD STRENGTHEN, NOT WEAKEN THE
00:53:17CONNECTION BETWEEN CONGRESS AND THE WILL OF THE PEOPLE IT SERVES.
00:53:21A PROCESS THAT LIMITS PUBLIC
00:53:23DEBATE OR MAKES IT EASIER FOR
00:53:27ELECTED OFFICIALS TO DISTANCE THEMSELVES FROM THE OUTCOME RISKS DOING THE OPPOSITE.
00:53:31ON MANY ISSUES, DEMOCRATIC GOVERNANCE IS DIFFICULT BECAUSE
00:53:34THE AMERICAN PEOPLE THEMSELVES ARE DEEPLY DIVIDED.
00:53:38BUT SOCIAL SECURITY IS DIFFERENT. THE AMERICAN PEOPLE ARE REMARKABLY UNITED ABOUT WHAT
00:53:41THEY WANT FOR THE PROGRAM'S FUTURE.
00:53:45STRENGTHEN ITS REVENUE BASE TO PROTECT BENEFITS, AND EXPAND
00:53:48PROTECTIONS FOR GROUPS BEING LEFT BEHIND.
00:53:51IN OTHER WORDS, ON THIS ISSUE, THE AMERICAN PEOPLE HAVE ALREADY
00:53:54ANSWERED MANY OF THE BIGGEST QUESTIONS.
00:53:58CONGRESS PASSED TASK IS NOT TO FIND WAYS AROUND THE AMERICAN PEOPLE, IT IS TO LISTEN TO THEM.
00:54:03SOCIAL SECURITY IS NOT JUST A GOVERNMENT PROGRAM, AND NOT
00:54:07SIMPLY A MATH PROBLEM TO SOLVE. IT IS PART OF THE FABRIC OF
00:54:10AMERICAN LIFE, RELIED UPON TODAY
00:54:13AND COUNTED ON TOMORROW BY
00:54:15AMERICANS ACROSS INCOME LEVELS,
00:54:17PARTY AFFILIATIONS, AND
00:54:20GENERATIONS. AS WE CELEBRATE 250 YEARS OF
00:54:23AMERICAN DEMOCRACY, THERE ARE FEW RESPONSIBILITIES OF GREATER CONSEQUENCE THAN STEWARDING A
00:54:28PROGRAM THAT BELONGS TO THE AMERICAN PEOPLE.
00:54:32AND THE ACADEMY STANDS READY TO SUPPORT THE COMMITTEE AS IT
00:54:36UNDERTAKES THIS IMPORTANT BIPARTISAN WORK. THANK YOU FOR HAVING ME AS PART
00:54:40OF THIS CRITICAL CONVERSATION. >> THANK YOU FOR YOUR TESTIMONY
00:54:43AND TO OUR COMMITTEE.
00:54:45I WILL START OUT WITH MR. GOLD WINE.
00:54:49I MAY NOT GET PAST THEM. BUT I WANT YOU TO LISTEN TO THIS
00:54:52QUESTION IF WE DON'T GET TO YOU DURING MY BRIEF FIVE MINUTES.
00:54:55I WOULD LIKE YOU TO RESPOND TO IT IF I DON'T GET TO YOU.
00:54:59IT GETS TO THE CORE ISSUES DISCUSSED BETWEEN MY COLLEAGUES,
00:55:05AND IT WAS DISCUSSED BY EACH OF YOU.
00:55:08IT HAS BEEN MENTIONED BY ME THAT
00:55:10I WAS PART OF THE BOLD SIMPSON COMMISSION.
00:55:17SENATOR WARNER ALSO REFERENCED THAT I WAS PART OF THE GANG OF SIX.
00:55:22THE BOLD SIMPSON COMMISSION WAS
00:55:23A COMMISSION APPOINTED BY
00:55:28PRESIDENT OBAMA. THE GANG OF SIX WAS A GROUP OF SIX SENATORS WHO GOT TOGETHER
00:55:31AND SAID WE ARE GOING TO TRY AND HELP THE COMMISSION GET OVER THE
00:55:35LINE.
00:55:39BUT THERE HAS BEEN SOME VERY
00:55:41DIFFICULT ISSUES RAISED HERE TODAY.
00:55:45THAT IS WHAT IS THE VALUE OF THE COMMISSION? IS IT THE DIRECTION TO GO?
00:55:50THERE ARE THOSE ON OUR PANEL WHO
00:55:52SAID NO, THIS IS CONGRESS'S RESPONSIBILITY.
00:55:56I FIND MYSELF THE CHAIRMAN OF THAT COMMITTEE.
00:56:01I'M A FORMER MEMBER OF THE
00:56:04COMMISSION, BUT NOW THE CHAIRMAN OF THE COMMITTEE THAT DEALS WITH
00:56:08IT AND HAS THE JURISDICTION TO DEAL WITH IT.
00:56:12I WOULD SAY WHEN WE WERE TRYING
00:56:14TO GET THE COMMISSION PASSED, A
00:56:17LOT OF MY COLLEAGUES ON THE FLOOR AFTER WE HAD OUR VOTE AND
00:56:21PUT WHAT I THOUGHT WAS A FABULOUS PRODUCT, A LOT OF MY COLLEAGUES SAID THAT IS GREAT
00:56:25BUT I WASN'T PART OF IT.
00:56:28IT WAS NOT DONE THROUGH THE PROCESS WE DO TO MAKE LAW IN THE U.S.
00:56:32ONE OF THE BIG ISSUES WE RAN
00:56:36INTO WAS GETTING BY INNS BECAUSE OF THOSE WHO THOUGHT THEY DID
00:56:39NOT HAVE A PART IN THE PROCESS
00:56:42AND WHO THOUGHT THAT THEY WERE ELECTED TO BE A PART OF THAT PROCESS.
00:56:47SO THERE WERE SOME COMPETING PRESSURES HERE.
00:56:50I SEE IT FROM BOTH SIDES.
00:56:55THE QUESTION I HAVE IS I UNDERSTAND THE NOTION THAT THIS
00:56:57COMMITTEE AND THE APPROPRIATE
00:57:00COMMITTEE IN THE HOUSE AND CONGRESS AND THE PRESIDENT ARE
00:57:04THE ONES WHO SHOULD MAKE THESE DECISIONS.
00:57:09THIS COMMITTEE IS THE PLACE WHERE THESE DECISIONS SHOULD BE CRAFTED.
00:57:12ON THE OTHER HAND, IF PAST
00:57:18POLICY -- PARTISAN POLITICS HAVE STOPPED THIS, THE IDEA IS TO GET
00:57:20A COMMISSION TO DO THE JOB.
00:57:23IT SEEMS TO BE THERE IS SOME MERIT TO THAT NOTION THAT WE
00:57:26WON'T DO OUR WORK, THEN LET'S
00:57:30GET SOME ADVISORS OUT THERE TO PUT PUBLIC PRESSURE ON US WITH IDEAS.
00:57:36SO I GUESS MY QUESTION TO YOU IS
00:57:39HOW DO WE ADDRESS THIS
00:57:41COMPETITION OF CONCERNS?
00:57:44IS A COMMISSION SIMPLY A BAD IDEA, OR IS THE WAY A COMMISSION
00:57:49OPERATES -- DOES IT NEED TO BE
00:57:51HANDLED IN A WAY THAT FULLY RECOGNIZES AND INVOLVES THE
00:57:55CONGRESS IN THE OUTCOME OF ITS PROCEEDINGS.
00:57:59>> THANK YOU FOR YOUR QUESTION.
00:58:05>> TO AVOID PEOPLE SAYING IT IS THE BS COMMISSION.
00:58:09VERY IMPORTANT TO AL SIMPSON. >> I WILL TRY TO SAY THAT.
00:58:13>> OF COURSE THIS IS CONGRESS'S JOB.
00:58:16THE COMMITTEE'S JOB.
00:58:18WITH ADVISORY BOARD IS THEY HELP CONGRESS.
00:58:22IT IS WHAT THEY HAVE ALWAYS DONE THROUGH MAJOR PIECES OF SOCIAL SECURITY LEGISLATION.
00:58:26THE COMMISSIONS CREATE A SINGLE
00:58:32MISSION. THE COMMITTEE IS DEALING WITH ALL SORTS OF THINGS.
00:58:35THEY SAY THIS IS OUR MISSION, TO STOP SOCIAL SECURITY SOLVENCY,
00:58:39TO GET THE DEFICIT TO A CERTAIN PERCENTAGE OF GDP, THEY CREATED
00:58:43A MISSION, A SPACE TO ACCOMPLISH THAT MISSION, AN OPPORTUNITY FOR
00:58:46TRUST BUILDING. I THINK THEY ENGAGE THE PUBLIC.
00:58:51THEY DID MORE TO ENGAGE THE PUBLIC ON FISCAL POLICY THAN ALL
00:58:54OF THE COMMITTEE HEARINGS DONE BY THE FINANCE COMMITTEE OVER
00:58:57THE PREVIOUS 10 YEARS COMBINED. I THINK THESE COMMISSIONS ARE
00:59:01REALLY IMPORTANT NOT AS A REPLACEMENT OF THE COMMITTEE WORK, BUT TO HELP TO SUPPORT IT.
00:59:06>> THANK YOU, I'VE ONLY GOT 35 SECONDS LEFT, I'M NOT GOING TO
00:59:10ASK THE REST OF YOU TO RESPOND
00:59:13IN THIS MEETING, BUT I WOULD ASK
00:59:15YOU TO RESPOND TO ME ON THIS. YOU WILL GET SOME QUESTIONS FOR
00:59:19THE RECORD FROM OTHER SENATORS.
00:59:22TAKE THIS AS MIND FOR YOU, HOW WE ADDRESS THIS ISSUE.
00:59:26IN THE END, THE REASON SIMPSON BOWLES DID NOT GET OVER THE
00:59:30FINISH LINE WAS THIS ISSUE.
00:59:32WHETHER IT WAS DONE IN A WAY
00:59:36THAT GOT THE BUY-IN FROM THE
00:59:38REST OF THE ELECTED OFFICIALS IN CONGRESS.
00:59:43>> THANK YOU, MR. CHAIRMAN.
00:59:46I HAVE QUESTIONS FOR THE PANEL ACROSS THE BOARD.
00:59:51IT SEEMS TO ME WHAT YOU ARE
00:59:54SAYING SAFEGUARDING SOCIAL SECURITY FOR THE NEXT GENERATION
00:59:57IS NOT JUST DOLLARS AND CENTS,
00:59:58IT IS ABOUT ENSURING WITH
01:00:02DIGNITY.
01:00:07>> ABSOLUTELY. I MENTIONED LEE FROM OREGON.
01:00:10ALL OF YOU WHEN YOU MEET WITH CONSTITUENTS BACK HOME, SIMILAR
01:00:14STORIES. LEE WAS SOMEBODY WHO HAD GOOD
01:00:19SAVINGS, HIS WIFE ENDED UP WITH
01:00:22A VERY SERIOUS ILLNESS AND WAS IN A SITUATION WHERE THEY WERE
01:00:26LIVING ON THE SOCIAL SECURITY BENEFIT.
01:00:28THE AVERAGE BENEFIT IS ABOUT $2000 A MONTH, MAY BE A MAXIMUM
01:00:34OF $4000. WE HEAR THIS ALL THE TIME.
01:00:37WE HEAR IT INCREASINGLY AS WE
01:00:39ENJOY THE MIRACLE OF LONGEVITY.
