Saving Social Security for our Seniors

 The Word on Washington
October 2010
“Saving Social Security for our Seniors”

Since its inception in 1935, Social Security has proven to be a safety net for millions of Americans. It has been a shelter in the storm for our nation’s elderly, disabled, and those who have lost a loved one. It is a contract between our government and the American people. Now, that contract is under attack. There have always been those who questioned the necessity and viability of Social Security, and in these uncertain economic times their voices have grown louder. But now, more than ever, as face tough economic times, rising health care costs and shrinking retirement accounts, we must work to strengthen the foundation of this program.

There are many challenges facing our society today, and the long-term solvency of Social Security is one of them. Some have suggested fundamental changes to the program, such as privatizing the fund, raising the retirement age, lifting the cap on the Social Security payroll tax, and cutting benefits. While we as a nation must reevaluate our spending priorities, we owe it to the generations who came before and importantly, those generations of our children and grandchildren to ensure the long-term vitality of Social Security.

Social Security is a cornerstone of most Americans’ retirement plans, and it should be a guarantee – not a gamble. For this reason, I strongly oppose any plan to privatize Social Security. While the free market system has been a key to our nation’s prosperity, we have just had a strong reminder of the volatility of such a system. Our senior citizens and the disabled deserve security, not unpredictability. Therefore, we must not subject their financial wellbeing to the whims of a completely free market system. On the other hand, we must not limit the benefits this program provides. These benefits are essential in retirement years, and in these economic times, we cannot afford to jeopardize their financial security of countless Americans.

I have heard from many constituents who are frustrated about a lack of cost-of-living raise for Social Security in 2010 and 2011. I certainly share those concerns, and that is why I have supported short-term and long-term solutions for the “COLA” issue. I am a co-sponsor of H.R. 5987, the Seniors Protection Act of 2010, which would provide a one-time payment of $250 to the beneficiaries of Social Security to compensate for the lack of a cost-of-living raise in 2011. This measure would at least soften the blow for those who desperately need the cost-of-living adjustment.

I am pleased to report that the U.S. House will vote on this bill in November to make sure that we quickly to enact a $250 payment to senior citizens, veterans, and people with disabilities who receive Social Security to help them make ends meet during this tough time, when housing values are down, other retirement income is volatile, and many are facing rising expenses.

In addition, I have co-sponsored a bill that would create a consumer price index for elderly consumers that would help account for the skyrocketing medical costs and other increasing prices that older  individuals often face each year.  Basing the COLA on this new index, rather than on the CPI-W, would make the COLA more equitable and appropriate for older populations on fixed incomes.

Some changes may need to be made to ensure the solvency of the program, but these changes must be modest. Social Security reflects the commitment and values we share as Americans, and we must stay true to the time-tested values that have shaped our nation. We cannot sacrifice the wellbeing of a population that has served our country faithfully, and I will continue to do all that I can to fight for our senior citizens and guarantee retirement security not only for them, but for future generations of American workers.