FOR IMMEDIATE RELEASE
February 14, 1997
No. SS-1
Congressman Jim Bunning (R-KY), Chairman, Subcommittee on Social Security of the Committee on Ways and Means, today announced that the Subcommittee will hold a hearing series on "The Future of Social Security for this Generation and the Next." The first hearing day in the series is on the report of the 1994-1996 Advisory Council on Social Security. The hearing will take place on Thursday, March 6, 1997, in the main Committee hearing room, 1100 Longworth House Office Building, beginning at 10:00 a.m.
In view of the limited time available to hear witnesses, oral testimony at this hearing will be heard from invited witnesses only. Witnesses will include Advisory Council members Robert Ball, Edward Gramlich, and Sylvester Schieber. However, any individual or organization may submit a written statement for consideration by the Committee and for inclusion in the printed record of the hearing.
BACKGROUND
The Social Security program impacts the lives of nearly all Americans. This year, the Social Security Administration will pay benefits to more than 45 million retired and disabled workers and to their dependents and survivors. Nearly every worker and his or her employer pays Social Security taxes. The Social Security Board of Trustees reports annually to Congress on the financial status of the Social Security Trust Funds. In their 1996 report, the Trustees reported that Social Security spending is projected to exceed tax revenues beginning in the year 2012. By the year 2029, the Trust Funds are projected to have income sufficient to cover only 77 percent of annual expenditures. The reasons for these projections are partly demographic, including: aging "baby boomers;" declining birth rates; and increased life expectancies.
The final Advisory Council on Social Security was appointed in 1994 by the Secretary of Health and Human Services. (Under prior law, an Advisory Council was required to be appointed every four years.) The Council was asked to examine the program's long-range financial status, as well as the adequacy and equity of its benefits and the relative roles of the public and private sectors in providing retirement income. The Advisory Council issued its report January 6, 1997. The Council was unable to reach consensus, so the report includes three different approaches to restoring financial solvency.
In announcing the hearings, Chairman Bunning stated: "Social Security affects the lives of virtually every person in this country. It represents a promise, from one American to another, that we can count on each other for a more secure financial future. We must honor our promises and in doing so we owe it to every American to explore fully every possible option to ensure the future of Social Security, for this generation and the next. My aim is for all of us to listen and learn so that we can make the right decisions for Social Security's future."
FOCUS OF THE HEARING:
The Subcommittee is interested in fully exploring major areas of concern identified by the Council, along with the Council's specific findings and recommendations.
DETAILS FOR SUBMISSION OF WRITTEN COMMENTS:
Any person or organization wishing to submit a written statement for the printed record of the hearing should submit at least six (6) copies of their statement and a 3.5-inch diskette in WordPerfect or ASCII format, with their address and date of hearing noted, by the close of business, Thursday, March 20, 1997, to A.L. Singleton, 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 office, room B-316 Rayburn House Office Building, at least one hour before the hearing begins.
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 typed in single space on legal-size paper and may not exceed a total of 10 pages including attachments. At the same time written statements are submitted to the Committee, witnesses are now requested to submit their statements on a 3.5-inch diskette in WordPerfect or ASCII format.
\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, full address, a telephone number where the witness or the designated representative may be reached and a topical outline or summary of the comments and recommendations in the full statement. 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. The Committee seeks to make its facilities accessible to persons with disabilities.
If you are in need of special accommodations, please call 202-225-1721 or 202-225-1904 TTD/TTY in advance of the event (four business days notice is requested). Questions with regard to special accommodation needs in general (including availability of Committee materials in alternative formats) may be directed to the Committee as noted above.