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From: " Craig (by way of ilena rose) " <jcraig@...>

Sent: Thursday, June 14, 2001 11:48 AM

Subject: Social Security Public Hearing - Please Post

> Below please find a press release from the Social Security

> Information Project regarding a public hearing next Monday,

> June 18, in Columbia, MO. The hearing called by

> Congressman Shaw (R-FL) is intended to gather information

> about public opinion on the future of Social Security. IT

> IS EXTREMELY IMPORTANT that people with disabilities,

> including those of us disabled due to the adverse effects

> of silicone exposure, make their concerns public at this

> meeting, including the implications of President Bush's

> proposal to partially privatize Social Security. If you

> cannot attend in person, consider submitting something in

> writing per the instructions below.

>

> ============================

>

> ADVISORY FROM THE COMMITTEE ON WAYS AND MEANS

> SUBCOMMITTEE ON SOCIAL SECURITY

>

> FOR IMMEDIATE RELEASE

> CONTACT: (202) 225-9263

>

> June 11, 2001

>

> No. SS-5

>

> Shaw Announces Field Hearing to Listen to Americans' Views

> on the Future of Social Security

>

> Congressman E. Clay Shaw, Jr., (R-FL), Chairman,

> Subcommittee on Social Security of the Committee on Ways

> and Means, today announced that the Subcommittee will hold

> a field hearing to listen to Americans' views on the

> future of Social Security. The hearing will take place on

> Monday, June 18, 2001, at the Reynolds Alumni Center at the

> University of Missouri in Columbia, Missouri, beginning at

> 1:00 p.m.

>

> The format of the hearing is intended to evoke the highest

> audience participation. Through the use of a facilitator

> and independent expert, members of the public attending

> will be given the opportunity to ask questions, provide

> comments, and share their views on how Social Security

> should be reformed.

>

> BACKGROUND:

>

> Social Security programs have provided income security to

> America's families for almost two-thirds of a century and

> has been enormously successful in reducing poverty among

> the nation's elderly. However, Social Security is important

> to people of all ages, not just retirees. Eighty

> percent of workers ages 21-64 and their families have

> protection in the event of a long-term disability. Ninety-

> eight percent of young children and their mothers and

> fathers are insured for Social Security survivor benefits

> if a worker in the family dies.

>

> The benefits Social Security provides to all generations

> depend upon the hard-earned payroll taxes paid by workers

> of all ages. Social Security operates primarily on a pay-

> as-you-go basis. Income from payroll taxes and taxes on

> benefits are used to pay the benefits of today's retirees

> and other beneficiaries. Since the early 1980's, Social

> Security has collected more taxes than immediately needed

> to pay benefits. The surplus revenue is credited to the

> Social Security Trust Funds in the form of interest-bearing

> Treasury securities and will eventually be used to pay

> future benefits.

>

> Social Security faces increasing hurdles in paying promised

> benefits in the coming years due to the nation's changing

> demographics. By 2030, there will be twice as many older

> Americans as there are today - growing from 35 million to

> 70 million. In addition, people are living longer and

> having fewer children. As a result, the ratio of workers to

> beneficiaries has declined from 42 workers per beneficiary

> when the program began to 3.4 workers per beneficiary today

> and is expected to decline to less than 2 workers per

> beneficiary by 2075.

>

> Social Security's trustees estimate cash revenues will fall

> short of expenditures beginning in 2016. At that point, the

> Trust Fund balances can be cashed in to make up the

> difference. To cash them in, the government will have to

> raise taxes, borrow from the public (i.e., increase the

> debt), cut other budget priorities, or use any available

> budget surplus. Beginning in 2038, the Trust Funds will be

> depleted, and Social Security tax revenues will only cover

> 73 percent of program costs.

>

> The President has established a commission that will make

> recommendations for restoring fiscal soundness to the

> Social Security system, to include the creation of

> voluntary individual accounts. Congress has also considered

> numerous Social Security reform plans over the years.

