Today, Congressman Alcee L. Hastings (D-FL) released the following statement marking the 78th anniversary of the signing of the Social Security Act:
"For 78 years, Social Security Income (SSI) has provided peace of mind and financial security to millions of Americans. Nearly 60 million people, including 4 million Floridians receive more than $800 billion in Social Security benefits every year. SSI is indispensable for those who depend on it. Furthermore, it is a major source of income for many elderly Americans and disabled veterans.
"I strongly oppose Republican efforts to cut Social Security payments through privatization or implementation of a formula chained to the Consumer Price Index (CPI.) This would hurt millions of vulnerable Americans who rely on SSI to make ends meet. Moving to a chained-CPI formula would result in a cut of more than $1,600 by the time beneficiaries reach their nineties, and could cost veterans of Iraq or Afghanistan up to $100,000 by age 75. That is why I recently signed a letter to President Obama urging him to oppose moving to a chained SSI-formula. As a Member of Congress, I remain committed to protecting Social Security for current beneficiaries and all who have paid into the system."
Congressman Alcee L. Hastings serves as Senior Member of the House Rules Committee, Ranking Democratic Member of the U.S. Helsinki Commission, and Co-Chairman of the Florida Delegation.