Social Security

“ The cornerstone of that framework must be paying down our debt, investing in education and other critical priorities, strengthening and modernizing Medicare, and saving Social Security for the retirement of the baby boom generation.
If we value the financial well-being of our parents and grandparents, if we believe that all Americans deserve to retire with dignity, if we want to make sure we don't place an unfair burden on the backs of the next generation of young parents, then we must seize this moment of unprecedented prosperity and budget surpluses to extend the life of Social Security. ”

“ In a nation as rich as ours, all citizens should be able to live in decency and health.
Our Social Security System should be developed into the main reliance of our people for basic protection against the economic hazards of old-age, unemployment, and illness. I earnestly hope that the Congress will complete action at this session on legislation to increase the benefits and extend the coverage of old-age and survivors' insurance. The widespread movement to provide pensions in private industry dramatizes the need for improvements in the public insurance system. ”

“ Social Security, in my view, has been the most successful Federal program in perhaps the history of our country. In the last 75 years, whether in good or bad times, Social Security has paid out every nickel owed to every eligible American. Today, Social Security has a $2.6 trillion surplus. Today, Social Security can pay out benefits for the next 29 years. ”

“ Today, more than 45 million Americans receive Social Security benefits, and millions more are nearing retirement -- and for them the system is sound and fiscally strong. I have a message for every American who is 55 or older: Do not let anyone mislead you; for you, the Social Security system will not change in any way. (Applause.) For younger workers, the Social Security system has serious problems that will grow worse with time. Social Security was created decades ago, for a very different era. In those days, people did not live as long. Benefits were much lower than they are today. ”

“ Social Security is sound for today's seniors, but there's a hole in the safety net for our younger workers, so I'll work with the Congress to strengthen Social Security for our children and grandchildren. ”

“ Social Security has changed the face of America. At the beginning of this century, to be old meant to be poor. As President Roosevelt said, "The aged worn-out worker, after a life of ceaseless effort and useful productivity must look forward in his declining years to a poorhouse." Even in 1959, more than a third of all seniors were poor. But today, thanks to Social Security, that number has dropped to 11 percent. ”

“ You have the power to shape a Congress that will keep our Social Security system as strong for our children as it was for our parents. You have the power to elect a Congress pledged to save Social Security first. ”

“ We on Mars are wondering why your government has created what you call the Federal Old Age and Survivors Insurance, through your Social Security Boards, for your old people; and then provide them with such a small pension. Not only are the old people neglected, it seems to us, but money which could help them is lavishly spent on sumptuous Social Security Board offices staffed by young, and high salaried officials. ”

“ It must return Social Security to sound financial footing. And it must offer personal savings accounts to younger workers who want them. (Applause.)
Social Security now offers workers a return of less than 2 percent on the money they pay into the system. To save the system, we must increase that by allowing younger workers to make safe, sound investments that yield a higher rate of return. Ownership, access to wealth and independence should not be the privilege of the few. They are the hope of every American, and we must make them the foundation of Social Security. ”

“ I will continue to assure Americans that some parts of Social Security will not change. Seniors and people with disabilities will continue to get their checks, and all Americans born before 1950 will also receive their full benefits. And I will make it clear that as we fix Social Security we have a duty to direct extra help to those most in need, and make Social Security a better deal for younger workers. ”

“ Third, Social Security must provide a benefit people can count on, regardless of the ups and downs of the economy or the financial markets. Fourth, Social Security must continue to provide protection for disabled and low-income Americans. ”

“ I propose to keep Social Security strong for 55 years by committing 60 percent of the surplus for the next 15 years and investing a small portion in the private sector just as any private or State pension would do. We should make further tough choices to put Social Security on a sound footing for the next 75 years, to lift the limits on what seniors on Social Security can earn, and to provide support to reduce the poverty rate among elderly women, which is twice the poverty rate among seniors as a whole. ”

“ Tonight I propose that we reserve 100 percent of the surplus, that's every penny of any surplus, until we have taken all the necessary measures to strengthen the Social Security system for the 21st century. ”

“ We'll hold a White House conference on Social Security in December. And one year from now, I will convene the leaders of Congress to craft historic bipartisan legislation to achieve a landmark for our generation, a Social Security system that is strong in the 21st century.
In an economy that honors opportunity, all Americans must be able to reap the rewards of prosperity. Because these times are good, we can afford to take one simple, sensible step to help millions of workers struggling to provide for their families. We should raise the minimum wage. ”

“ I encourage all Americans, particularly our younger workers, who have so much at stake, to ask your elected leaders what they intend to do to keep the promise of Social Security alive in the 21st century. Saving Social Security will not be easy, but if you make clear that you expect your leaders to confront problems head on, not pass them on to future generations, I am confident that we will put aside partisan politics in Washington and meet our duty to you, the American people. ”