> However, many Americans may not be aware of the range of

> options for strengthening Social Security or of the effect

> that individual accounts or other programmatic changes

> would have on different groups of people.

>

> In announcing the hearing, Chairman Shaw stated: " Americans

> need to understand the various reform options, along with

> their implications, and have an opportunity to express

> their views on how best to strengthen Social

> Security. I'm pleased the University of Missouri -

> Columbia, is hosting this hearing -- we must hear from our

> young citizens in this debate as it is their lives which

> will be most impacted by changes to the system. Social

> Security's future is their future. Moreover, they will bear

> the burden should we fail to act. "

>

> FOCUS OF THE HEARING:

>

> The hearing will focus on frequently discussed options for

> modernizing Social Security (including changes in benefits,

> taxes, and personal accounts), and seek participants' views

> on how to improve the program's financing in the long term.

>

> WRITTEN STATEMENTS IN LIEU OF PERSONAL APPEARANCE:

>

> Any person or organization wishing to submit a written

> statement for the printed record of the hearing should

> submit six (6) single-spaced copies of their statement,

> along with an IBM compatible 3.5-inch diskette in

> WordPerfect or MS Word format only, with their name,

> address, and hearing date noted on a label, by the close of

> business, Monday, July 2, 2001, to Giles, Chief of

> Staff, Committee on Ways and Means, U.S. House of

> Representatives, 1102 Longworth House Office Building,

> Washington, D.C. 20515. If those filing written statements

> wish to have their statements distributed to the press and

> interested public at the hearing, they may deliver 200

> additional copies for this purpose to the Subcommittee on

> Social Security, c/o Office of Congressman Kenny C.

> Hulshof, 33 E Broadway, Suite 280, Columbia, MO 65203, by

> close of business on Friday, June 15, 2001.

>

> FORMATTING REQUIREMENTS:

>

> Each statement presented for printing to the Committee by a

> witness, any written statement or exhibit submitted for the

> printed record or any written comments in response to a

> request for written comments must conform to the guidelines

> listed below. Any statement or exhibit not in compliance

> with these guidelines will not be printed, but will be

> maintained in the committee files for review and use by the

> Committee.

>

> 1. All statements and any accompanying exhibits for

> printing must be submitted on an IBM compatible 3.5-inch

> diskette in WordPerfect or MS Word format, typed in single

> space and may not exceed a total of 10 pages including

> attachments. Witnesses are advised that the Committee will

> rely on electronic submissions for printing the official

> hearing record.

>

> 2. Copies of whole documents submitted as exhibit material

> will not be accepted for printing. Instead, exhibit

> material should be referenced and quoted or paraphrased.

> All exhibit material not meeting these specifications will

> be maintained in the Committee files for review

> and use by the Committee.

>

> 3. A witness appearing at a public hearing, or submitting a

> statement for the record of a public hearing, or submitting

> written comments in response to a published request for

> comments by the Committee, must include on his statement or

> submission a list of all clients, persons, or

> organizations on whose behalf the witness appears.

>

> 4. A supplemental sheet must accompany each statement

> listing the name, company, address, telephone and fax

> numbers where the witness or the designated representative

> may be reached. This supplemental sheet will not be

> included in the printed record.

>

> The above restrictions and limitations apply only to

> material being submitted for printing. Statements and

> exhibits or supplementary material submitted solely for

> distribution to the Members, the press, and the public

> during the course of a public hearing may be submitted in

> other forms.

>

> Note: All Committee advisories and news releases are

> available on the World Wide Web at

> " http://waysandmeans.house.gov

>

> ------------------------------------------------------

>

> To send information to the Social Security Information

> project, to subscribe, or to contact the list manager, send

> email to <ssip@...>.

>

> America's Future - Social Security Information Project

> (202)955-5665 voice (202)955-5606 fax

> 1025 Connecticut Ave., NW # 205 DC 20036

> http://www.ourfuture.org

>

>

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