FOR IMMEDIATE RELEASE, Contact: (202) 225-9263
May 15, 1997
No. SS-5
Congressman Jim Bunning (R-KY), Chairman, Subcommittee on Social Security of the Committee on Ways and Means, today announced that the Subcommittee will hold the third in a series of hearings on "The Future of Social Security for this Generation and the Next." At this hearing, the Subcommittee will examine the findings of the recently released 1997 Annual Report of the Board of Trustees on the financial status of the Social Security Trust Funds. In addition, the Subcommittee will hear from organizations on generational aspects on the future of Social Security. The hearing will take place on Thursday, May 22, 1997, in the main Committee hearing room, 1100 Longworth House Office Building, beginning at 10:30 a.m.
In view of the limited time available to hear witnesses, oral testimony will be from invited witnesses only. 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 Subcommittee's first two hearings in the series have focused on the recommendations of the Advisory Council on Social Security and on the fundamental issues to consider when evaluating options for Social Security reform.
Since the last hearing, the Social Security Board of Trustees released the 1997 report on the operation and financial status of the Social Security and Medicare Trust Funds. The projections regarding the Old Age, Survivors and Disability Insurance (OASDI) Trust Funds are the same as those reported in 1996. Spending out of the Trust Fund is projected to exceed tax income in the year 2012, and by the year 2029, the Trust Funds are projected to have income sufficient to cover only 75 percent of annual expenditures. The Trustees believe that the long-range deficit of the OASDI funds should be addressed in "a timely way" and also recommend that the Advisory Council recommendations and other proposals should be "carefully evaluated by the Government and the public."
Currently, a wide range of approaches have been proposed to restore Social Security's financial solvency. These range from maintaining the program's current structure to revamping the system entirely. Organizations with different generational perspectives on Social Security reforms have begun sharing their views regarding what needs to be done.
In announcing the hearing, Chairman Bunning stated: "We're taking the issue of Social Security reform seriously. We want to listen to what people are saying and we need to know all the facts, including who is impacted by each and every proposal. Engaging the public is critical as discussions continue regarding the future of Social Security. The views of those who represent the interests of America's different generations are extremely important to this Subcommittee and must be heard."
FOCUS OF THE HEARING:
The Subcommittee will examine the findings of the 1997 Annual Report of the Board of Trustees on the financial status of the Social Security Trust Funds. The Subcommittee will then hear from organizations with different generational perspectives on Social Security reform. Specifically, Members would like to hear the views of each organization regarding: (1) the degree to which Social Security reform is necessary; (2) an assessment of the Advisory Council recommendations and other reform proposals; (3) specific recommendations for Congress to consider as it moves forward; and (4) how soon Congressional action is needed.
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, June 5, 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 202-226-3411 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.