Congresswoman Waters Marks 80th Anniversary of Social Security

Statement

Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, marked the 80th anniversary of the landmark Social Security Act. Signed into law by President Franklin D. Roosevelt in 1935, the Social Security Act has provided economic stability and retirement security to millions of hard working Americans. The Congresswoman released the following statement:

"In today's economic climate we must never forget about the impact of legislation like the Social Security Act of 1935. When the program was first implemented, it covered a very limited number of Americans. Since then it has grown and dramatically evolved into a nearly universal system and, as a result, 93% of American workers pay and contribute to Social Security.

"Today, nearly 59 million Americans rely on the earned benefits of Social Security, including 9 million veterans. Furthermore, 8.2 million disabled workers and 6.9 million widows/widowers and spouses of retired and disabled workers are supported by this undeniably necessary Act.

"A world without Social Security is one that is hard to fathom. Without Social Security, the poverty rates for Black and Latino seniors would triple. Social Security lifts 15 million elderly Americans out of poverty, including more than 1.2 million elderly people in California. Without Social Security, 22 million Americans, including 1 million children, would fall into poverty.

"Today, when the average American has only $2500 in retirement savings, we can rest assured that Social Security will provide our citizens with a means to retire and live a life with dignity. It is clear that Social Security and the benefits it provides for seniors, retirees, veterans, disabled persons, and families of retired workers cannot be overstated."

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