Ed Perlmutter on Social Security

Last Updated : Oct 05, 2010

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Social Security

The Social Security Act was signed into law by President Roosevelt on August 14, 1935. In addition to several requirements for general welfare, the Act created a social insurance program designed to pay retired workers age 65 or older an ongoing income after retirement. 

There has been much debate about the safety and solvency of Social Security. I strongly believe we need to keep our promise to our senior citizens and to our children to maintain Social Security. I oppose “privatization” or private accounts for Social Security payroll contributions. Social Security is too important to be subjected to the risk and volatility of the stock market.

With the aging baby boomer generation, the time will come where the fund will pay out more benefits than are coming in. The Social Security Board of Trustees released a report in May 2006 that laid out Social Security trust fund projections. According to the report the Social Security trust fund will have a cash flow deficit in 2017. Additionally, estimates indicate the Social Security Trust Fund will no longer have a surplus in 2040 and will be running a deficit. 

The question is what to do to preserve America’s promise of Social Security for our senior citizens and disabled. Further Congressional oversight and investigation on identifying ways to keep Social Security solvent must be explored. I look forward to working with my colleagues in Congress in maintaining this important and necessary program for our nation.



Sponsored and Cosponsored Legislation

This representative has not been identified as sponsoring or cosponsoring significant legislation related to this title.

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