The Social Security program was established in 1935 and provides benefits to retired and disabled workers and their families and to the survivors of deceased workers.
Approximately 46 million people currently receive benefits, with 96 percent of all jobs in the United States contributing to this universal and essential federal program.
Republicans want us to believe that the only way to save Social Security is through the creation of private accounts. I have received thousands of letters from constituents urging me not to support the privatization of Social Security. I agree with and share the concerns of these citizens.
Privatizing Social Security would mean less retirement income for all American workers and would be particularly damaging for women and minorities. Additionally, whereas Social Security pays benefits based on a worker's lifetime of earnings, with privatization, an individual's retirement benefits would be determined by the whims of the stock market.
Social Security's challenges are manageable. We need a responsible plan to ensure that all Americans experience a secure retirement without cuts in promised benefits. Privatization is not the solution to Social Security's challenges. Instead, Congress must work to ensure that the solvency of Social Security continues for generations to come.