For generations, Social Security has been a stable and secure retirement guarantee for all Americans. It is our nation's most successful domestic program, providing an essential safety net and ensuring a decent retirement for Americans who've worked hard their whole lives. That's why I oppose the administration's plan to turn Social Security from a guarantee into a gamble, where the big financial companies on Wall Street would be the only sure winners.
This summer on our website, I asked Minnesotans to e-mail me with stories of what Social Security has meant in their lives. The responses were powerful in describing the profound difference that Social Security can make.
Scott in White Bear Lake wrote that "when my father died young, my mother needed time to get back into the workforce. She had three minor children, and three in college. We got through that tough time with help from scholarships, the public school system and Social Security. We've grown up and have been paying back into the system for years now, and have been glad to do it, because we know how people can find themselves in need, unexpectedly, where all they need is a helping hand to keep things going."
Esther, who is 86-years-old wrote: "I worked until I was 62, brought up two children, both went onto college, and at this point in my life I can't work anymore. I depend solely on my Social Security."
Social Security has become a fundamental part of our nation's social and economic fabric. It has provided a crucial safety net and it ensures that all Americans can retire with dignity and security. We can't let this administration and Wall Street take it away from us.
The priorities in Washington need to change.
As your U.S. Senator, here's what I'll fight for:
* I will fight and oppose the current administration's risky scheme to privatize Social Security because it would turn the guarantee of a secure retirement into a gamble. The president's irresponsible proposal would divert billions of dollars out of Social Security and put it at risk in the stock market. And it would require trillions of dollars of borrowing for transition costs. That's no way to fix a system.
* I will fight to make sure our nation plans ahead and works toward a bipartisan solution to make Social Security more secure for the long term. I'm confident that working together across party lines, we can responsibly address any projected funding shortfalls and ensure that Social Security remains a vital part of retirement for future generations.
* I will fight to expand incentives for Americans to participate more fully in private retirement options such as IRA and 401(k) accounts. These are essential supplements to the guarantee of Social Security, and I believe we can provide working families with stronger incentives to save for retirement.