Social Security is Not Broken, Not Broke, and Certainly Not Bankrupt

On August 14, 1935, after much debate and protest, President
Franklin D. Roosevelt signed Social Security legislation into law.
More than 75 years later, Social Security has become one of the
most successful government programs in history. Each year, Social
Security reliably pays billions in benefits to millions of
beneficiaries and delivers on its promise of protecting our seniors
who worked hard all their lives. Yet despite its success, some in
Washington target Social Security for cheap political games.
The misinformation we are constantly bombarded with – that
Social Security is going bankrupt – is wrong. The truth is that
even if nothing were done to change the financing of Social
Security, the program would pay 100 percent of the same benefits it
is currently paying for the next 25 years. No senior is, nor will
be losing a dime of his or her benefits. Even after 2036, if
nothing is done Social Security will pay 77 percent of promised
benefits. That is a 23 percent problem that can and will be
resolved. Social Security is not broken, not broke, and certainly
not bankrupt.
Some folks in Washington, D.C. have proposed radical ideas to
reduce Social Security benefits or take money out of Social
Security and gamble it on Wall Street. They argue that we should
convert Social Security to a system of private accounts in which
individuals could invest. This kind of talk is irresponsible,
divisive, dishonest and frightening to our seniors.
While I believe that we should provide incentives for
individuals to save for their retirement, we must also preserve
Social Security benefits as a reliable source of income for our
nation’s seniors that will remain unaffected by fluctuations in the
stock market. The recent turbulence in the financial markets
reminds us that our nation was wise not to go down the path to
private accounts for Social Security.
I have always stood up for the promise of Social Security, and I
will continue to fight to make sure the program is strong and the
benefits are certain. Social Security is not just an important
promise to our seniors – it is also vital to our economy. Last
year, in California’s 1st Congressional District alone, Social
Security delivered more than $1.6 billion into our local
communities. That money is spent right here in our communities and
this helps to create jobs and helps small businesses grow, which
broadens our tax base and helps provide a means to further endow
Social Security.
Our nation is faced with economic challenges, but like the great
challenges our nation has overcome in the past, we can solve our
economic challenges by setting aside Washington’s partisan
divisions and working together. In the same way, the long-term
solvency for Social Security isn’t an economic problem we must
overcome; it is a political divide we must bridge. If we put
country ahead of politics, and work in a bipartisan manner, then I
am confident that we will solve any challenges that Social Security
may eventually face.
Every American family has been touched by Social Security. I’m
reminded of the importance of Social Security whenever I think
about my grandmother, who worked her entire adult life sewing
gloves at the Napa glove factory and labeling wine bottles at
Inglenook Winery. When she retired, she had a small private pension
of $53 per month. It was Social Security that gave her comfort in
her golden years. It also provided her with peace of mind in
knowing that her children, her grandchildren, and her
grandchildren’s children would share the same securities.
Many seniors depend on Social Security to pay the bills and put
food on the table. That is why as long as I am a member of
Congress, I will work to make sure all of our current and future
retirees have that same peace of mind my grandmother enjoyed.
Social Security isn’t broken, failed, nor bankrupt and will need
only a minor adjustment to remain strong for the next 100 years.
Anything you hear to the contrary is incorrect. Social Security is,
and will remain, a guaranteed promise for all.
Congressman Mike Thompson is proud to represent California’s 1st
Congressional District, which includes the Counties of Del Norte,
Humboldt, Lake, Mendocino, Sonoma, Napa, and Yolo. He is a senior
member of the House Ways and Means Committee and the House
Permanent Select Committee on Intelligence. Rep. Thompson is also a
member of the fiscally conservative Blue Dog Coalition and sits on
the bipartisan, bicameral Congressional Wine Caucus.