Etheridge reaffirms commitment to social security


Washington, D.C. -— U.S. Representative Bob Etheridge (D-Lillington) said today that Social Security is as important as ever as it approaches its 75th Anniversary on August 14, 2010, as the House Ways and Means Committee Subcommittee on Social Security held a hearing, “Social Security at 75 Years: More Necessary Now Than Ever.”

President Franklin D. Roosevelt signed the landmark legislation, which continues to provide security to seniors, their survivors, and persons with disabilities and their families, into law on August 14, 1935.

“Social Security has played a central role in improving the quality of life for North Carolina’s seniors in both rural and urban communities,” Etheridge said. “Some have proposed radical ideas to reduce benefits or take money out of Social Security and put it into risky Wall Street accounts. I will always fight to preserve these benefits and their promise of a vibrant middle class.”

As America and North Carolina’s economy recover from the recession brought on by eight years of reckless economic policies, recipients can still count on income from their Social Security. While the recession has had devastating effects on all other sources of retirement income, Social Security remains strong. The approaching 75th Anniversary reminds us of the vital role Social Security has played as a measure of protection against poverty in old-age.

About one-third of beneficiaries are not seniors, but children, survivors and people with disabilities. Social Security provides benefits to over four million children and lifts more children out of poverty than any other program. Next month’s anniversary illustrates Social Security’s vitality and importance to America’s future. According to some estimates, without Social Security benefits one of every two seniors would be living in poverty.

Today’s Ways and Means hearing focused on the essential role Social Security plays in the well-being of American workers and their families as they face retirement, disability or death of a bread-winner, both now and in the future.

“The story of America’s strong and vibrant middle class is linked with the creation and growth of Social Security,” Etheridge said. “The American public has repeatedly rejected attempts to privatize these investments in risky Wall Street schemes. I join them in their assessments and will continue working to support Social Security so it’s here for another 75 years.”