01:00:42AT THE SAME TIME, AS PEOPLE LIVE LONGER, THEY LIVE WITH CHRONIC
01:00:46DISEASES. WE ARE FINDING CAREGIVING IS TAKING MORE AND MORE TIME AND
01:00:50ATTENTION. THAT WAS THE EXPERIENCE LEE HAD.
01:00:54WE KNOW AS WE TALK TO OUR MEMBERS THAT THEY ARE STRUGGLING
01:00:57RIGHT NOW.
01:01:01AND REALLY LOOKING TO ALL OF US
01:01:04TO COME TO A SOLUTION, TO FIND A
01:01:06WAY TO PRESERVE SOCIAL SECURITY
01:01:09SO THEY CAN COUNT ON IT. IT IS THE BEDROCK RETIREMENT
01:01:13SECURITY IN THE U.S. >> LET ME TURN TO YOU.
01:01:18IF I MIGHT TALK ABOUT THE WAY
01:01:22THE UNDERLYING ECONOMICS OF SOCIAL SECURITY WORKS AND HOW IT FIGURES INTO WHAT WE ARE TALKING ABOUT TODAY.
01:01:28TODAY, WORKING AMERICANS PAY INTO SOCIAL SECURITY STRAIGHT OUT OF EACH PAYCHECK.
01:01:32BUT IF YOU ARE WEALTHY AND HAVE ACCOUNTANTS AND LAWYERS AND THE
01:01:36LIKE, YOU CAN USE A BUNCH OF LOOPHOLES TO GET OUT OF PAYING
01:01:39ANYTHING SIGNIFICANT.
01:01:42THE ALREADY LOW CAP ON SOCIAL SECURITY IS NOT ENOUGH OF THE
01:01:45GIVEAWAY TO THE VERY WEALTHY TO STRUCTURE THEIR INCOME THROUGH
01:01:49COMPLEX PARTNERSHIPS TO AVOID PAYING EVEN THE BARE MINIMUM
01:01:53INTO SOCIAL SECURITY.
01:01:56SO IT SEEMS TO ME AS WE GET INTO
01:01:58THIS ISSUE, FAIRNESS IS ESSENTIAL IN ORDER TO MOVE
01:02:03FORWARD IN A CONSTRUCTIVE AND BIPARTISAN WAY.
01:02:07MY QUESTION TO YOU IS DO YOU
01:02:09THINK RAISING NEW REVENUE AND
01:02:13ENSURING SOPHISTICATED TAXPAYERS
01:02:17CAN'T DODGE THEIR SOCIAL SECURITY TAXES, IT SHOULD BE AN
01:02:20IMPORTANT COMPONENT OF ACHIEVING SOLVENCY?
01:02:24>> THANK YOU FOR ASKING THAT. MANY HIGH INCOME BUSINESS OWNERS
01:02:27TO RECLASSIFY THEIR LABOR INCOME
01:02:30AS BUSINESS INCOME TO BASICALLY AVOID THE PAYROLL TAX. THAT IS BIG FOR MEDICARE RIGHT NOW.
01:02:36IF YOU PAY TAXES IT WOULD BE BIG FOR SOCIAL SECURITY. IT IS SOMETHING TO ADDRESS.
01:02:42>> APROPOS OF MY QUESTION, DO
01:02:44YOU THINK RAISING NEW REVENUE
01:02:47AND ENSURING SOPHISTICATED TAXPAYERS CAN DODGE SOCIAL
01:02:51SECURITY OUT OF THE KEY
01:02:54COMPONENT OF ACHIEVING SOLVENCY? >> YES. IT SHOULD BE PART OF SOLVENCY.
01:02:59>> NOW WE HAVE SOMETHING SIGNIFICANT ON THE TABLE.
01:03:03I THINK MEMBERS OF THIS COMMITTEE KNOW THAT I HAVE
01:03:06INTRODUCED LEGISLATION, NOT A
01:03:12COMMISSION, BUT A LEGISLATION TO TRY TO MOVE IN THE DIRECTION OF
01:03:16WORKING WITH DEMOCRATS AND
01:03:16REPUBLICANS AROUND SOMETHING MR.
01:03:20GOLDLINE SAID HE THINKS MAKES SENSE.
01:03:22THAT IS BY BILLIONAIRE INCOME
01:03:26TAX, A PIECE OF LEGISLATION,
01:03:28BLACK LETTER TEXT WITH 22
01:03:30MEMBERS OF THE U.S. SENATE ON
01:03:35THIS COMPROMISE. MY SENSE IS WHAT WE ARE GOING TO
01:03:37HAVE TO DO IS WORK TOGETHER ON
01:03:43LEGISLATION, NOT COMMISSIONS, IN ORDER TO DEAL WITH THIS ISSUE
01:03:46AND ENSURE THAT SENIORS -- HAS
01:03:51BEEN ELOQUENT ON THIS SUBJECT AS WELL. WE ARE GOING TO HAVE TO FIND A
01:03:55WAY TO DEAL WITH THE REVENUE IN QUESTION.
01:03:58AND I'VE INTRODUCED LEGISLATION THAT STARTS US IN THE RIGHT DIRECTION.
01:04:04MR. GOLDLINE HAS SAID, AND I THINK HE COMES FROM A DIFFERENT
01:04:08PERSPECTIVE THAT IT WILL BE IMPORTANT.
01:04:09I THINK WE OUGHT TO GET GOING IN
01:04:12TERMS OF TALKING ABOUT
01:04:15LEGISLATION WHERE WE DO WHAT THE FINANCE COMMITTEE HAS HISTORICALLY BEEN ALL ABOUT.
01:04:20THE SOONER WE DO IT, THE BETTER. I YIELD BACK.
01:04:25NEXT WILL BE SENATOR CASSIDY. >> THANK YOU ALL.
01:04:33-- DO YOUR 38 MILLION MEMBERS,
01:04:36WOULD THEY LIKE TO HAVE A SOCIAL
01:04:38SECURITY SYSTEM THAT IS FULLY
01:04:41FUNDED AND WITHOUT THE THREAT OF
01:04:42A 22% TO 28% BENEFIT CUT?
01:04:47>> NO, THEY DON'T WANT TO BENEFIT CUP.
01:04:49>> WHAT I'M SAYING IS WOULD THEY
01:04:51LIKE TO AVOID THAT, AND HAVING
01:04:54SOCIAL SECURITY PROGRAM FULLY FUNDED? >> YES.
01:04:59>> IS AARP DEVELOPING A PLAN TO DO SO?
01:05:01>> AARP HAS NOT ENDORSED ANY OF THE --
01:05:03>> ARE YOU DEVELOPING A PLAN?
01:05:06>> WE ARE REVIEWING --
01:05:09>> IS AARP DEVELOPING A PLAN TO ADDRESS IT? >> WE ARE NOT DEVELOPING OUR OWN PLAN.
01:05:14>> THAT SAID, LET ME ASK YOU --
01:05:17THE OBJECTION YOU SEEM TO HAVE
01:05:19TO THIS, WHAT WE ARE CONSIDERING
01:05:23TODAY, WHICH IS MERELY SETTING UP A PROCESS SO SENATOR WYDEN'S
01:05:28PLAN, SENATOR WHITEHOUSE'S PLAN,
01:05:30SENATOR CASSIDY'S PLAN WITH SENATOR DURBIN WOULD BE
01:05:35CONSIDERED. IT DOESN'T SAY ONE OF THOSE WILL
01:05:36BE THE FINAL SOLUTION, IT JUST
01:05:39SAYS WE ARE GOING TO CONSIDER THEM. WE ARE SETTING UP A PROCESS.
01:05:44YOU OBJECT TO THIS.
01:05:47SEEM TO OBJECT BECAUSE WE ARE BRINGING IN THE SOCIAL SECURITY ACTUARY BOARDS.
01:05:52IF THE SOCIAL SECURITY ACTUARY
01:05:54BOARD WAS NOT INVOLVED, BUT IT
01:05:57WAS JUST A WORKING GROUP OF
01:05:59REPRESENTATIVES AND SENATORS
01:06:02BIPARTISAN HAVING OPEN MEETINGS
01:06:03IN WHICH THE PRODUCT OR PRODUCTS
01:06:07WOULD BE BROUGHT BACK TO THIS COMMITTEE AND WAYS AND MEANS TO
01:06:11BE REJECTED, ACCEPTED, OR TO BE
01:06:14COMPLETELY REPLACED WITH SENATOR
01:06:18WYDEN'S PLAN OR SENATOR
01:06:19WHITEHOUSE'S PLAN, WOULD YOU OBJECT?
01:06:23>> WE WOULD SUPPORT ANY EFFORT OF GROUPS OF SENATORS,
01:06:27BIPARTISAN SENATORS COMING TOGETHER TO COME UP WITH A PLAN.
01:06:30WE HAVE EXAMPLES OF THAT.
01:06:33>> IF WHAT WE DO IS TAKE OUT THE
01:06:35SOCIAL SECURITY ACTUARY BOARD
01:06:37AND SET UP -- JUST TO REPEAT
01:06:39THIS, BECAUSE THIS IS DOABLE.
01:06:42A BIPARTISAN, BICAMERAL GROUP OF SENATORS AND REPRESENTATIVES
01:06:46STARTING NOW TO CONSIDER ALL OF THE PLANS TO BRING SENATOR
01:06:49WHITEHOUSE PLAN UP, AND CASSIDY AND DURBIN FOR THIS COMMITTEE TO
01:06:53CONSIDER AARP WOULD SUPPORT THAT?
01:06:57>> WE WOULD CERTAINLY WANT TO TALK WITH YOU --
01:06:59>> NO, BECAUSE THE ROPE A DOPE
01:07:02IS WE WANT TO TALK TO YOU ABOUT IT. I'M TRYING TO MEET YOU WHERE YOU ARE.
01:07:06IF YOU DON'T LIKE THE SOCIAL SECURITY ACTUARY BOARD, AND WE
01:07:10WANT TO TELL LEE THAT SHE IS NOT
01:07:13GOING TO HAVE A 22% TO 28%
01:07:15BENEFIT CUT, RIGHT NOW SHE IS
01:07:18GOING TO GET A 20 TO 20% BENEFIT CUT.
01:07:23IF YOUR OBJECTION IS THE INVOLVEMENT OF THE SOCIAL
01:07:25SECURITY ACTUARY BOARD, BUT INSTEAD WE HAVE A WORKING GROUP OF PUBLIC MEETINGS BRINGING
01:07:29SOMETHING TO THIS TABLE, WHICH
01:07:31MAY BE SENATOR WHITEHOUSE'S
01:07:34PLAN, WOULD YOU ACCEPT THAT PROCESS BILL?
01:07:38>> WE ARE SEEKING REGULAR ORDER. WHAT YOU HAVE DESCRIBED SOUNDS
01:07:41TO ME LIKE REGULAR ORDER. >> THAT WOULD BE REGULAR ORDER.
01:07:45BRING IT BACK TO THE COMMITTEE WOULD BE A REGULAR ORDER, THEN
01:07:48IT WOULD BE CONSIDERED BY THIS COMMITTEE. THEN ON THE SENATE FLOOR.
01:07:52THAT IS WHAT WE ARE TALKING ABOUT, SO YOU CAN ACCEPT THAT?
01:07:56>> IF IT IS REGULAR ORDER, WHICH IS WHAT IT SOUNDS LIKE, YES.
