We must keep Social Security secure

We should preserve and protect Social Security, not privatize it. Social Security is not "in crisis." It is fully funded through 2042. Privatizing Social Security will not make it stronger; it will destroy both Social Security and our federal budget.

We have made a commitment to our senior citizens, and we must keep that commitment.

Everyone should plan for retirement by participating in a company retirement plan, a personal savings plan, and government-backed Social Security. But over the past several decades, two of those three plans have been put at risk. Fewer and fewer companies offer Defined Benefit Retirement Plans. Only half of U.S. workers have access to a company retirement plan. Some corporations, such as United Airlines, are seeking bankruptcy protection to relieve themselves of the obligation to pay promised retirement benefits. The boom and bust in dot.com stocks and corporate malfeasance, such as we’ve seen with Enron, Adelphia, Worldcom and others, has made it clear that investing savings in the stock market is inherently risky. While the safety of other retirement plans has eroded, Social Security remains the one retirement plan that is rock solid. Backed by the U.S. government, you can always count on Social Security to be there, even if other retirement plans fail. We cannot abandon that safety.

Social Security is not an investment, it is insurance. Just like car insurance, when you pay the premiums, it should be there when you need it. We don’t try to make money off of our car insurance, and we should not try to do that with Social Security.

Social Security is also insurance that protects against the untimely loss of a wage earner or disability. In 2004 about 7 million people receiving Social Security were survivors of deceased workers. Another 8 million were disabled workers and their dependents. No prudent person would rely on the stock market for life insurance and disability insurance.

We need to provide a sound footing for Social Security beyond 2042. We need to start by not raiding Social Security funds to pay for current expenses. We also need to increase the cap on wages subject to Social Security payroll taxes. Social Security replaces part of our wages when we are no longer working. Social Security benefits increase over time to keep pace with wage growth, and Congress needs to increase the amount of taxable wages from time to time as average wages go up. Currently, higher income workers pay nothing into Social Security on wages above $87,900. We need to raise that cap to provide the security we need beyond the year 2042.