A Quote by Hillary Clinton
I will not cut benefits. I want to enhance benefits for low-income workers and for women who have been disadvantaged by the current Social Security system.
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To fix Social Security, we should first stop using the Consumer Price Index to adjust benefits for inflation. Using the C.P.I. overstates the impact of inflation and has also led to larger increases in benefits for Social Security recipients than the income gains of typical American workers.
As you know, Social Security functions under the premise that today's workers will help finance benefits for retirees and that these workers will then be supported by the next generation of workers paying into the same system.
The fine print in the President's Social Security proposal is that all present and future workers under age 55 will have their promised retirement benefits cut.
If you're a poor worker - this is for new workers coming into the workplace - your benefits will increase at the current rate of increase. If you're a wealthier worker, your benefits would increase at the rate of inflation. And those changes would affect positively the unfunded liabilities inherent in Social Security.
When the average Social Security benefit is $1328 a month, and more than one-third of our senior citizens rely on Social Security for Virtually all of their income, our job is to expand benefits, not cut them.
Under the current pay-as-you-go Social Security system, not one person is actually guaranteed benefits.
I do not believe that the Social Security system is in crisis. The Social Security Administration itself recently reported that the system is able to pay full benefits as they are defined today until at least 2042.
However, the Administration's plan to privatize Social Security will undermine retirement security for all Americans by cutting guaranteed benefits by more than 40 percent, and risky private accounts won't make up for the loss of benefits for millions of Americans.
When women earn the money for the family, everyone in the family benefits. We also know that when women have an income, everyone wins because women dedicate 90% of the income to health, education, to food security, to the children, to the family, or to the community, so when women have an income, everybody wins.
One line I'd draw would be on raising the eligibility age for Social Security and Medicare. It sounds fair, since people are living longer. But it isn't. Lower income workers are the ones who find it hardest to keep working after 65. And they'll get penalized with lower benefits.
The 1935 Social Security Act established 65 as the age of eligibility for payouts. But welfare state politics quickly becomes a bidding war, enriching the menu of benefits, so in 1956 Congress entitled women to collect benefits at 62, extending the entitlement to men in 1961.
The national framework of social insurance - social security, unemployment and disability benefits, work programs, and workers' compensation - protected citizens from the kinds of risks that private markets couldn't or wouldn't insure.
The Presidents proposed privatization plan would jeopardize that security by cutting guaranteed benefits for future retirees and endangering the benefits of current retirees, people with disabilities, and children who have lost a parent.
The President's proposed privatization plan would jeopardize that security by cutting guaranteed benefits for future retirees and endangering the benefits of current retirees, people with disabilities, and children who have lost a parent.
Without Social Security benefits, more than 40 percent of Americans 65 years and older would live below the federal poverty line. Even more striking is that Social Security is the only source of retirement income for almost a quarter of elderly beneficiaries.
Claiming that Social Security benefits are safe may sound naive, but my view is actually quite cynical. I believe that as long as the elderly continue to vote in large numbers, no Congress will renege on promised payouts for those already eligible to receive benefits.
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