“ Saving Social Security is an economic challenge. But it is also a profound moral obligation. Today's young Americans deserve the same security their parents and grandparents enjoyed. Because the system is broken and promises are being made that Social Security cannot keep, we need to act now to strengthen and preserve Social Security. ”

“ That is what the National Committee to Preserve Social Security and Medicare says about that agreement and I agree with them. For all of us who understand that Social Security is life and death for tens of millions of Americans today and will be vitally important for working people as they reach retirement age, it is important that we understand that Social Security has done a great job. ”

“ As members of Congress begin work on Social Security legislation, they should pursue three important goals. First, I understand that millions of Americans depend on Social Security checks as a primary source of retirement income, so we must keep this promise to future retirees, as well. As a matter of fairness, future generations should receive benefits equal to or greater than the benefits today's seniors get. ”

“ The current Social Security system was created for the needs of a different era. Back in 1935, most women did not work outside the home, and the average life expectancy for American workers was less than 60 years. Today, more moms are working, and most Americans are blessed with longer lives and longer retirements. The world has changed, and our Social Security system must change with it.
Today, Social Security is not a personal savings plan. There is no account where your money goes to earn interest. Benefits paid to today's retirees come directly from the taxes paid by today's workers. ”

“ To make sure the retirement savings of America's seniors are not diverted in any other program, my budget protects all $2.6 trillion of the Social Security surplus for Social Security, and for Social Security alone. (Applause.)
My budget puts a priority on access to health care, without telling Americans what doctor they have to see or what coverage they must choose. Many working Americans do not have health care coverage, so we will help them buy their own insurance with refundable tax credits. ”

“ Through the Social Security Act and related legislation, Congress has created a comprehensive national insurance system that provides benefits for retired workers, disabled workers, unemployed workers, and their families. ”

“ Today I want to talk about Social Security and how all of us can ensure that one of the greatest achievements of this century continues to serve our people well into the next.
These are good times for America. We have 15 million new jobs, the lowest unemployment in 24 years, the lowest core inflation in 30 years, the highest homeownership in history. Over the past 5 years, we've reduced the size of Government and nearly eliminated the budget deficit, even as we've expanded opportunities for education, strengthened our families, invested in our people. ”

“ The 'right' to Social Security benefits is in one sense 'earned,' for the entire scheme rests on the legislative judgment that those who in their productive years were functioning members of the economy may justly call upon that economy, in their later years, for protection from 'the rigors of the poor house as well as from the haunting fear that such a lot awaits them when journey's end is near.' Helvering v. ”

“ Sometimes we also take for granted that Social Security has been an enormous success. It has done exactly what those people who created it have wanted it to do—nothing more, nothing less. It has succeeded. ”

“ Now let me speak about social security. Our Federal social security system for people who have worked and contributed to it for all their lives is a vital part of our economic system. Its value is no longer debatable. ”

“ To every American out there on Social Security, to every, every American supporting that system today, and to everyone counting on it when they retire, we made a promise to you, and we are going to keep it. ”

“ Thus, provision is made for expected increasing costs of the program.
The Social Security system may be accurately described as a form of social insurance, enacted pursuant to Congress' power to 'spend money in aid of the 'general welfare," Helvering v. Davis, supra, 301 U.S. at page 640, 57 S.Ct. at page 908, whereby persons gainfully employed, and those who employ them, are taxed to permit the payment of benefits to the retired and disabled, and their dependents. ”

“ But without Social Security, even in these times of prosperity, half our elderly would live in poverty.
Now, if we don't act, the Social Security Trust Fund will be depleted by the year 2029, and payroll contributions will only cover 75 percent of benefits. We mustn't break the solemn compact between generations. We must be guided by a strong sense of duty to our parents but also to our children. Now, if we act soon and responsibly, we can strengthen Social Security in ways that will not unfairly burden any generation, retirees, the baby boomers, their children, or their children's children. ”

“ The Social Security Act was drawn with this industrial situation as a part of the surroundings in which it was to be enforced. Where a part of an industrial process is in the hands of independent contractors, they are the ones who should pay the social security taxes. ”

“ Our basic social security program, the Old-Age and Survivors Insurance system, to which individuals contribute during their productive years and receive benefits based on previous earnings, is designed to shield them from destitution. Last year I recommended extension of the social insurance system to include more than 10,000,000 additional persons. ”

“ We should raise social security payments by an overall average of 20 percent. That will add $4 billion 100 million to social security payments in the first year. I will recommend that each of the 23 million Americans now receiving payments get an increase of at least 15 percent.
I will ask that you raise the minimum payments by 59 percent--from $44 to $70 a month, and to guarantee a minimum benefit of $100 a month for those with a total of 25 years of coverage. We must raise the limits that retired workers can earn without losing social security income. ”