01:08:01WE OBJECT TO A COMMISSION AND WOULD VERY MUCH LIKE SENATE
01:08:04FINANCE COMMITTEE, WAYS AND MEANS CAN BECOME A BIPARTISAN
01:08:07BICAMERAL TO COME TOGETHER AND
01:08:12REVIEW THE MANY PROPOSALS THAT
01:08:14EXIST, MANY OF WHICH ARE
01:08:17BIPARTISAN, SOME OF WHICH ARE NOT. AS THE CHAIRMAN SAID, LOOK AT
01:08:21THE VARIOUS IDEAS THAT ARE OUT THERE. >> I THINK WE MAY HAVE COMMON
01:08:25GROUND AFTER ALL. THE POINT IS HOW DID WE REVIEW
01:08:29THOSE PROPOSALS IN A TIMELY FASHION? THEY ARE ALL OUT THERE AND THEY
01:08:33HAVE BEEN SCORED. IN A TIMELY FASHION TO BRING THEM UP.
01:08:37AND I WANT HIM TO HAVE A HEARING. WHAT WE ARE DISCUSSING IS A PROCESS.
01:08:42AT SOME POINT I WILL PERHAPS MOVE THAT WE MODIFY THAT WHICH
01:08:46IS BEFORE US, AND I'M WILLING TO TAKE UP THE SOCIAL SECURITY
01:08:50ACTUARY BOARD BECAUSE PEOPLE KEEP OBJECTING TO COMMISSIONS.
01:08:55AND COME TOGETHER AS BIPARTISAN, BICAMERAL TO REVIEW THESE SOLUTIONS.
01:09:00IF THE PROPOSAL THEY COME UP
01:09:03WITH IS A STINKY PROPOSAL, I'M A
01:09:07GASTROENTEROLOGIST, WE CAN DO WHITE HOUSES.
01:09:10IT CAN BE AN AMENDMENT AND THE NATURE OF A SUBSTITUTE.
01:09:13THEN WE WILL GET THEIR DAY.
01:09:15THERE DOESN'T HAVE TO BE BENEFIT CUTS, NO ONE IS SAYING BENEFIT
01:09:18CUTS, WE ARE TALKING A PROCESS BY WHICH TO COME UP WITH A SOLUTION.
01:09:22THERE MAY BE COMMON GROUND HERE.
01:09:25THANK YOU, AARP. I YIELD BACK.
01:09:30>> NEXT IS SENATOR WHITEHOUSE. >> THANK YOU VERY MUCH, CHAIRMAN.
01:09:40DOES MY MEDICARE AND SOCIAL SECURITY FAIR SHARE ACT DO THE JOB?
01:09:45MAKING SOCIAL SECURITY ACTUALLY
01:09:48SOLVING FOR AS LONG AS ACTUARIES CAN SEE?
01:09:51>> THE SOCIAL SECURITY MEDICARE
01:09:53-- IT IS A NEW BASELINE, IT MIGHT FALL IF PERCENT SHORT.
01:09:58>> THE EXISTING BASELINE -- AGAINST THE LAST BASELINE IT DOES IT. YOU ARE VERY CLOSE.
01:10:03>> GOOD TO KNOW IT WILL WORK.
01:10:07DOES AARP BELIEVE THAT BENEFITS
01:10:11NEED TO BE CUT IN ORDER TO PROTECT SOCIAL SECURITY
01:10:15SOLVENCY? >> NO. >> ESSAY AGAIN.
01:10:17>> AARP DOES NOT BELIEVE BENEFITS SHOULD BE CUT.
01:10:21>> AND MS. FALES, I BELIEVE YOU
01:10:24HAVE TAKEN A LOOK AT MY BILL.
01:10:27HOW WOULD YOU COMMENT ON THE
01:10:31FAIRNESS OF THE TAX PROPOSALS
01:10:34THAT RAISE THE REVENUE THAT ALLOWS SOCIAL SECURITY THE
01:10:40SOLVENCY MENTIONED WITHOUT THE
01:10:44BENEFIT CUTS THAT WERE OPPOSED? >> IT IS IMPORTANT IN ADDITION
01:10:47TO UNDERSTANDING WHERE THE AMERICAN PEOPLE ARE IN THESE ISSUES TO UNDERSTAND THE ECONOMY
01:10:50WE HAVE TODAY IS NOT THE ECONOMY
01:10:53WE HAD IN 1983, CERTAINLY NOT
01:10:56THE ACADEMY -- ECONOMY WE HAD IN 1930 FIVE.
01:10:59MORE OF HIGHER EARNERS INCOME AND WEALTH NOW COMES FROM
01:11:03SOURCES OUTSIDE OF SOCIAL SECURITY PLUS TRADITIONAL FINANCING STRUCTURE.
01:11:08INVESTMENT INCOME, ALL OF THESE
01:11:10ARE THINGS THAT ARE ESCAPING
01:11:13SOCIAL SECURITY, IF YOU WILL. ALONG WITH REFORMS TO THE
01:11:18PAYROLL TAX CAP, WHICH HAVE BEEN MENTIONED, THERE'S A STRONG
01:11:22ECONOMIC CASE IN ADDITION TO IT BEING WITH THE AMERICAN PEOPLE
01:11:26ARE INTERESTED IN THIS BODY EXPLORING. WE ARE STARTING TO LOOK AT OTHER
01:11:30TYPES OF REVENUE OPTIONS AND BROADENING THAT REVENUE BASE.
01:11:34I THINK IT IS IMPORTANT FOR THIS COMMITTEE TO HAVE THIS CONVERSATION.
01:11:39>> YOU WOULD APPROVE AS A REVENUE PROPOSAL.
01:11:41>> THE ACADEMY DOES NOT TAKE
01:11:43POSITIONS ON LEGISLATION, BUT I SUGGEST THE AMERICAN PEOPLE ARE INTERESTED IN STARTING TO
01:11:47EXPLORE THAT IDEA. >> THANK YOU ALL VERY MUCH.
01:11:51>> MR. CHAIRMAN, BACK TO YOU.
01:11:59>> SENATOR JOHNSON. >> MR. CHAIRMAN.
01:12:02HAVE YOUR RACINE TABLE ONE?
01:12:05>> I HAVE. TABLE ONE? >> I HAVE.
01:12:07I LOOK AT THOSE MONEY WORTH
01:12:10MEMORANDUM ALL THE TIME. THE ONE I USE IS TABLE THREE.
01:12:13>> WE ARE TALKING ABOUT TABLE ONE.
01:12:16>> MY ISSUE WITH TABLE ONE IS IT ASSUMES WE PAY FULL SCHEDULE
01:12:21BENEFITS WITHOUT COLLECTING PAYROLL TAXES TO DO IT.
01:12:23SO IT EXAGGERATES THE ACTUAL
01:12:26RATES OF RETURN FROM SOCIAL SECURITY.
01:12:30THE ONE FIGURED ON THE BASIS OF WHAT SOCIAL SECURITY WOULD PAY IS TABLE THREE.
01:12:34THE BASIC QUALITATIVE STORY IS THE SAME.
01:12:37>> WHAT I POINTED OUT, 220
01:12:40DIFFERENT INCOME LEVELS.
01:12:44THE PEOPLE GET HOSED THE MOST, THEY GET $.59 ON THE DOLLAR.
01:12:49PEOPLE WHO BENEFIT MOST GET $4.78 ON THE HOUR.
01:12:54YOU ARE TALKING ABOUT THE GRAND
01:12:55DESIGN OF SOCIAL SECURITY,
01:13:00FORCING YOU TO SAVE IT FOR YOUR RETIREMENT. THEN INVEST THAT MONEY AND GET
01:13:04RETURNS ON IT, THEN WE WILL RETURN TO YOU YOUR SAVINGS AND RETIREMENT.
01:13:10IT WASN'T A WELFARE PROGRAM, IT WAS FORCED SAVINGS RETURNED TO
01:13:14YOU.
01:13:16-- OUR CARE CUSTODY CONTROL, CORRECT?
01:13:19>> CORRECT, YOU CAN CONTINUE, BUT I THINK THERE IS A REALLY
01:13:23IMPORTANT STORY TO TELL BASED ON
01:13:26THAT TABLE IN YOUR PREVIOUS REMARKS, WHICH IS THAT.
01:13:31THE EARLIEST RECIPIENTS OF SOCIAL SECURITY DO NOT PAY FOR BENEFITS. THEY WERE BASICALLY GIVEN
01:13:34BENEFITS THEY DID NOT PAY FOR.
01:13:38>> I'M TRYING TO DEFINE THE PROBLEM HERE.
01:13:41WE JUST MISSED A FIND IT ALL THE TIME. THE PROBLEM IS $40 TRILLION IN DEBT.
01:13:47I DON'T KNOW WHERE YOU GET YOUR
01:13:50$190 TRILLION, BUT IF YOU DON'T
01:13:52TAKE OUT A GENERAL FUND, YOU
01:13:55WILL HAVE TO INCREASE PEOPLE'S TAXES $190 TRILLION.
01:13:59IN THE SCORING OF THESE ACTUARIES, DO THEY CONSIDER THE DYNAMIC IMPACT TO THAT?
01:14:06THE DYNAMIC ECONOMIC IMPACT?
01:14:10>> 190 TRILLION DOLLARS IS WHAT WE HAVE TO BORROW IN TODAY'S
01:14:13DOLLARS IF WE WANT TO CLOSE THE ENTIRE GAP.
01:14:17>> OR WE CAN ADJUST BENEFITS.
01:14:19>> DO THEY CONSIDER THE DYNAMIC
01:14:23IMPACT AND THE FAIRNESS? IF YOU HAVE HIGH INCOME EARNERS
01:14:27GETTING $.59 ON THE DOLLAR, YOU
01:14:30LIFT THE CAP ON EARNINGS TO
01:14:33RAISE $190 TRILLION, FIRST OF ALL THAT IS THE GOLDEN GOOSE.
01:14:36THOSE PEOPLE DID NOT INVEST --
01:14:40PUTTING IN A MATTRESS, THEY INVEST IN BUSINESSES, WHICH I
01:14:44WOULD ARGUE IS THE NUMBER ONE COMPONENT SOLUTION FOR THESE PROBLEMS.
01:14:48WE HAVE TO GROW OUR ECONOMY. LET'S NOT DO ANYTHING THAT HARMS
01:14:52ECONOMIC GROWTH. MASSIVE TAX INCREASES.
01:14:55TAKING UP THE CAP VIOLATES THE PREMISE OF SOCIAL SECURITY.
01:15:00THOSE INDIVIDUALS PAY TO SOCIAL SECURITY SYSTEMS, THEY WILL GET
01:15:04EVEN A PENNY.
01:15:08BY DOING THAT, YOU ARE TURNING IT INTO A WELFARE SYSTEM, BY AND LARGE.
01:15:13>> I WOULD URGE EXTREME CAUTION. SEVERING THAT CONNECTION.
01:15:18>> THEY ARE NOT USING EXTREME CAUTION.
01:15:21THE SOLUTION IS LIFT THE CAPS,
01:15:23COMPLETELY VIOLATE THE PREMISE
01:15:26OF THE SOCIAL SECURITY SYSTEM, THAT IS WHAT THEY ARE TALKING
01:15:30ABOUT, DOING GREAT ECONOMIC HARM.
01:15:32>> I WAS A CHANGE THE POLITICAL DYNAMICS AROUND THE PROGRAM.
01:15:36ONCE YOU HAVE A SYSTEM WHERE SOME PEOPLE PAY INTO THE SYSTEM
01:15:39WITHOUT GETTING BENEFITS, OTHERS GETTING BENEFITS THEY DID NOT
01:15:43PAY FOR. >> I WANT TO HONOR THOSE PROBLEMS.
