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This weekend, America celebrates the 70th birthday of Social Security.
On August 14, 1935, President Franklin Delano Roosevelt signed into law
a system that would provide an avenue for millions of Americans to retire
in dignity and with security. On the 70th birthday of Social Security,
we not only celebrate President Roosevelt’s incredible vision, but are
also invigorated to renew our commitment to protect Social Security for
decades and generations to come.
Arkansas ranks third in the nation with the largest percentage of the
population receiving Social Security benefits with 543,669 people receive
benefits. This includes over 300,000 retired workers, 91,000 disabled
workers, and 54,000 children. Without Social Security, 58% of beneficiaries
over the age of 65 would have incomes below the poverty line.
My first action as a Member of Congress was to tell the politicians
in Washington to keep their hands off the Social Security Trust Fund.
I did this by introducing the Social Security and Medicare Off-Budget Lockbox
Act of 2001, which prohibited the Social Security and Medicare Trust Fund
surpluses from being used in national budget surplus projections.
The Social Security Administration projects that the Social Security
Trust Fund’s reserves will be depleted by 2041. Some politicians
claim that the only way to save Social Security is by privatization.
Taking money out of the Social Security Trust Fund and placing it into
unstable private accounts is a risk our seniors simply cannot afford.
With privatization, workers will assume the risk of their retirement security.
American citizens will be forced to cope with the risk of a bad investment,
the risk that they will outlive their assets, or the risk of a stock market
crash.
As your Member of Congress in the United States House of Representatives,
I remain committed to protecting Social Security and ensuring that the
Social Security safety net created by President Roosevelt in 1935 will
continue to pay beneficiaries, in full, the security they have worked a
lifetime to receive. I will work in a bipartisan manner to produce
common-sense legislation that will strengthen Social Security so that the
trust fund can continue to pay its beneficiaries without increasing the
deficit or reducing guaranteed benefits. |
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