FOR IMMEDIATE RELEASE, Contact: (202) 225-9263
September 12, 2000
No. SS-22
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 hearing on the global aging crisis. The hearing will take place on Thursday, September 21, 2000, in the main Committee hearing room, 1100 Longworth House Office Building, beginning at 10:00 a.m.
Oral testimony at this hearing will be heard from invited witnesses only. However, any individual or organization not scheduled for an oral appearance may submit a written statement for consideration by the Committee and for inclusion in the printed record of the hearing.
BACKGROUND:
The aging of the population in the United States is well documented. In 1950, people age 65 and older comprised only 8 percent of the total population. Today, their share of the population has increased to 12 percent, and by 2030, the Social Security Administration estimates that one out of every five people will be elderly.
Societal aging is not unique to the United States - populations are aging much faster in Europe and Japan. Many experts predict that global aging will contribute to severe budget pressures, labor shortages, declining savings rates, and slower economic growth throughout the world's developed countries.
The aging of the population will have a significant impact on Social Security and other income security programs for the elderly which are financed on a pay-as-you-go basis. The Organization for Economic Cooperation and Development estimates that in some countries payroll taxes would have to double to sustain the growing costs of these old-age programs. Increasing taxes could be problematic, especially in many European countries where payroll taxes already consume more than 40 percent of payroll. To avoid further tax increases, many foreign countries may face pressure to meet their budgetary needs through deficit financing, which will have serious implications for global capital markets.
In announcing the hearing, Chairman Shaw stated: "Global aging will present some very serious challenges for Social Security programs around the world. In this global economy, we must be particularly mindful of these challenges and their remedies as we consider options for Social Security reform in the United States. The first lesson we can learn from other countries is we need to act now to avoid bigger problems down the road."
FOCUS OF THE HEARING:
The hearing will examine the effects of global demographic trends on retirement systems around the world with particular focus on economic, financial, and foreign policy implications of global aging. The hearing will discuss Social Security crises abroad and their implications for Social Security reform in the United States. In addition, the hearing will examine the trends in employer pensions and their effect on Social Security.
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 six (6) single-spaced copies of their statement, along with an IBM compatible 3.5-inch diskette in WordPerfect or MS Word format, with their name, address, and hearing date noted on a label, by the close of business, Thursday, October 5, 2000, 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, by close of business the day before the hearing.
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.
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
202-226-3411 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.