01:15:48HERE'S A SIMPLE SOLUTION. LET'S GET RID OF THAT LAW THAT
01:15:51FORCES US TO CUT BENEFITS AND RECOGNIZE THE REALITY OF WHAT
01:15:54THE TRUE PROBLEM IS, RUNNING TO
01:15:57TRILLION DOLLAR PLUS DEFICITS. WE ARE $40 TRILLION IN DEBT.
01:16:02START ADDRESSING THAT PROBLEM BECAUSE THAT IS THE PROBLEM THAT
01:16:04HAS TO BE -- WE CAN FIND SOCIAL
01:16:08SECURITY, WILL COME UP WITH ALL OF THESE HALF-BAKED IDEAS.
01:16:11IT DOES NOT SOLVE THE PROBLEM.
01:16:14UNTIL YOU ADDRESS THE FACT WE
01:16:16ARE 40 TRILLION DOLLARS IN DEBT AND THAT WILL GO OFF IN OUR
01:16:21FACES, AND HISTORY WILL
01:16:23SKYROCKET, AND YOU ALSO HAVE TO RECOGNIZE THE GROSS MISMANAGEMENT.
01:16:28HAVE YOU REDONE A CALCULATION IF WE TAKE THOSE SURPLUSES AND
01:16:31INVEST THAT IN SOMETHING THAT HAS THAT GOVERNMENT LIKE STOCKS?
01:16:36HAVE YOU EVER DONE A CALCULATION WITH HOW MUCH MONEY WE HAVE IN A TRUST FUND THAT HAS VALUE IN
01:16:40GOVERNMENT? >> CERTAINLY THERE HAVE BEEN
01:16:44CALCULATIONS DONE. >> I WANTED TO REDO THAT
01:16:47CALCULATION LAST TIME, $1 TRILLION.
01:16:50DO YOU AGREE WITH ME GOVERNMENT BONDS IN THE HAND OF A
01:16:53GOVERNMENT ORGANIZATION -- THE FEDERAL GOVERNMENT?
01:16:56>> --
01:16:59IT HAS NO VALUE BECAUSE IT IS WORTHLESS. WHEN THE TRUSTEES RETURNED IT TO
01:17:03PAY OFF THOSE BENEFITS, THE TREASURY HAVE -- NEW BOND.
01:17:07I KNOW WE HAVE RUN OUT OF TIME, BUT IF WE GO THROUGH THIS
01:17:12PROCESS, LET'S RECOGNIZE THE REALITY OF THE SITUATION. LET'S RECOGNIZE HOW GROSSLY
01:17:17MISMANAGED, HOW THE AMERICAN PEOPLE WERE SOLD A BILL OF GOODS.
01:17:23AND NOW WE ARE GOING TO FIX IT.
01:17:25FIXING IT IS NOT GOING TO BE
01:17:28TAXING HIGH EARNERS WHO CREATE ALL OF THE JOBS AND PROSPERITY IN THIS COUNTRY. THANK YOU.
01:17:34>> THANK YOU. SENATOR HASSAN. >> THANK YOU CHAIR AND RANKING
01:17:38MEMBER WYDEN FOR HAVING TODAY'S HEARING. TO ALL OUR WITNESSES, THANK YOU
01:17:42FOR BEING HERE.
01:17:45I WANT TO START WITH A QUESTION
01:17:50ABOUT ONE IN FOUR GRANITE STATERS, MORE THAN 300 50,000 PEOPLE COUNT ON THEIR SOCIAL
01:17:53SECURITY BENEFITS TO MAKE ENDS MEET. WE HAVE TO PROTECT AND
01:17:57STRENGTHEN SOCIAL SECURITY
01:18:00BENEFICIARIES, AND FOR FUTURE GENERATIONS.
01:18:02I WANT TO BE CLEAR I DON'T SUPPORT CUTS TO SOCIAL SECURITY.
01:18:07ONE WAY TO STRENGTHEN SOCIAL
01:18:09SECURITY, AND I HAVE A DIFFERENT VIEW ON THIS THAN SENATOR
01:18:14JOHNSON, IS TO MAKE SURE THE WEALTHIEST AMERICANS CONTRIBUTE
01:18:18THE SAME SHARE OF THEIR INCOME
01:18:22TO SOCIAL SECURITY AS WORKING AMERICANS. UNDER CURRENT LAW, THE PAYROLL
01:18:25TAX ONLY APPLIES TO EARNINGS UP TO AROUND $185,000.
01:18:31HOW WOULD RAISING OR ELIMINATING THE TAX CAP STRENGTHEN THE
01:18:34SOLVENCY OF SOCIAL SECURITY?
01:18:38MR. GOLDWEIN: THANK YOU FOR YOUR QUESTION, SENATOR HASSAN. OBVIOUSLY THE ANSWER DEPENDS ON HOW MUCH YOU RAISE IT AND
01:18:41WHETHER YOU PAY BENEFITS.
01:18:47BUT IF YOU WERE TO ELIMINATE THE
01:18:48CAP, YOU COULD CLOSE IN THE
01:18:52NEIGHBORHOOD 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 --
01:18:55DRIVEN UP BY EXTRAORDINARY TAX
01:19:01CUTS TO THE WEALTHIEST PEOPLE IN THIS COUNTRY, THIS IS ONE WAY TO
01:19:05ADDRESS THE SOLVENCY ISSUE WITHOUT HARMING THE BENEFITS FOR RECIPIENTS?
01:19:08MR. GOLDWEIN: IT IS ONE WAY TO
01:19:13HELP GET TO SOLVENCY, YES.
01:19:14SEN. HASSAN: THANK YOU.
01:19:20MS. LE MONDE, SCAMMERS ARE BECOMING MORE SOPHISTICATED IN
01:19:21USING TECHNOLOGY TO STEAL
01:19:28PEOPLE'S HARD-EARNED RETIREMENT
01:19:29SAVINGS. ACCORDING TO THE FBI, IN 2025
01:19:33SCAMMERS STOLE ABOUT 7.7 BILLION DOLLARS FROM SENIORS, A 30%
01:19:36INCREASE FROM 2024, JUST IN ONE YEAR. I HAVE APPRECIATED AARP'S
01:19:38SUPPORT FOR IMPROVING SOCIAL
01:19:43SECURITY'S SERVICE TO VICTIMS OF IDENTITY THEFT ACT, WHICH IS A
01:19:45MOUTHFUL. WHAT WE ARE TRYING TO DO IS MAKE
01:19:48SURE WHEN A SOCIAL SECURITY RECIPIENT'S IDENTITY HAS BEEN STOLEN THEY HAVE A SINGLE OFFICE
01:19:51TO GO TO AND THE SOCIAL SECURITY ADMINISTRATION HAS DEDICATED
01:19:55SOMEBODY TO THIS WORK.
01:19:57SO THIS IS A BIPARTISAN BILL THAT I CO-LEAD WITH SENATOR
01:20:00GRASSLEY TO GET VICTIMS HELP IN
01:20:06REALLY DIFFICULT SITUATIONS. IN ADDITION TO GETTING THE BILL
01:20:08ACROSS THE FINISH LINE, WHAT STEPS SHOULD CONGRESS TAKE TO
01:20:11SUPPORT BENEFICIARIES WHO BECOME
01:20:13VICTIMS OF IDENTITY THEFT?
01:20:20MS. LEAMOND: FIRST OF ALL, THANKS TO YOU AND SENATOR
01:20:22GRASSLEY FOR YOUR LEADERSHIP ON
01:20:25THIS VERY IMPORTANT ISSUE. UNFORTUNATELY, MY PORTFOLIO ON FRAUD AND SCAMS IS THE
01:20:27FASTEST-GROWING I HAVE.
01:20:31THEY ARE SIMPLY UNENDING, AND WE WANT TO BE SURE THAT SOCIAL SECURITY ADMINISTRATION IS ABLE
01:20:34TO PROVIDE THE KIND OF SUPPORT YOU HAVE DESCRIBED. AS YOU PROBABLY KNOW, WE HAVE A
01:20:38FRAUD WATCH NETWORK LINE WHERE PEOPLE CALL IN.
01:20:41WE HAVE HUNDREDS OF CALLS EVERY WEEK FROM PEOPLE WHO HAVE BEEN
01:20:43VICTIMS OF SCAMS.
01:20:46AND WE WANT TO PROVIDE THE KIND
01:20:49OF SUPPORT WE ARE GIVING, BUT
01:20:58ALSO HAVE FEDERAL AGENCIES -- THE SOCIAL SECURITY ADMINISTRATION PROVIDES SIMILAR KINDS OF SUPPORT. I MENTIONED IN THE BEGINNING WE
01:21:01HAVE SUPPORTED A NUMBER OF BIPARTISAN BILLS IN THE CONGRESS
01:21:03THIS YEAR TO DEAL WITH THIS TREMENDOUS PROBLEM OF SCAMS AND
01:21:07FRAUD, AND WE APPRECIATE THE LEADERSHIP.
01:21:14SEN. HASSAN: I LOOK FORWARD TO CONTINUING TO WORK WITH AARP ON SOME OF THOSE EFFORTS AND SEEING WHAT WE NEED TO DO TO SUPPORT
01:21:18THEM. LAST QUESTION IS TO YOU, MS.
01:21:20VALLAS. WE CAN'T TALK ABOUT RETIREMENT SECURITY IN A VACUUM.
01:21:24SENIORS ARE HAVING A HARDER TIME TODAY AFFORDING EVERYDAY
01:21:27EXPENSES.
01:21:31BETWEEN SOARING INFORMATION --
01:21:35INFLATION AND THE PRESIDENT'S FAILED ECONOMIC AGENDA, SOCIAL
01:21:39SECURITY BENEFITS ARE NOT GOING AS FAR AS THEY USED TO. HOW ARE INCREASED COSTS IMPACTING RETIREMENT SECURITY?
01:21:42MS. VALLAS: IT IS SUCH AN IMPORTANT QUESTION, AND THANK
01:21:44YOU FOR CONNECTING THOSE DOTS.
01:21:48WE ARE HAVING A NATIONAL CONVERSATION ABOUT
01:21:52AFFORDABILITY, AND SOCIAL SECURITY ABSOLUTELY IS AND NEEDS
01:21:55TO BE PART OF THAT. FOR MOST AMERICANS RETIREMENT SECURITY IS NOT SOME ABSTRACT
01:21:59CONCEPT.
01:22:04CONCEPT.
01:22:09IT IS ABOUT WHETHER THEY CAN AFFORD THE BASICS -- THEIR HOUSING, THEIR GROCERIES, THEIR PRESCRIPTION DRUGS, THEIR HEALTH
01:22:13CARE, THEIR LONG-TERM CARE. THESE ARE THE THINGS WE HEAR WHEN PEOPLE SAY WHAT SOCIAL SECURITY MAKES IT POSSIBLE TO BE
01:22:16ABLE TO AFFORD, BUT ALSO HOW SOCIAL SECURITY DOES NOT GO AS FAR AS IT MIGHT NEED TO.
01:22:20THAT IS NOT JUST WHY SOCIAL SECURITY IS SO IMPORTANT, BUT PART OF WHY IT WAS UNSURPRISING IN THE ACADEMY'S SURVEY RESEARCH
01:22:23WE FOUND HUGE POPULARITY FOR
01:22:27ACTUALLY HAVING A MORE ACCURATE
01:22:32COST-OF-LIVING ADJUSTMENT AND HUGE UNPOPULARITY FOR A SLOWER COST-OF-LIVING ADJUSTMENT THAT WOULD MAKE THAT AFFORDABILITY
01:22:36CRISIS HARDER FOR SENIORS. SEN. HASSAN: THANK YOU VERY MUCH FOR YOUR EXPERTISE AND
01:22:39TESTIMONY. THANKS, MR. CHAIR.
