For over 75 years, Social Security has provided financial security to the millions of Americans who have worked hard their entire lives to make this country great. It is a promise to the American people that, after a lifetime of hard work and paying their fair share, they would have a reliable source of income with which to retire with dignity and live independently.
Over the years, Social Security has been strengthened and expanded to protect Americans in case of disability or the death of a spouse. Today, more than 53 million Americans, including over 3.7 million Floridians, depend on the monthly retirement, survivor, and disability benefits that they receive as a result of this promise. Furthermore, six in ten seniors rely on Social Security for more than half of their income, and the program continues to serve as an indispensable safety net for retirees and their families.
Some want us to believe that Social Security is in crisis, that it contributes to the federal deficit, and is unsustainable. They also falsely claim that the only way to save Social Security is by cutting benefits and creating private accounts. However,
Social Security is fully solvent through 2037 and currently has a $2.6 trillion surplus that is expected to grow to $4.3 trillion in 2023. Social Security did not contribute to the federal deficit, as it is funded separately from the general treasury and has no borrowing authority.
I have received thousands of letters from constituents urging me not to support the privatization of Social Security. I agree with and share the concerns of these citizens.
Privatizing Social Security would mean less retirement income for all American workers. And, whereas Social Security pays benefits based on a worker’s lifetime of earnings, privatization would leave that determination to the rise and fall of the stock market. Privatization would drain trillions from the Social Security Trust Funds, exhausting the reserves almost 20 years before the current projections.
With the current retirement age scheduled to reach 67 by 2022, efforts to raise it further will only place a greater burden on millions of Americans, especially older workers and those in physically demanding professions.
Social Security’s challenges are manageable. We need a responsible plan to make sure that all Americans are guaranteed a secure retirement without cuts in benefits. Serious investment in the Social Security system is needed to ensure its future viability. By creating new jobs, spurring our economy, and investing in our nation, we will ensure the continued solvency of Social Security for decades to come.
Together with my colleagues in Congress, I will continue working hard to oppose any cuts to Social Security benefits, efforts to raise the retirement age, and privatization. Furthermore, I firmly oppose any future recommendations from the National Commission on Fiscal Responsibility and Reform to cut Social Security or diminish it in any way. Rest assured that I stand committed to this and future generations by ensuring the preservation and continued improvement of Social Security, as well as Medicare and Medicaid.