A Quote by Judy Biggert
Since 1935, this has been a pay-as-you-go system, and I always believed when I first started talking about Social Security that there was a little box that had my name on it and it had my benefits for when I retired. That is not true.
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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.
Germany, I think, was first to substitute a Social Security program for its elderly based on this premise, that is, that we would tax workers to pay retirement benefits for those retired.
Under the current pay-as-you-go Social Security system, not one person is actually guaranteed benefits.
People expect those in authority to take on big problems and to solve them. We had an opportunity to reform Social Security in a way that would have protected people's benefits and created a solvent system. Younger workers would be confident that the money they were putting into the system would be available to them when they retired. It was a missed opportunity. I regret that.
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.
With more than half of the American workforce without private pension coverage, Social Security provides economic certainty within a system that is fair, equitable, and easy to understand. You work hard, pay into the system, and the federal government makes a promise to pay back your earned benefits when you retire. It's that simple.
The conversation should've been about middle class people. The conversation should've been about how to raise the minimum wage and strengthen Social Security. But then we started talking about this whole email stuff again. And now the outcome is that, you know, Donald Trump has somebody who he's looking at to put on his Cabinet who's a lobbyist to privatize Social Security.
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.
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.
Young people understand that there is not a Social Security trust fund. Social Security is a pay-as-you-go system, where today's millennials are paying for today's seniors.
Since Social Security was established by President Franklin D. Roosevelt in 1935 to ensure economic security for American workers, poverty among American seniors has dramatically declined.
As I think all Americans understand on both sides of the aisle, the Social Security system as it is structured today is a pay-as-you-go system.
We should be talking about expanding Social Security benefits - not cutting them.
I'm really fortunate to have been to the schools I've been to, and to have the experiences I've had. And, partly since my parents are retired teachers, I've got the desire to give back. When I knew that I had that instinct, I got certified (through the Creativity Coaching Association) and I started working with artists of all kinds - though now I focus on writers.
Last night, I had a telephone townhall for my constituents back in Vermont, and we had 11,500 people on it. And I had people on Social Security saying if getting fewer benefits will help us on the debt, they're for it. And I had a farmer saying that he's had subsidies for 35 years but we can't afford them anymore.
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.
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