Mr. Speaker, today I rise to express my disappointment with Federal Reserve Chairman Greenspan’s remarks to the House Budget Committee regarding Social Security.

In his testimony, Chairman Greenspan, suggests that possible remedies for the record deficits and $7 trillion debt include increasing the Social Security retirement age and cutting benefits for future recipients.

I want my constituents to know that I will not support any proposal to decrease or eliminate Social Security, nor will I support an increase in the retirement age. Social Security is an entitlement - a right - for the millions of Americans who pay into the program with each and every paycheck. The government has made a commitment to seniors and current workers alike that Social Security will be available upon retirement. We cannot go back on our word.

In Rhode Island, Social Security provides a vital lifeline for a significant percentage of the population. Rhode Island ranks fifth in the nation for the percentage of residents over 75 and sixth in the nation for those over 65. In my district alone, 110,000 people rely on Social Security for their livelihood, and its importance will continue to grow as the baby boom generation begins to retire. Rhode Islanders spend their lives contributing to the vitality of our communities and our country -- and paying into Social Security. They are entitled to the benefits they have earned and should not have to worry about whether Social Security will continue to be there when they need it.

Chairman Greenspan is right about one point: this country needs a “greater discipline” on budgetary matters. I believe that discipline must come from the White House. Congress can no longer afford runaway tax cuts and corporate welfare while neglecting long-term fiscal solvency and current priorities like health care and education.

What Chairman Greenspan neglected to state was that the President’s reckless disregard for fiscal responsibility led to a $521 billion deficit in FY 2004. When President Bush took office in 2001, he inherited a projected $5.6 trillion surplus over ten years. Just three short years later, we have a projected $1.9 trillion deficit, a shocking turnaround. While the President was dealt a difficult hand with a recession and the attacks of September 11th, many of the fiscal woes are a result of repeated tax cuts that benefit the wealthiest Americans. Our promise to seniors has been bypassed in order to line the pockets of the President’s wealthy friends.

Every man, woman, and child in Rhode Island and around the country would owe more than $24,000 if we were to erase the national debt today. Due to increasing deficits, this amount is only going to increase until we take serious steps to cut wasteful government spending and collect the revenue to meet America’s priorities and promises. Baby boomers will challenge the Social Security system, but through responsible fiscal policy, the government will be able to keep this program afloat.

Ensuring the solvency is not the task of one person or one party. Saving Social Security will require difficult decisions, but we cannot play politics with Americans' futures. More than anything, we need an Administration that respects fiscal responsibility and recognizes that in a time of war and recession, we should not be giving trillion-dollar tax cuts to the most privileged Americans. I urge my colleagues to reject Chairman Greenspan’s calls to cut benefits to our nation’s seniors and instead work to restore fiscal responsibility to our government.