01:22:44CHAIR CRAPO: SENATOR WARREN. YOU ARE UP. [LAUGHTER]
01:22:48SEN. WARREN: ALL RIGHT.
01:22:49SO, THANK YOU, MR. CHAIRMAN.
01:22:52SOCIAL SECURITY IS A PROMISE.
01:22:54YOU PAY IN, YEAR AFTER YEAR, AND
01:23:02THEN WHEN YOU NEED IT AT THE END, IT WILL ALWAYS, ALWAYS BE THERE FOR YOU.
01:23:05BUT WE HAVE GOT SIX YEARS NOW
01:23:08AHEAD OF US BEFORE THE SOCIAL
01:23:11SECURITY TRUST FUND FACES
01:23:14INSOLVENCY, MEANING THAT RETIREES COULD SEE THEIR BENEFITS SLASHED BY 22%. CONGRESS NEEDS TO ACT TO MAKE
01:23:18SURE THAT DOESN'T HAPPEN. THIS IS WHY DEMOCRATS ARE
01:23:22FIGHTING TO PROTECT AND EXPAND
01:23:28SOCIAL SECURITY BENEFITS FUNDED BY THE WEALTHIEST AMERICANS
01:23:30PAYING THEIR FAIR SHARE. BUT SO FAR, CONGRESSIONAL
01:23:33REPUBLICANS LIKE TO PRETEND THAT THE ONLY SOLUTION IS BENEFIT CUTS.
01:23:37AND WHEN THEY SEE HOW UNPOPULAR
01:23:38THAT IS, THEY THEN TRY TO PIVOT
01:23:42AND SAY LET'S SET UP A COMMISSION TO MAKE THE CUTS, BECAUSE THEN MAYBE THE VOTERS
01:23:46WON'T BLAME THE REPUBLICANS FOR IT. NOW, MS. LEAMOND, YOUR
01:23:50ORGANIZATION, AARP, REPRESENTS
01:23:52MILLIONS OF SENIORS.
01:23:55RIGHT NOW THEY ARE SEEING
01:23:57SKYROCKETING PRICES FOR
01:24:00EVERYTHING FROM HEALTH CARE TO
01:24:03GAS TO GROCERIES. MS. LEAMOND, IF SOCIAL SECURITY
01:24:05CHECKS ALREADY AREN'T KEEPING UP WITH INFLATION, WHAT HAPPENS IF
01:24:09THEY ARE CUT BY 22%? MS. LEAMOND: WELL, SENATOR,
01:24:13THANK YOU FOR THE QUESTION, AND OF COURSE IT WOULD BE
01:24:16DEVASTATING TO OUR CONSTITUENCY.
01:24:19THAT 22% CUT, IF YOU GET THE
01:24:22MINIMUM BENEFIT, IT IS ALREADY $400. THINK ABOUT THAT IN TERMS OF
01:24:26PEOPLE AND THEIR DAILY EXPENSES.
01:24:31WE ARE HEARING MORE AND MORE
01:24:35FROM OUR MEMBERS NOT ONLY ABOUT
01:24:36THE KIND OF COST-OF-LIVING
01:24:39KITCHEN-TABLE ECONOMICS RIGHT
01:24:43NOW, BUT ALSO LONG TERM AS THEY THINK ABOUT SOCIAL SECURITY. SEN. WARREN: LOOK, HERE IS A BETTER IDEA.
01:24:46HOW ABOUT WE MAKE THE WEALTHY PAY INTO SOCIAL SECURITY AT THE
01:24:48SAME RATE THAT WORKING FAMILIES PAY INTO SOCIAL SECURITY?
01:24:52RIGHT NOW THE SOCIAL SECURITY PAYROLL TAX IS CAPPED AT
01:24:55$184,500.
01:25:02THAT MEANS IF YOU ARE A NURSE OR CONSTRUCTION WORKER, YOU ARE
01:25:05PAYING SOCIAL SECURITY ON 100%
01:25:07OF YOUR INCOME.
01:25:11BUT IF YOU ARE A CORPORATE LAWYER RAKING IN MILLIONS, YOU
01:25:13ARE ONLY PAYING SOCIAL SECURITY
01:25:19ON A TINY LITTLE FRACTION OF YOUR INCOME. THAT IS NOT RIGHT. THAT IS WHY SENATOR MORENO AND I
01:25:22HAVE CALLED FOR CONGRESS TO
01:25:25SCRAP THE CAP ON PAYROLL TAXES. THAT ONE REFORM ALONE WOULD
01:25:27IMPACT ABOUT 6% OF ALL
01:25:32HOUSEHOLDS, THE HIGHEST-EARNING AMERICANS, AND WOULD PROTECT
01:25:36SOCIAL SECURITY BENEFITS FOR AT
01:25:37LEAST TWO DECADES.
01:25:43SO, MS. LEAMOND, DO YOU AGREE THAT SECURING BENEFITS BY
01:25:46SCRAPPING THE CAP ON PAYROLL TAXES WOULD HELP SENIORS?
01:25:49MS. LEAMOND: WELL, YOU HAVE
01:25:53DESCRIBED WHAT WE HEAR A GREAT
01:25:54DEAL FROM OUR SENIORS, AND IN
01:25:58OUR POSITION, WHICH IS PLEASE DON'T CUT BENEFITS, WE KNOW WE HAVE TO LOOK FOR SOURCES OF
01:26:01REVENUE, AND WE HEAR ALL THE TIME FROM PEOPLE ABOUT, IS IT
01:26:03FAIR THAT I AM PAYING ON ALL OF MY WAGES AND SOMEBODY DOWN THE
01:26:07STREET ISN'T?
01:26:12SOMETIMES THEY USE EXAMPLES OF
01:26:16PEOPLE THAT WORK IN NONPROFITS
01:26:17EVEN.
01:26:21SEN. WARREN: UH-HUH, THERE YOU GO. THAT IS NOT ALL WE COULD DO.
01:26:23WHILE WORKING-CLASS FAMILIES PAY
01:26:28INTO SOCIAL SECURITY ON EVERY PAYCHECK, WEALTHY INVESTORS TAKE ADVANTAGE OF LOOPHOLES TO AVOID PAYING INTO THE TRUST FUND.
01:26:31FOR EXAMPLE, IF YOU ARE AN
01:26:35INVESTOR IN A HEDGE FUND, YOU CAN PAY YOURSELF MILLIONS OF DOLLARS IN PROFITS EACH YEAR
01:26:39WITHOUT PAYING ANYTHING INTO
01:26:40SOCIAL SECURITY.
01:26:46NOW, MS. VALLAS, YOU ARE AN EXPERT IN SOCIAL SECURITY AND DISABILITY POLICY.
01:26:49DO YOU AGREE THAT SECURING BENEFITS BY CLOSING THESE
01:26:52LOOPHOLES THAT ARE AVAILABLE
01:26:57PRETTY MUCH ONLY FOR WEALTHY INVESTORS WOULD HELP SENIORS AND AMERICANS WITH DISABILITIES WHO
01:27:00RELY ON SOCIAL SECURITY?
01:27:04MS. VALLAS: IF THOSE FORMS OF
01:27:11REVENUE DO END UP BEING LOOKED AT AS SOLVENCY OPTIONS, WE WILL SEE HUGE PROTECTION FOR PEOPLE WHOSE BENEFITS WOULD NOT BE CUT,
01:27:14INCLUDING SENIORS AND PEOPLE
01:27:18WITH DISABILITIES.
01:27:21AND, JUST TO NOTE, DEPENDING ON
01:27:24HOW YOU STRUCTURE IT, YOU COULD ALSO END UP SEEING SUFFICIENT REVENUES TO STRENGTHEN BENEFITS
01:27:27FROM SOME OF THOSE FOLKS WHO ARE
01:27:31NOT WELL-SERVED, SOMETHING YOU AND OTHERS HAVE PROPOSED AS WELL. SEN. WARREN: I REALLY APPRECIATE -- LOOK, CONGRESS HAS A CHOICE
01:27:35TO MAKE. EITHER WE CAN DECIDE TO PROTECT THE TOP 6% OF ALL EARNERS IN
01:27:38AMERICA AND LET THE SOCIAL
01:27:41SECURITY TRUST FUND GET INTO
01:27:44TROUBLE, CUT BENEFITS FOR
01:27:45SENIORS, THROW MORE SENIORS INTO
01:27:53POVERTY, OR WE CAN DECIDE THAT EVERYBODY PAYS THE SAME SHARE AND PROTECT SOCIAL SECURITY FOREVER INTO THE FUTURE.
01:27:57THANK YOU ALL FOR BEING HERE.
01:27:58THANK YOU, MR. CHAIRMAN.
01:28:02SEN. WYDEN: THANK YOU, SENATOR
01:28:03WARREN.
01:28:07ARE GOING TO GET ALL THESE MEMBERS IN BEFORE THE BREAK. NEXT IN TERMS OF APPEARANCE ON
01:28:11THE CHAIRMAN'S CARD IS SENATOR
01:28:15GRASSLEY. WE WILL GET EVERYBODY IN.
01:28:16WE WANT TO GET SENATOR SANDERS
01:28:20AND SENATOR CORTEZ MASTO AND SENATOR LANKFORD, AND WE CAN DO IT ALL BEFORE THE BREAK. SENATOR GRASSLEY.
01:28:23SEN. GRASSLEY: I APOLOGIZE.
01:28:24I WAS ACROSS THE HALL WITH THE
01:28:29JUDICIARY COMMITTEE NOMINEES.
01:28:33SO I'M GOING TO START WITH MR.
01:28:34GOLDWEIN.
01:28:37FOR ANY SOCIAL SECURITY REFORM PROPOSAL TO SUCCEED, IT WILL
01:28:41REQUIRE THE SUPPORT OF AT LEAST 60 SENATORS.
01:28:45SO THAT MEANS BOTH PARTIES WORKING TOGETHER TO FIND A
01:28:46SOLUTION.
01:28:51OUTSIDE OF THE 1983 COMMISSION, ARE THERE EXAMPLES OF A
01:28:55COMMISSION OR OTHER SPECIAL
01:28:56PROCESS THAT SUCCESSFULLY
01:29:00SPARKED BIPARTISAN COOPERATION AND ACTION? MR. GOLDWEIN: THANK YOU FOR THAT
01:29:04QUESTION. COMMITTEES OFTEN SPARKED
01:29:06BIPARTISAN ACTION.
01:29:11AS I MENTIONED MY TESTIMONY, EVERY PIECE OF SOCIAL SECURITY LEGISLATION, THE LARGEST PIECES,
01:29:15HAVE BEEN BASED ON ONE OF THESE
01:29:19COMMITTEES, MOST OF THEM BIPARTISAN. THE 9/11 COMMISSION, BIPARTISAN RESULTS.
01:29:23I WILL ALSO SAY SIMPSON-BOWLES, ALTHOUGH WE DID NOT GET TO THE FINISH LINE, SPARKED A
01:29:25BIPARTISAN CONVERSATION.
01:29:27IN FACT, 45 SENATORS IN THIS BODY CALLED FOR LEGISLATION
01:29:31BASED ON SIMPSON-BOWLES, INCLUDING SENATOR WYDEN, SENATOR JOHNSON, AND MANY OTHERS WHO
01:29:34HAVE SINCE LEFT. SO ABSOLUTELY, YES.
