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.
Social Security is the foundation stone of that kind of retirement security. It not only needs to be strengthened in order to make sure it's there for younger baby boomers and Generations X and Y, but it probably needs to be strengthened and expanded because the retirement benefits now being offered by most employers are not sufficient to support middle-income Americans in their long years of retirement.
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.
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.
Americans should be able to enjoy a secure retirement after a lifetime of hard work. But too many Americans reach retirement without enough savings to supplement their Social Security benefits.
Wage discrimination lasts forever. The disparity haunts women beyond their years in the labor force, impacting how much they save for retirement and ultimately receive in Social Security benefits.
The president and Republicans in Congress have repeatedly promised to revisit Social Security privatization after November. But Americans have already said, loud and clear, that they don't want Social Security to be privatized or dismantled.
President Roosevelt, the author of Social Security, was the first to suggest that, in order to provide for the country's retirement needs, Social Security would need to be supplemented by personal savings accounts.
The debate over Social Security should not be about how much we can cut from the program in order to balance the federal budget. The debate over Social Security should not be about raising the retirement age or limiting benefits. The debate over Social Security should be about retirement security.
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.
Indeed, I think most Americans now know that in 1935 when Social Security was created, there were some 42 Americans working for every American collecting retirement benefits.
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.
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.
Let me be clear, the discussions about Social Security are not about the retirement security of those Americans who are 55 or older - the Social Security system for those folks 55 and over will not change in any way shape of form - no ifs, ands, or buts.
One of the strongest lessons I learned in doing six months of work on retirement topic was how absolutely crucial the Social Security system is for the great mass of Americans. The research of professionals and our own reporting convinced me that many millions of people are not capable of effectively managing the finances for their own retirement.
If a country like Chile can fix its social security system, there is no reason a country as great as the United States... can't fix our Social Security system.
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.