Tomorrow marks the 75th anniversary of the Social Security Act, signed into law on August 14th, 1935 by President Franklin D. Roosevelt. In commemoration of this occasion, U.S. Sen. Sherrod Brown (D-OH) issued the following statement:
"The passage of Social Security 75 years ago was a crucial step in building America's middle class," Brown said. "Social Security has been critical to reducing the financial uncertainty that can accompany aging, unemployment, and illness - uncertainty that doesn't just affect individuals, but also their families.
"Seventy-five years later, Social Security continues to live up to the goals set by President Roosevelt. In 2008 alone, more than 50 million Americans depended on their social security benefits. It is estimated that nearly half of all Americans over the age of 65 would live in poverty if it weren't for these modest benefits. Social Security enables millions of elderly to live with dignity and independence.
"While Social Security will remain solvent for the next thirty years, we must continue to work on long-term fixes that ensure that all future generations have access to this critical retirement program. I'm grateful that we thwarted Republican attempts to privatize Social Security in 2005 - particularly in light of the near collapse of our financial system due to Wall Street recklessness.
"Social Security has provided a vital safety net for millions of Americans. It ensures that if you work hard and play by the rules, you can retire without fear of impoverishment."