01:29:39SEN. GRASSLEY: AND MS. LEAMOND
01:29:41AND MS. VALLAS, BASED IN YOUR
01:29:44TESTIMONY, I UNDERSTAND YOU BOTH
01:29:46OPPOSE ANY SORT OF
01:29:51COMMISSION-BASED PROCESS.
01:29:55INSTEAD, YOU CONTEND CONGRESS SHOULD ADDRESS SOCIAL SECURITY THROUGH REGULAR COMMITTEE AND FLOOR PROCESSES. I RESPECT THAT VIEW.
01:29:58I AM OPEN TO ANY PROCESS THAT
01:29:59WILL FACILITATE THE BIPARTISAN
01:30:06COOPERATION THAT IS NECESSARY, WITH AN EMPHASIS UPON THE WORD
01:30:08"BIPARTISAN."
01:30:12WHAT ARE SOME ACTIONS YOUR GROUPS ARE TAKING OR PLAN TO TAKE TO FOSTER BIPARTISAN COOPERATION AND DISCUSSION OF
01:30:15SOCIAL SECURITY?
01:30:18MS. LEAMOND: THANK YOU, SENATOR GRASSLEY, AND THANK YOU FOR YOUR LEADERSHIP.
01:30:20WE KNOW YOU DID A HEARING IN JUNE.
01:30:24HEARING TODAY. WE ARE HOPEFUL WE WILL SEE MORE
01:30:28AND MORE DISCUSSION IN THE SENATE FINANCE COMMITTEE. AS YOU KNOW FROM OUR TESTIMONY, WE BELIEVE THE SENATE FINANCE
01:30:31COMMITTEE IS WHERE THIS SHOULD
01:30:34BE DEBATED, SHOULD BE CONCERNED,
01:30:37-- SHOULD BE CONSIDERED, AND WHERE ACTION SHOULD BE TAKEN.
01:30:43ON OUR PART, WE, AS YOU KNOW, HAVE BEEN VERY ACTIVE ACROSS THE COUNTRY.
01:30:46WE DO TELE- TOWN HALLS WITH
01:30:52OUR MEMBERS. WE WANT TO OFFER THAT TO MEMBERS
01:30:56OF THE COMMITTEE. AS YOU DELIBERATE VARIOUS PROPOSALS, WE THINK THAT IS GOING TO BE HUGELY IMPORTANT IN
01:30:59TERMS OF BRINGING PEOPLE TO THE
01:31:03TABLE.
01:31:06AND NOT JUST OUR CONSTITUENCY. BUT WHY DON'T WE REACH OUT TO
01:31:10YOUNGER PEOPLE? YOU KNOW THEY HAVE A TREMENDOUS STAKE IN THE FUTURE OF SOCIAL SECURITY.
01:31:13WE WANT TO WORK WITH YOU TO BRING PEOPLE TOGETHER, TALK ABOUT VARIOUS APPROACHES, AND MOVE AHEAD.
01:31:16WE DO NOT SUPPORT A COMMISSION. WE DO SUPPORT ACTION BY BIPARTISAN LEADERS IN THE
01:31:21CONGRESS, THE SENATE FINANCE
01:31:22COMMITTEE, HOUSE WAYS AND MEANS
01:31:26COMMITTEE. AND YOU CAN COUNT ON US BEING AN HONEST PARTNER ALL THE WAY, BOTH
01:31:30IN OUR OUTREACH TO OUR CONSTITUENCY, AND ALSO IN OUR DELIBERATIONS ABOUT VARIOUS
01:31:34POLICY APPROACHES.
01:31:37MS. VALLAS: I WILL ECHO MS.
01:31:39LEAMOND IN THANKING YOU,
01:31:43SENATOR, FOR THE QUESTION, AND YOUR LEADERSHIP. TO ANSWER ON BEHALF OF THE ACADEMY, THE NATIONAL ACADEMY OF
01:31:47SOCIAL INSURANCE DOES NOT TAKE OFFICIAL POSITIONS ON
01:31:50LEGISLATIVE PROCEDURES OR INDIVIDUAL PIECES OF
01:31:52LEGISLATION.
01:31:56WE ARE NOT HERE OPPOSING OR SUPPORTING THE IDEA OF A
01:31:58COMMISSION.
01:32:04BUT WHAT WE ARE DOING TO TRY TO RESOURCE THIS COMMITTEE IN THIS IMPORTANT BIPARTISAN WORK IS
01:32:08ASKING THE AMERICAN PEOPLE WHAT THEY WANT THIS COMMITTEE TO DO. AS I MENTIONED AND AS I LAY OUT
01:32:11IN MY WRITTEN TESTIMONY AS WELL, DEMOCRATIC GOVERNANCE CAN BE
01:32:14DIFFICULT ON CERTAIN ISSUES
01:32:16WHERE THE AMERICAN PEOPLE DON'T
01:32:24AGREE, BUT ON THIS ISSUE, ON SOCIAL SECURITY, THE AMERICAN PEOPLE ARE VERY UNITED AND CLEAR
01:32:27ABOUT WHAT THEY WANT.
01:32:31SO 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
01:32:35AARP ADS ON TELEVISION. I'VE GOT A LITTLE BIT OF ADVICE
01:32:38FOR YOU.
01:32:42BUT YOU ARE NO DIFFERENT THAN A
01:32:46CANDIDATE TRUMP AND A PRESIDENT
01:32:47BIDEN.
01:32:53THEY ALL RAN ON A PLATFORM, WE'RE NOT GOING TO DO ANYTHING ABOUT SOCIAL SECURITY.
01:32:56AND YOUR TV ADVERTISEMENTS ARE
01:33:00SAYING WE AREN'T GOING TO CUT SOCIAL SECURITY. I DON'T BLAME YOU FOR DEFENDING THE PROGRAM THAT WAY, BUT WE'VE
01:33:04GOT TO WAKE THIS ENTIRE NATION
01:33:06UP TO FACT THAT THERE IS GOING
01:33:10TO BE A 20% -- 22% CUTS IF WE DO
01:33:15N'T DO SOMETHING RIGHT NOW. AND YOU OUGHT TO SPEND SOME OF YOUR MONEY WAKING UP PEOPLE TO
01:33:18THE FACT THAT THERE IS A CRISIS
01:33:22DOWN THE LINE. AND YOU SAY DON'T CUT SOCIAL
01:33:24SECURITY, BUT IT IS GOING TO BE
01:33:29CUT AUTOMATICALLY IF YOU DON'T WAKE THE PEOPLE OF THIS COUNTRY
01:33:31UP, AND THAT IS WHAT I WOULD
01:33:36ADVISE YOU TO DO BECAUSE YOU'VE GOT A BIG VOICE. SEN. WYDEN: THANK YOU, MR. CHAIRMAN.
01:33:40I DON'T WANT TO BE DIFFICULT HERE, BUT SENATOR LANKFORD WOULD BE NEXT, AND THEN SENATOR
01:33:44SANDERS, AND WE ARE GOING TO BE
01:33:45DONE.
01:33:50SEN. LANKFORD: WHY WOULD THAT BE DIFFICULT? SEN. WYDEN: EVERYBODY IS
01:33:53JUGGLING.
01:33:57SEN. LANKFORD: Y'ALL, THANKS FOR BEING HERE.
01:34:00I APPRECIATE THE CHAIRMAN
01:34:05AND RANKING MEMBER OF OUR HAVING A DIALOGUE ABOUT SOCIAL SECURITY. THIS IS A MOMENT THAT WE SHOULD
01:34:08TALK ABOUT STABILIZING THE PROGRAM, AND THE CONCERN IS THAT WE ALL KNOW IN SIX YEARS WE HAVE
01:34:11AN INSOLVENCY ISSUE.
01:34:15THAT RED LIGHT ON THE DASH HAS BEEN FLASHING FOR A LONG TIME.
01:34:18BUT THE PROBLEM IS WHEN WE HAVE
01:34:23A CONVERSATION, IT BECOMES AN ISSUE OF FEAR MONGERING THAT THIS IS ABOUT TAKING BENEFITS AWAY.
01:34:27WE ARE TRYING TO GET TO A POINT THAT NO ONE LOSES BENEFITS. IN FACT, WE STABILIZE THE PROGRAM LONG-TERM IS THE GOAL OF
01:34:31THIS. BUT IT IS A REAL CHALLENGE TO
01:34:34HAVE A GROWN-UP CONVERSATION TO
01:34:43FIGURE OUT HOW DO WE RESOLVE IT. I AM SUPPORTIVE OF THIS COMMITTEE TO BEING ABLE TO PULL
01:34:46TOGETHER A NONPARTISAN COMMISSION MADE UP OF MEMBERS TO
01:34:48BE ABLE TO MAKE RECOMMENDATIONS. THERE ARE SOME MEMBERS THAT
01:34:51SPEND A LOT OF TIME DIGGING IN ON THE ISSUES OF SOCIAL
01:34:54SECURITY, AND SOME THAT DO NOT.
01:34:58AND TO BE ABLE TO PULL THE PEOPLE TOGETHER THAT HAVE AN
01:35:00INVESTMENT IN THE TIME AND DETAILS OF WHAT IT IS GOING TO TAKE TO DO THAT ON BOTH SIDES OF
01:35:03THE AISLE I THINK IS BENEFICIAL TO DO THAT AND ALLOW THEIR GROUP
01:35:07TO DO THE WORK, BRING IT BACK TO
01:35:10THE REST OF THE BODY, AND HAVE A VOTE. THAT IS THE WAY OFTEN THESE
01:35:12DIFFICULT CHALLENGES HAPPEN.
01:35:15I WAS PART OF A SMALL GROUP THAT
01:35:17MET WITH PRESIDENT OBAMA YEARS
01:35:21AGO WHEN THE HOUSE CHANGED OVER, AND IT WAS A REPUBLICAN HOUSE, DEMOCRATIC SENATE, AND
01:35:25DEMOCRATIC PRESIDENT.
01:35:30NOW, IT WELL KNOWN AROUND THIS TOWN THAT HARD ISSUES ARE DONE WHEN THERE IS BIPARTISAN
01:35:34DIFFERENCES IN HOUSE, SENATE,
01:35:38AND THE WHITE HOUSE, AND SOME GAP THERE.
01:35:42I WAS PART OF THAT GROUP THAT SAT DOWN WITH PRESIDENT OBAMA
01:35:45THAT WE HAVE A REPUBLICAN HOUSE, DEMOCRATIC SENATE, DEMOCRATIC
01:35:48WHITE HOUSE, THIS WOULD BE AN IDEAL TIME TO TALK ABOUT SOME OF
01:35:52THESE HARD ISSUES LIKE THIS. HIS RESPONSE TO ME IN THAT PRIVATE CONVERSATION, WHICH I
01:35:54HAVE TALKED ABOUT SINCE THEN,
01:36:00WAS "I DIDN'T CAMPAIGN ON THIS. THIS IS NOT WHAT I CAMPAIGNED ON, WE ARE NOT GOING TO WORK ON THIS."
01:36:04IT TAKES TWO TO TANGO ON THIS.
01:36:07WE HAVE GOT TO HAVE A WHITE HOUSE AND A CONGRESS THAT ARE WILLING TO DO THIS.
01:36:11BUT WE ALSO NEED OUTSIDE GROUPS TO CONTRIBUTE TO THIS. MS. LEAMOND, THANK YOU FOR THE
01:36:14WORK YOU HAVE DONE.
01:36:16THERE ARE A LOT OF SENIORS IN MY
01:36:19STATE. IF I COULD RAISE SOMETHING TO
01:36:22YOU, WE NEED TO HAVE GOOD, HONEST I LIKE THAT DOESN'T START
01:36:26WITH PEOPLE BEING AFRAID THAT I'M GOING TO GO ATTACK SENIORS.
