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Preserving and Enhancing Social Security

Social Security is the largest source of retirement income for most Americans and the single most effective anti-poverty program in the history of our nation. Today, nearly 70 years after Social Security was enacted, 89.8% of American seniors do not live in poverty. In New Jersey alone, over 935,000 retirees, 140,000 disabled workers, and 287,000 men, women, and children rely on Social Security's guaranteed retirement, disability, and survivor benefits.

Scare Tactics from the Bush Administration

President Bush has chosen to create the impression that our nation's proven retirement income insurance program, Social Security, is in imminent danger of going bankrupt. However, nothing could be further from the truth.

According to the non-partisan, Congressional Budget Office (CBO), if no changes whatsoever are made to the Social Security program, 100% of all benefits would be paid to all retirees through the year 2052, after which 80% of benefits would still be paid. Even the Social Security Administration's Trustees predict that the "crisis" in Social Security will begin no earlier than 2042.

Efforts to Privatize Social Security are Misguided

To deal with the "crisis," the President and numerous Congressional Republicans have proposed privatizing Social Security. President Bush has said that his plan for private accounts would be made available to workers age 54 and younger. Yet, for these workers, it is estimated that President Bush's plan would cut guaranteed benefits by at least 40%, regardless of whether or not they opt to invest in a private account. Such unnecessary and drastic cuts are unconscionable while more than two-thirds of all retirees depend on Social Security for more than half of their retirement income and 20% of our country's seniors live solely on their Social Security benefits.

For these reasons, I am strongly committed to the preservation of Social Security as a government sponsored program and wholeheartedly opposed to its privatization. Social Security is the most successful and reliable anti-poverty program in the history of our nation and we must all work together, in a bipartisan manner, to save and protect it.

Enhancing Social Security: Correcting the "Notch Baby" Problem

Instead of working to privatize Social Security, we should look for ways to improve it. Rectifying or correcting the "notch baby" issue is one place to begin. The legislative measure that created Social Security, the Social Security Act of 1935, was amended in 1977. This substantially altered the way Social Security benefits were to be computed, beginning with people who became eligible in 1979 or those born after 1916. Many retirees in the five-to-ten year period after 1916 -- what are known as the "notch" years -- have stated that the changes in the rules caused their benefits to be lower than those of retirees who were born before or after them.

After hearing from thousands of my constituents and conducting my own extensive research on this issue, I have concluded that there is an inequality in Social Security benefits paid to those born during the "notch" years. To fix this problem, I support legislation that would reimburse people born during the "notch" years for this wrongful discrepancy.

Eliminating Provisions That Hurt Teachers, Police Officers, and Other Public Servants

The Windfall Elimination Provisions and Government Offset Provision of the Social Security Act is another inequity that affects too many retirees. This provision unfairly limits benefits for federal employees, teachers, police officers, and firefighters who served in both the public and private sectors. I support repealing the Windfall Elimination Provision and Government Offset Provision and believe that our government must recognize the important contributions made to this country by its public servants. They have tirelessly served our state and nation and deserve the full retirement and pension benefits that they earned.

Declaration of Support for Social Security

Social Security is vital to the financial security and well-being of our nation's current and future seniors. Protecting America's seniors and the programs that help them live in dignity and good health will always be one of my top priorities. I am committed to supporting and voting for legislation that improves the lives of seniors, while opposing legislation that threatens programs on which they rely.

Posted March 31, 2006