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Pallone Warns of Threat to Social Security

Press Release

Location: Neptune

In a national TV appearance and at a local forum with seniors to recognize the 75th anniversary of the creation of Social Security, Congressman Frank Pallone, Jr. on Tuesday warned of a looming threat to a program he termed "an American promise that shouldn't be compromised."

"Social Security has a 75-year record of success in providing economic security for hard-working Americans in retirement," said Pallone, who joined with seniors at the Neptune Senior Center to reaffirm a commitment to the future of Social Security. "For many seniors, Social Security is their only source of income during frightening economic times."

Congressman Pallone appeared on FoxNews to warn that Republican plans to "privatize" Social Security by investing its funds on Wall Street would put the program at risk.

"If the Republicans take control of Congress they are promising to cut and to privatize Social Security," said Pallone. "We can't let either happen."

If George Bush and congressional Republicans had succeeded five years ago when they last attempted their privatization scheme, trillions of dollars would have been lost to the meltdown on Wall Street, Pallone noted.

In New Jersey, more than 1.4 million people receive Social Security benefits, including more than 1.2 million retirees, 103,000 children, 177,000 disabled workers and 110,000 widows.

"Social Security continues to deliver on the promise of basic economic security after a lifetime of work," said Pallone. "A promise that is even more important during difficult economic conditions."

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