01:36:28IF I GO ON THE AARP'S WEBSITE
01:36:40TODAY, 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
01:36:44PAYCHECKS.
01:36:47HOWEVER, SOME ARE CALLING FOR A COMMISSION THAT COULD CUT SOCIAL SECURITY IN ORDER TO REDUCE OUR COUNTRY'S DEBT.
01:36:50THIS IS OUTRAGEOUS. WE WON'T LET LAWMAKERS TAKE THE
01:36:54MONEY WE HAVE EARNED OVER OUR LIFETIME. CONTACT YOUR MEMBER OF
01:36:58CONGRESS." NOW, WHAT WE ARE TRYING TO DO IS
01:37:01HAVE A CONVERSATION ABOUT HOW WE STABILIZE THIS PROGRAM. BUT WHAT YOUR ENTITY IS DOING IS
01:37:04TELLING PEOPLE TO CALL MY OFFICE
01:37:09AND SAY "STOP TALKING ABOUT THIS." WE SHOULD TALK ABOUT THIS. I SHOULD LISTEN TO SENATOR SANDERS AND HIS IDEAS ON THIS.
01:37:13I SHOULD LISTEN TO SENATOR WYDEN AND HIS IDEAS ON THIS. THEY SHOULD LISTEN TO MINE.
01:37:15WE'VE GOT TO FIGURE THIS OUT.
01:37:22BUT THIS IS A MESSAGE THAT SAYS "DON'T LET THEM TALK ABOUT THIS." SIX YEARS FROM NOW WE GO
01:37:25INSOLVENT.
01:37:29I HAVE A GREAT RELATIONSHIP WITH
01:37:35THE AARP LEADERSHIP IN MY STATE.
01:37:36KEEPS ME INFORMED.
01:37:41TERRIFIC ADVOCATE FOR SENIORS IN MY STATE. THAT'S GREAT.
01:37:45BUT WE NEED OUTSIDE ENTITIES THAT SAY PLEASE TELL CONGRESS TO SIT DOWN AND HAVE HARD CONVERSATIONS TO SOLVE THIS, NOT DON'T TALK.
01:37:48THAT IS MY CONCERN ON THIS. I WOULD LOVE TO HAVE A NATIONAL
01:37:52ALLY ON THIS AS WELL, TO SAY LET'S FIGURE THIS OUT. THIS COMMITTEE IS ANOTHER WAY TO
01:37:55DO IT.
01:37:58AT THE END, CONGRESS STILL HAS TO VOTE. THE AMERICAN PEOPLE ARE GOING TO
01:38:01BE ABLE TO HEAR THIS OUT. BUT LONG-TERM WE HAVE GOT TO FIGURE IT OUT.
01:38:05IS THAT AN UNFAIR REQUEST? MS. LEAMOND: WE WILL MEET YOU WITH THAT REQUEST.
01:38:07I BELIEVE THAT COMMUNICATION WAS
01:38:10REALLY GEARED TOWARD A COMMISSION, WHICH WE DO NOT SUPPORT.
01:38:14WE SUPPORT THE KIND OF BIPARTISAN DISCUSSIONS TO HAVE
01:38:16IN THE FINANCE COMMITTEE AND ELSEWHERE, AND TO WORK
01:38:19INDIVIDUALLY.
01:38:26SEN. LANKFORD: BUT A COMMISSION WOULD HAVE BIPARTISAN MEMBERS, INCLUDING NUMBERS OF THIS COMMITTEE. IT IS THE WAY HARD THINGS HAVE
01:38:30BEEN DONE IN THE PAST.
01:38:33MS. LEAMOND: YEAH, WELL, WE HAVEN'T SUPPORTED COMMISSIONS
01:38:36OVER A PERIOD OF TIME, AND ALSO
01:38:40THE FAST-TRACK AUTHORITY INVOLVED IN THAT, BELIEVING THAT
01:38:44THIS IS SUCH AN IMPORTANT ISSUE IT SHOULD BE DEALT WITH THROUGH REGULAR ORDER. SEN. LANKFORD: WHAT IS FUNNY TO
01:38:48ME IS MOST PIECES OF LEGISLATION IN THE TIME I HAVE BEEN IN
01:38:52CONGRESS, WHEN THE COMMISSION IS AT WORK, I HAVE TO CALL SOMEBODY IN ONE OF THE OUTSIDE
01:38:55ORGANIZATIONS BECAUSE THEY SEE
01:39:00THE TEXT BEFORE I DO.
01:39:02THERE IS A LOT OF IN AND OUT CONVERSATIONS.
01:39:06SO ANY WORK LIKE THAT WOULD NOT HAPPEN IN A DARK BACKROOM THAT
01:39:09IS SMOKE-FILLED. I DON'T LIKE SMOKE ANYWAY. IT'S GOING TO BE IN CONVERSATION
01:39:13WITH OUTSIDE GROUPS WITH PEOPLE TO BE ABLE TO BE ENGAGED.
01:39:17MY ENCOURAGEMENT WOULD BE TO
01:39:21FIND 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.
01:39:25CHAIRMAN, AND THANK YOU, PANELISTS, FOR BEING HERE.
01:39:29SENATOR LANKFORD IS RIGHT, WE
01:39:30SHOULD WORK TOGETHER AND TALK TO
01:39:34EACH OTHER.
01:39:36BUT I THINK IN THAT DISCUSSION, WE HAVE TO TAKE A BROAD LOOK AT WHAT IS HAPPENING IN OUR COUNTRY
01:39:40TODAY.
01:39:43IT GOES BEYOND SOCIAL SECURITY. WHAT IS THE REALITY OF AMERICAN SOCIETY TODAY?
01:39:48I DON'T HAVE TO TELL ANYBODY ON THE PANEL THAT WE HAVE MILLIONS OF SENIORS WHO ARE STRUGGLING.
01:39:52I THINK WE HAVE ABOUT HALF OF SENIORS TRYING TO MAKE IT ON
01:39:57$30,000 A YEAR OR LESS. ONE OUT OF THREE ARE STRUGGLING ECONOMICALLY.
01:40:01UNBELIEVABLY, SENATOR LANKFORD,
01:40:04IT'S REALLY QUITE UNBELIEVABLE, SOMETHING LIKE 20% OF SENIORS IN AMERICA ARE TRYING TO MAKE IT ON
01:40:08$15,000 A YEAR. I MEAN, THAT IS UNBELIEVABLE.
01:40:11I DON'T KNOW HOW ANYBODY SURVIVES ON THAT.
01:40:14BUT WITHIN THAT REALITY OF SO
01:40:18MANY OF OUR SENIORS STRUGGLING, THERE IS ANOTHER REALITY THAT
01:40:20HAS TO BE PLACED ON THE TABLE.
01:40:22AND THAT IS TODAY WE HAVE MORE WEALTH INEQUALITY THAN WE HAVE
01:40:26EVER HAD IN THE HISTORY OF THE UNITED STATES OF AMERICA. REMEMBER THE GILDED AGE?
01:40:31ROCKEFELLER AND JP CARNEGIE? MUCH WORSE RIGHT NOW. IF YOU ARE GOING TO TALK ABOUT
01:40:35SAVING SOCIAL SECURITY, YOU'VE GOT TO THROW THAT INTO THE HOPPER.
01:40:39AS SENATOR WARREN WAS SAYING,
01:40:42LEGISLATION I HAVE WHICH IS CALLED THE SOCIAL SECURITY
01:40:46EXPANSION ACT IS NOT COMPLICATED.
01:40:47YOU WANT BIPARTISANSHIP? REPUBLICANS SUPPORT IT OUTSIDE
01:40:51OF HERE, IN THE REAL WORLD. DEMOCRATS SUPPORT IT COME
01:40:55INDEPENDENTS SUPPORT IT. NOT VERY COMPLICATED.
01:40:59SHOULD ELON MUSK PAY THE SAME PERCENTAGE OF HIS INCOME -- HE DOESN'T PAY ANY -- INTO THE
01:41:01SOCIAL SECURITY TRUST FUND AS A FIREMAN OR NURSE?
01:41:04ANYBODY THINK THAT DOESN'T MAKE SENSE?
01:41:06NOBODY DOES.
01:41:11AND THE BOTTOM LINE HERE IS THE PEOPLE ON TOP HAVE NEVER HAD IT
01:41:14SO GOOD AND SENIORS ARE STRUGGLING.
01:41:17WE'VE GOT TO DO WHAT SENIOR ADVOCATES FOR YEARS HAVE SAID.
01:41:19LIFT THAT CAP.
01:41:23AND MR. CHAIRMAN, IF WE DO THAT,
01:41:27IN 2023, THE CHIEF ACTUARY OF
01:41:30THE SOCIAL SECURITY ADMINISTRATION FOUND WE COULD EXTEND THE LIFE OF SOCIAL SECURITY FOR 75 YEARS.
01:41:33THAT IS PRETTY GOOD, SENATOR LANKFORD.
01:41:37YOU COULD INCREASE BENEFITS BY
01:41:39$2400 A YEAR.
01:41:42SO WE ARE DOING TWO THINGS. HELPING SENIORS TRYING TO GET
01:41:45BY, AND EXPANDING THE SOLVENCY
01:41:49IN SOCIAL SECURITY. AND WE DO THAT WITHOUT RAISING TAXES BY ONE PENNY ON THE 90% OF
01:41:53AMERICANS WHO EARN LESS THAN
01:41:56$250,000 A YEAR. I WOULD SAY TO MY FRIEND SENATOR
01:42:01LANKFORD, THAT HAS GOT TO BE THROWN INTO THE HOPPER. YOU CAN'T JUST TALK ABOUT SOCIAL
01:42:04SECURITY IN ISOLATION. LET ME TAKE A MOMENT TO ASK A
01:42:07FEW QUESTIONS TO SOME OF OUR
01:42:08PANELISTS HERE.
01:42:12PLEASE, BRIEF ANSWER. I DON'T HAVE A LOT OF TIME. DO YOU BELIEVE WE SHOULD INCREASE THE RETIREMENT AGE?
01:42:16MS. VALLAS? MS. VALLAS: OUR RESEARCH FINDS
01:42:20AMERICANS STRONGLY OPPOSE RAISING THE RETIREMENT AGE. MS. LEAMOND: NO.
01:42:23MR. BLAHOUS: YES.
01:42:26MR. GOLDWEIN: YES, AMERICANS ARE
01:42:31LIVING LONGER, AND RAISING THE AGE IS PART OF IT CONFERENCE A PACKAGE TO HELP PEOPLE BUILD
01:42:35MORE WEALTH, GET MORE BENEFITS. SEN. SANDERS: I WOULD JUST SAY
01:42:39IN RESPONSE TO THAT, HALF OF ALL OLDER WORKERS TODAY HAVE NOTHING
01:42:43IN SAVINGS AS THEY FACE RETIREMENT.
01:42:47SECOND QUESTION IS DO YOU BELIEVE WE SHOULD CONSIDER CAPPING OR REDUCING SOCIAL SECURITY?
01:42:51MS. VALLAS: OUR RESEARCH FINDS THAT AMERICANS STRONGLY OPPOSE DOING THAT.
01:42:55MS. LEAMOND: WE WOULD OPPOSE AS WELL. MR. BLAHOUS: I AM OPEN TO IT.
