Congressman Vows To Protect Economic Security For Seniors
WASHINGTON —Rep. Charles B. Rangel celebrated Social Security 75th anniversary Friday by renewing his commitment to protecting and strengthening the bedrock program, saying that he would fight any attempts to dismantle it.
More than 50 million Americans, including more than 87, 000 people in the Congressman's Upper Manhattan district, rely on Social Security’s guaranteed benefits to put food on the table, stay in their homes and make ends meet in their retirement years.
“Social Security is one of the foundations of our society, based on the premise that if you work hard and play by the rules you will have the stability and security of guaranteed income in your older years,” said Rep. Rangel. "Six in ten seniors rely on Social Security for more than half of their income."
Social Security continues to deliver on the promise America has made to its seniors of guaranteed retirement income to ensure security and stability for millions. Year after year, Democrats have stood by the historic legislation, strengthening it in the 1950s and ‘60s, and preserving its solvency in the ‘70s and ‘80s.
Rangel noted that the Republican leadership has sought to undermine Social Security or destroy it since its establishment in 1935. The current Republican plan for Social Security would cut Social Security retirement and survivor benefits for middle class workers. It would divert trillions of dollars from the Social Security Trust Fund into private accounts and subject worker’s basic retirement security to Wall Street’s ups and downs. Eventually four out of every ten dollars of Social Security payroll contributions would be diverted to private accounts – threatening the ability of the Trust Funds to pay benefits to today’s seniors.
Such plans, said the Congressman, would put our nation’s fiscal stability in jeopardy by increasing federal borrowing by more than $1 trillion.
"In the wake of the current economic crisis, Social Security is more important than ever. For three-quarters of a century, through 13 recessions, Americans have been able to depend on benefits that arrive on-time and in-full, and in honor of this milestone, I will continue to fight to preserve this program for generations to come,” said Rep. Rangel.
Signed into law by President Franklin D. Roosevelt on August 14, 1935, Social Security was created at a time when the American economy had crumbled and was struggling to recover. Pensions were almost non-existent, and a majority of seniors were unable to support themselves after retirement. Thanks to Social Security, millions of seniors today can live their lives with dignity and independence instead of poverty and despair.
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