Senator Boxer: Protecting Social Security
Friday, August 13, 2010
When President Franklin D. Roosevelt signed the Social Security Act into law - 75 years ago this week – he made a solemn promise to the American people: that after a lifetime of work, our country would protect its seniors and ensure their basic retirement security.
Today one out of eight Californians receives some kind of Social Security benefit. Without Social Security, 35 percent of these Californians would be living in poverty, and the percentage of California seniors living in poverty would quadruple.
As a nation, we have a sacred responsibility to fulfill the promise of economic security for working and retired Americans. Unfortunately some in Congress disagree, once again threatening action that puts Social Security at risk.
As you’ll recall, five years ago President Bush proposed a risky plan to privatize Social Security by allowing Social Security savings to be invested on Wall Street. If this plan had been enacted, millions of seniors would have lost their life savings in the financial crisis. However, because we stopped this privatization scheme, no one lost a dime in Social Security.
This year, some in Congress are again trying to cut and privatize Social Security. Please know that I will keep fighting to make sure that Social Security is there for all Americans, now and for generations to come.
U.S. Senator Barbara Boxer