The Social Security Act of 1935 established the first major social insurance program in the United States. It is a needs based entitlement, which means that individuals pay into the program during their working years, and can withdraw the money during retirement or if they become disabled. It has been one of the most successful government programs ever created.
Despite years of record profits and growth, the government has allowed Social Security funding to become another partisan issue. If no action is taken, the Social Security trust fund will be depleted in 2034.
For years now, Republicans have threatened to cut or dismantle Social Security altogether. Millions of Americans depend on Social Security to survive. I will not allow the Republican party of anyone else to destroy this great program.
I support the Democratic Social Security 2100 legislation that will ensure the program remains stable for the rest of the century. That legislation would lower benefits for public workers, pension holders, and other individuals that are independently wealthy. It would also force those high income earners that have avoided paying Social Security tax to begin funding the program.
Another way we could help to save Social Security is to reduce the taxes on the actual Social Security benefits paid. We have a lot of options to make this work, and I will explore every one to make sure future generations enjoy the protections of the Social Security Administration.