Issue Position: Social Security

Issue Position

Enacted in 1935 to provide continuing income during retirement, Social Security was designed to supplement employer pensions and private savings. One of the main concepts was that those with greater economic need should receive extra protections. The Social Security system is not a savings account. Instead, it issues Treasury Securities that are more like "IOU's". Every penny of the Social Security surplus is credited to the Trust Funds in the form of Treasury bills, as required by federal law.

Social Security has been a success. Elderly poverty rates have fallen by over 70%.

In the long-term, Social Security must see changes to ensure benefits for our grandchildren. But in the short term, seniors should not be scared into thinking their benefits are at risk. Social Security is a "pay-as-you-go" system: today's workers pay for today's retirees. Unfortunately, the number of current workers has fallen in comparison to the number of seniors eligible for benefits. Older generations have done very well, in current form, though younger workers and future generations will do worse.

Strengthening Social Security must be a bipartisan effort. We need to find common ground. If we fail, future generations will pay the price for our inaction.

I am absolutely committed to making sure that Social Security stays solvent, so current beneficiaries continue to receive their checks. Also, I want to warn you about the scare tactics that mislead good people into thinking their benefits will be cut. I assure you that every legislator in Washington D.C. understands the magnitude of this issue.

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