A Quote by Chaka Fattah
Currently, more than 4.7 million African Americans receive Social Security benefits, and nearly 8 million people with disabilities depend on Social Security for their daily sustenance.
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Lets all be reminded, 60 million Americans are on Social Security, 60 million. A third of those people depend on 90% of their income from Social Security. Nobody in this country is on Social Security because they made the decision when they were starting work at 14 that they wanted to trust some of their money with the government.
Today there are about 40 million retirees receiving benefits; by the time all the baby boomers have retired, there will be more than 72 million retirees drawing Social Security benefits.
Millions of Americans have paid into social security and deserve their full benefits. Pure and simple, Republicans are manufacturing a social security crisis that does not exist in order to dismantle social security.
When you talk about Social Security, it's not just enough to say, we're looking at you, this really matters. It's the fact that a million Americans think it matters. Oh, wait, it's 2 million Americans think it matters. No, it's 4 million Americans. It's 6 million, wait, it's 10 million, it's 50 million Americans who care about this. That's how we're going to make change.
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.
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.
Our constituents paid into Social Security, and they want it paid back to them when they retire. Cutting Social Security benefits that Americans have earned should always be a last resort.
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.
Social Security is something that we need to deal with, because people who are working today, who will retire in the future, people who are retired today, they have a right - and it's part of the compact that they can depend on their benefits. We should fix the long-term funding problem of Social Security because that's the right thing to do.
There are many commitments I have made for reducing poverty. One is to reform social security. Social security reaches only 44 percent of Mexicans. One of my goals is to give social security to all the people.
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.
By requiring that any surplus in Social Security taxes be returned to the American people in personal savings accounts, the plan ensures that Social Security taxes will be used for Social Security.
Social Security is an insurance policy. It's a terrible investment vehicle. Social Security has some great benefits. But it was never meant to be a savings plan. So we need to have a national debate. Should this 12.5 percent that we're contributing all go into a Social Security pool, or should half go into a mandatory savings plan?
The President and I agree that Social Security needs to be preserved so that we can ensure that all Americans receive the retirement benefits they've been promised. But we disagree as to how best to fix the system.
The revenue stream for Social Security benefits comes from payroll taxes, which are credited to the Social Security Trust Fund - accounting for the program's finances separately from the rest of the budget.
Instead of cutting Social Security, we're going to expand Social Security benefits.
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