Social Security is one of the most successful and effective government programs ever implemented. Since 1940 it has kept millions of seniors and disabled Americans out of poverty and provided a safety net for millions families of disabled workers, and a lifeline for families who lost a breadwinner too soon. Many people don't realize that more than 4 million young people under the age of 18 receive income from Social Security survivors, retirement and disability benefits and over a million children are lifted out of poverty by Social Security each year.
People are being lulled into believing that Social Security will not be there for the younger generations. This is simply not true. Not only will Social Security survive, it will thrive. The same people saying that Social Security will not survive, are those who are proposing cutting benefits and privatizing the system. Social Security is a guaranteed benefit earned over a lifetime of hard work that should never be subject to the whims of Wall Street, which cost millions of Americans their retirement savings during the Bush financial meltdown. Social Security is more important than ever.
I have fought many times against those who would make damaging or arbitrary cuts to Social Security or gamble that security in the stock market. I will continue to do my part to uphold this sacred trust for generations yet to come.
More on Social Security
Rep. John Lewis made this statement today in the Ways & Means Oversight Subcommittee Hearing on the Social Security Representative Payee Program:
Good Morning. Mr. Chairmen, thank you for holding today’s hearing. I would also like to thank all the witnesses for being here today.
After seniors suffered through two years during some of the roughest economic times in recent American history without seeing a Cost of Living Increase, there are some suggesting a significant change to the formula used to calculate cost of living adjustments for Social Security beneficiaries. An obscure term is being used to refer to this cut—“the chained Consumer Price Index or chained CPI”.
“I remember what it was like before Social Security came into being. For elderly people who had worked hard and already given their best years to this country there was no such thing as a leisurely retirement. They had no pensions, very little savings, and most, as many as 75 percent of the elderly population, did not own their homes.
WASHINGTON--Today, the Social Security Trustees released their annual report on the financial solvency of the program. Much political debate in the past decade has surrounded the potential bankruptcy of this foundational element of the social safety net programs offered by the federal government. Figures have been bandied about, but the trustees’ report reveals talk about the imminent demise of Social Security is unfounded.
“President Barack Obama presented an inspiring vision of the future to the Congress and the American people tonight. An America built to last should certainly be the hope of every member of Congress and every citizen of this nation.