01:43:00MR. GOLDWEIN: IF THE CURRENT
01:43:03INFLATION OVERSTATES INFLATION
01:43:07-- IF WE CAP FOR THE HIGHEST
01:43:15EARNERS, IT IS A SMART IDEA THAT CAN EXTEND SOLVENCY. SEN. SANDERS: MS. VALLAS, DO YOU
01:43:17BELIEVE IT IS APPROPRIATE THAT ELON MUSK, THE WEALTHIEST MAN
01:43:21ALIVE, PAYS THE SAME AMOUNT OF
01:43:22TAXES IN SOCIAL SECURITY AS
01:43:27SOMEONE WHO MAKES $184,000 A YEAR? MS. VALLAS: AMERICANS ACROSS PARTY LINES THINGS THAT DOESN'T
01:43:31MAKE A LOT OF SENSE, AND I HAVE IN-LAWS IN MY FAMILY WHO SUPPORTED THIS CURRENT
01:43:34PRESIDENT, AND THE FIRST THING THEY ASKED ME WHEN THEY FOUND OUT WHEN I DO IS, WHY HASN'T CONGRESS DEALT WITH THE PAYROLL
01:43:37TAX CAP YET?
01:43:40MS. LEAMOND: WE SUPPORT LOOKING
01:43:45AT RAISING THE PAYROLL TAX.
01:43:48THAT IS PART OF WHAT HAS TO BE LOOKED AT IF WE TALK ABOUT NOT CUTTING BENEFITS. MR. BLAHOUS: I THINK A
01:43:51COMPREHENSIVE BIPARTISAN SOLUTION WOULD REQUIRE RAISING THE CAP.
01:43:54MR. GOLDWEIN: I THINK WE SHOULD
01:43:58LOOK AT RAISING THE CAP AND ALSO CAPPING BENEFITS.
01:44:02THAT CAN EXCEED $100,000 FOR THE WEALTHIEST SENIOR COUPLES. SEN. SANDERS: THANK YOU ALL VERY
01:44:06MUCH. THANK YOU, MR. CHAIRMAN. CHAIR CRAPO: THANK YOU, SENATOR. SENATOR CORTEZ MASTO.
01:44:10SEN. CORTEZ MASTO: THANK YOU ALL FOR BEING HERE.
01:44:15THE DISCUSSION AROUND SOCIAL
01:44:18SECURITY SOLVENCY TENDS TO FOCUS ON TWO THINGS, COST SAVINGS AND
01:44:21PROGRAM EFFICIENCY. WHILE IT WOULD NOT DIRECTLY IMPACT THE TRUST FUND COMPANY ON
01:44:27-- TRUST FUND, ONE PROPOSAL
01:44:30WOULD BIPARTISAN SUPPORT IS REFORMING THE ASSET LIMITS THAT
01:44:35PREVENT LOW-INCOME SENIORS AND PEOPLE WITH DISABILITIES FROM BUILDING EVEN MODEST SAVINGS.
01:44:38THAT IS WHY I INTRODUCED WITH MY
01:44:39GOOD FRIEND OVER THERE, SENATOR
01:44:42CASSIDY, THE SSI SAVINGS PENALTY
01:44:44ELIMINATION ACT. THE BILL WOULD MODERNIZE ASSET
01:44:48LIMITS AND EMPOWER SSI
01:44:52RECIPIENTS TO WORK, SAVE, AND BETTER PLAN FOR THEIR FUTURE. MS. VALLAS, CAN YOU EXPLAIN HOW
01:44:56THE ACT WOULD IMPROVE THE ADMINISTRATION OF THE SSI
01:44:59PROGRAM, AND WHY IT IS IMPORTANT
01:45:01TO INCLUDE SSI IN THE BROADER CONVERSATION ABOUT STRENGTHENING
01:45:05SOCIAL SECURITY?
01:45:07MS. VALLAS: THANK YOU SO MUCH FOR YOUR LEADERSHIP ON THIS
01:45:11ISSUE, AND I ALSO WANT TO SAY, SENATOR LANKFORD, SENATOR
01:45:15CASSIDY, SENATOR WYDEN, EVERYONE ON THIS COMMITTEE WHO HAS SUPPORTED THAT PIECE OF
01:45:19LEGISLATION, THANK YOU FOR YOUR LEADERSHIP.
01:45:21THE LAST TIME THAT SSI'S ASSET LIMITS WERE INCREASED EVEN FOR
01:45:24INFLATION WAS 1984. THAT HAPPENS TO BE THE YEAR I WAS BORN.
01:45:28SO IT HAS BEEN A MINUTE. PEOPLE ARE NOT ABLE TO SAVE EVEN MODEST AMOUNTS OF SAVING, EVEN
01:45:34$2000 FOR AN INDIVIDUAL.
01:45:35IT IS TRAPPING PEOPLE AT A LEVEL WHERE DIGNITY ISN'T EVEN WITHIN
01:45:39REACH. WHAT THAT PIECE OF LEGISLATION WOULD DO -- AND I SHOULD NOTE OUR POLLING FINDS THAT MORE THAN
01:45:44TWO THIRDS OF AMERICANS ACROSS PARTY LINES SUPPORT RAISING MORE
01:45:48FOR EVEN ELIMINATING SSI'S SAVINGS PENALTIES.
01:45:51WHEN IT WOULD DO IS ADDRESS WHAT
01:45:56MY COLLEAGUE JASON FICKNER, WHO HELPED LEAD SOCIAL SECURITY UNDER PRESIDENT BUSH, HAS CALLED THE MOST PROGRESSIVE
01:46:00ANTI-SAVINGS POLICY IN FEDERAL LAW.
01:46:03IT WOULD ALSO BE A WIN-WIN FOR THE SOCIAL SECURITY ADMINISTRATION, BECAUSE IT WOULD
01:46:07RELIEVE A COSTLY,
01:46:11ADMINISTRATIVELY BURDENSOME RULE FOR THEM TO ACTUALLY RUN.
01:46:16THIS IS A COMMON-SENSE THING THAT NEEDS TO BE PART OF THIS CONVERSATION, AS WELL AS OTHER
01:46:20LONG OUTDATED RULES IN SSI THAT NEED TO BE UPDATED, AND I'M GLAD
01:46:22TO SEE THIS COMMITTEE START TO PAY BIPARTISAN ATTENTION.
01:46:26SEN. CORTEZ MASTO: MS. LEAMOND, YOU WOULD AGREE WITH THAT? MS. LEAMOND: WE SUPPORT THAT AS
01:46:28WELL.
01:46:35SEN. CORTEZ MASTO: THANK YOU. CONGRESS HAS NOT ACTED ON RECOMMENDATIONS OF A PRESIDENTIAL COMMISSION SINCE
01:46:381983. 1983. AMERICANS WANT TO KNOW THEY CAN
01:46:41DEPEND ON THE SOCIAL SECURITY
01:46:44PROGRAM, AND YET WE HAVE GONE 43 YEARS WITHOUT PURSUING
01:46:48MEANINGFUL SOLUTIONS. WHAT BARRIERS HAVE PREVENTED
01:46:50CONGRESS FROM ACTING ON RECOMMENDATIONS PROVIDED BY
01:46:53COMMISSIONS?
01:46:56MS. LEAMOND: WELL, I THINK IT IS
01:46:58A VERY, VERY CHALLENGING ISSUE AND VERY HARD TO COME TOGETHER IN A BIPARTISAN WAY TO ADDRESS
01:47:02IT.
01:47:03WE ARE NOW AT A POINT WHERE I
01:47:08THINK WE ALL AGREE THAT THE TIME HAS COME WHEN IT MUST BE
01:47:10ADDRESSED.
01:47:14AND OUR PREFERENCE IS NOT A COMMISSION.
01:47:18IT IS TO COME WITH REGULAR ORDER
01:47:20TO THE SENATE FINANCE COMMITTEE,
01:47:22HOUSE WAYS AND MEANS COMMITTEE,
01:47:30DEBATE, REVIEW ALL OF THE PROPOSALS. THERE ARE MANY PROPOSALS TO MAKE SOCIAL SECURITY MORE SECURE. SEN. CORTEZ MASTO: THOSE
01:47:34PROPOSALS ARE BIPARTISAN, CORRECT?
01:47:35MS. LEAMOND: PARDON ME?
01:47:40SEN. CORTEZ MASTO: THEY ARE BIPARTISAN, CORRECT? MS. LEAMOND: MANY OF THEM ARE BIPARTISAN WITHIN THE CONGRESS.
01:47:45MEMBERS WHO HAVE COME TOGETHER AND WORK ON VARIOUS APPROACHES. SOME ARE NOT, BUT MANY ARE
01:47:49BIPARTISAN. SEN. CORTEZ MASTO: THANK YOU. MR. GOLDWEIN, THIS YEAR'S
01:47:53ANNUAL SOCIAL SECURITY TRUSTEE
01:47:57REPORT CITED HR 1 AS ONE OF THREE FACTORS THAT INCREASE TO THE ACTUARIAL DEFICIT OF THE
01:47:59SOCIAL SECURITY TRUST FUND.
01:48:01IN FACT, THIS LAW, WHICH ALL BUT
01:48:06ONE OF MY REPUBLICAN COLLEAGUES ON THIS COMMITTEE VOTED FOR, ACCOUNTS FOR 25% OF THIS
01:48:11INCREASE, THE LARGEST SINGLE-YEAR CHANGE IN ACTUARIAL BALANCE IN OVER 30 YEARS.
01:48:13MR. GOLDWEIN, CAN YOU TELL US
01:48:17WHAT HR 1 HAS DONE TO ACCELERATE SOCIAL SECURITY INSOLVENCY? AND WHAT THIS MEANS FOR
01:48:21BENEFICIARIES LONG-TERM? MR. GOLDWEIN: ONE SOURCE OF REVENUE FOR SOCIAL SECURITY IS
01:48:24THE INCOME TAXATION OF BENEFITS.
01:48:27I BELIEVE AARP SUPPORTED A
01:48:30PROVISION IN THE ONE BIG BEAUTIFUL BILL THAT REDUCED TAXATION BENEFITS BY EXPANDING
01:48:35-- EXPANDING THE SENIOR DEDUCTION.
01:48:40THAT COME IN ADDITION TO THE LOWER RATES, MEANS WE ARE GETTING LESS MONEY COMING INTO THE TRUST FUND, WHICH BRINGS
01:48:48-- I KNOW MY TIME IS UP. WE NEED BIPARTISAN SOLUTIONS.
01:48:51WE HAVE TO FIX THIS. THAT MEANS WORKING TOGETHER.
01:48:55AND I KNOW WORKING TOGETHER,
01:48:59THERE'S A LOT OF GREAT IDEAS IF WE WOULD JUST MAKE THIS A FOCUS
01:49:02AND A PRIORITY, WE CAN GET SOMETHING DONE. THANK YOU ALL FOR STAYING IN
01:49:06THIS FIGHT. >> THANK YOU SENATOR CORTEZ MASTO.
01:49:11WE HAVE A VOTE.
01:49:14EXPECT ANY OTHER SENATORS TO
01:49:16SHOW UP BEFORE I WRAP UP THE HEARING TODAY.
01:49:19I WANT TO THANK OUR WITNESSES FOR APPEARING TODAY.
01:49:22WITH I REMIND MY COLLEAGUES THE DEADLINE FOR SUBMITTING ANY QUESTIONS FOR THE
01:49:25RECORD IS 5:00 P.M. ON
01:49:30WEDNESDAY, AUGUST 12. WITH THAT, THE COMMITTEE IS ADJOURNED.
01:49:36-- SORRY, WE JUST ADJOURNED.
01:49:40>> HE STOLE MY GAVEL.