On Aug. 14, 1935, after much debate and protest, President Franklin D. Roosevelt signed Social Security legislation into law. More than 75 years later, Social Security has become one of the most successful government programs in history.
Each year, Social Security reliably pays billions in benefits to millions of beneficiaries and delivers on its promise ofprotecting our seniors who worked hardall their lives. Yet despite its success, some in Washington target Social Security for cheap political games.
The misinformation we are constantly bombarded with - that Social Security is going bankrupt - is wrong. The truth is that even if nothing were done to change the financing of Social Security, the program would pay 100 percent of the same benefits it is currently paying for the next 25 years. No senior is, nor will be losing a dime of his or her benefits.
Even after 2036, if nothing is done, Social Security will pay 77
percent of promised benefits. That is a 23 percent problem that can and
will be resolved. Social Security is not broken, not broke, and
certainly not bankrupt.
Some folks in Washington, D.C., have proposed radical ideas to reduce
Social Security benefits or take money out of Social Security and
gamble it on Wall Street. They argue that we should convert Social
Security to a system of private accounts in which individuals could
invest. This kind of talk is irresponsible, divisive, dishonest and
frightening to our seniors.
While I believe that we should provide incentives for individuals to
save for their retirement,we must also preserve Social Security
benefits as a reliable source of income for ournation's seniors that
will remain unaffected by fluctuations in the stock market. The recent
turbulence in the financial markets reminds us that our nation was wise
not to go down the path to private accounts for Social Security.
I have always stood up for the promise of Social Security, and I will
continue to fight to make sure the program is strong and the benefits
are certain. Social Security is not just an important promise to our
seniors - it is also vital to our economy. Last year, in California's
1st Congressional District alone, Social Security delivered more than
$1.6 billion into our local communities. That money is spent right here
and this helps to create jobs and helps small businesses grow, which
broadens our tax base and helps provide a means to further endow Social
Our nation is faced with economic challenges, but like the great
challenges our nation has overcome in the past, we can solve our
economic challenges by setting aside Washington's partisan divisions and
working together. In the same way, the long-term solvency for Social
Security isn't an economic problem we must overcome; it is a political
divide we must bridge. If we put country ahead of politics, and work in a
bipartisan manner, then I am confident that we will solve any
challenges that Social Security may eventually face.
Every American family has been touched by Social Security.I'm
reminded of the importance of Social Security whenever I think about my
grandmother, who worked her entire adult life sewing gloves at the Napa
glove factory and labeling wine bottles at Inglenook Winery. When she
retired, she had a small private pension of $53 per month. It was Social
Security that gave her comfort in her golden years. It also provided
her with peace of mind in knowing that her children, her grandchildren,
and her grandchildren's children would share the same securities.
Many seniors depend on Social Security to pay the bills and put food
on the table. That is why as long as I am a member of Congress, I will
work to make sure all of our current and future retirees have that same
peace of mind my grandmother enjoyed. Social Security will need only a
minor adjustment to remain strong for the next 100 years. Anything you
hear to the contrary is incorrect. Social Security is, and will remain, a
guaranteed promise for all.
U.S. Rep. Mike Thompson represents California's 1st Congressional
District, which includes Del Norte County.