Issue Position: Social Security

Issue Position

Recently I had the great fortune to celebrate the 75th anniversary of Social Security at the U.S. Capitol. When President Roosevelt signed the groundbreaking Social Security Act into law in 1935, he made history as the first American President to advocate for the protection of the elderly. Now, 75 years later, this essential legislation is still performing its historic mission allowing hardworking Americans to depend on benefits that have reliably arrived on-time and in-full.

Americans are living longer, positioning retirement security at the forefront of issues of importance in the 21st Century. Reports from the U.S. Census indicate that nationwide, Social Security benefits lift nearly 13 million seniors age 65 and older above the poverty line. I am proud to work in a Congress where, under Democratic leadership, ideas jeopardizing federal Social Security benefits through any sort of privatization effort are off the table.

The Center of Budget and Policy Priorities (CBPP) reports that while Social Security's trust fund faces a significant long-term funding shortfall, it will be able to pay full benefits until 2041 and about 75 percent of promised benefits after that. In fact, the Social Security shortfall over the next 75 years is about one-third as big as the cost of extending the Bush Administration's tax cuts during the same period.

Social Security is more than just a retirement program. CBPP reports that of the 48 million beneficiaries in July 2005, 6.6 million received survivor's benefits and 8.2 million received disability benefits. In total, 10.3 million adults below the age of 65 and 3.9 million children received Social Security benefits, helping to lift one million of these children above the poverty line.

In the state of Tennessee, 265,000 seniors are lifted out of poverty by Social Security benefits. It is important that Congress continue working to build upon the success of this program so that it can continue to provide benefits for future generations.

The American Recovery and Reinvestment Act included a one-time payment of $250 to retirees, disabled individuals and SSI recipients receiving benefits from the Social Security Administration, Railroad Retirement beneficiaries and disabled veterans receiving benefits from the Department of Veterans Affairs. To date, the state of Tennessee has received nearly $12.5 million in Social Security payments.

For three-quarters of a century and through 13 recessions, Social Security has provided much needed support for millions of Americans. As a member of Congress, I take the responsibility of safeguarding Social Security seriously and work diligently to do so. Presently, I have introduced and am supporting numerous pieces of legislation that would encourage working families to build or maintain a nest-egg to help ensure seniors are able to reap the full benefits of a lifetime of work and service

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