Legislative Update by Congressman Mike Ross

Celebrating 70 Years of Social Security
 
August 12, 2005
 
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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