Social Security is a great American success story. It represents the best of American values if you work hard and play by the rules, you earn a secure retirement and a basic quality of life in your older years.
And it works. Before Social Security, 50 percent of older Americans were living in poverty. Now, its 10 percent.
Social Security is more than retirement. It covers you if something goes terribly wrong a financial crisis, loss of a spouse or parent, or disability. It protects you whether you are a 25-year-old starting your career, like my daughter, or a 78-year-old retiree, like my Mom.
There are misconceptions about Social Security. Here are the facts:
Nearly every working American including me pays into Social Security.
According to the nonpartisan Congressional Budget Office, Social Security can pay 100 percent of its commitments through 2052. After that, it will be able to pay 80 percent of benefits owed. We know Social Security faces long-term challenges, and I intend to be part of the effort to strengthen it for the long term.
But privatization is not the answer, because the numbers just dont add up. In fact, the administrations plan doesnt do one thing to ensure the long-term security of Social Security.