[Congressional Record (Bound Edition), Volume 156 (2010), Part 10]
[Extensions of Remarks]
[Page 14776]
[From the U.S. Government Publishing Office, www.gpo.gov]




                        SOCIAL SECURITY TURNS 75

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                           HON. GEORGE MILLER

                             of california

                    in the house of representatives

                        Thursday, July 29, 2010

  Mr. GEORGE MILLER of California. Madam Speaker, in just a few weeks, 
we will celebrate the 75th anniversary of the enactment of the Social 
Security Act.
  Americans have benefitted greatly from this extraordinary program 
over the past 75 years. In fact, almost half of today's elderly would 
live in poverty without it. It is the most successful domestic program 
in our nation's history.
  There can be no better time to renew our commitment to defend this 
program, to reinvigorate it and to do everything we can to ensure that 
Social Security is funded, solvent, and available for generations to 
come.
  From its very inception, Social Security was a promise of economic 
security and stability for older Americans after a lifetime of hard 
work. Over the years, that promise has been strengthened to protect 
Americans in case of severe disability and the death of a breadwinner 
as well. Year after year, Social Security continues to deliver on that 
promise. For three-quarters of a century, through 13 recessions, 
Americans have been able to depend on benefits that arrive on time and 
in full.
  More than 50 million Americans rely on Social Security now. Six in 10 
seniors rely on Social Security for more than half of their income. And 
more than 6 million children--nearly one in 10--receive part of their 
family income from Social Security.
  For 75 years, we have stood by the program that we created: 
strengthening it in the 1950s and '60s, and preserving its solvency in 
the '70s and '80s. Now, as we all know, the retirement of the Baby Boom 
generation will create new and real challenges for Social Security. And 
we need to respond to those challenges with innovative solutions that 
guarantee the system's long-term strength for generations to come.
  But make no mistake, opponents of Social Security have not given up 
their effort to undermine this great program. Republicans in Congress 
continue to deliberately exaggerate the system's problems in an attempt 
to scare the public into supporting the radical idea of privatizing 
Social Security.
  The Senior Republican on the House Budget Committee, for example, 
unveiled his Party's plan to eliminate Medicare and privatize and cut 
Social Security, rehashing the failed policies that President George 
Bush tried to carry out but was stopped, thanks to Democratic 
opposition in Congress.
  According to the Washington Post, ``Some GOP lawmakers also have 
endorsed [Rep. Paul] Ryan's alternative budget plan, which would wipe 
out deficits in part by privatizing social security and replacing 
traditional Medicare benefits with an insurance voucher for people age 
55 and older.''
  Their strategy poses a risk to all Americans, and experts concur that 
privatizing Social Security will not solve the challenges facing the 
system.
  The recent economic meltdown on Wall Street reinforces the folly of 
trying to tie the Social Security Trust Fund to the ups and downs of a 
volatile stock market. When the market crashed in 2008, investors lost 
30 percent or more of their savings. Social Security recipients didn't 
lose a nickel in benefits. Had previous efforts to privatize Social 
Security succeeded, seniors would have lost trillions more in the 
recent stock market meltdown and economic recession. The American 
people deserve the income security they have earned.
  In the wake of the current economic crisis, Social Security is more 
important than ever. Social Security was created at a time when the 
American economy had crumbled and was struggling to recover. Pensions 
were almost non-existent, and a majority of seniors were unable to 
support themselves after retirement. Thanks to Social Security, 
millions of seniors today can live their lives with dignity and 
independence instead of poverty and despair.
  In December of this year, the President's Bipartisan Commission on 
Fiscal Responsibility will release recommendations on meaningful ways 
to improve America's long-term fiscal outlook, including the future of 
Social Security. I look forward to reading the report and reviewing 
their recommendations to ensure that Social Security is strengthened, 
not weakened.
  As we approach August 14, the date of the 75th anniversary of Social 
Security, we can all be grateful for the creation of this program and 
we can all rededicate ourselves to ensuring its continued success. I 
remain committed to preserving Social Security's guaranteed, lifelong, 
inflation-protected insurance benefits for retirees, disabled workers 
and their families, and the survivors of deceased workers for 
generations to come.

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