That's right, 73 years ago today, at 3:30 p.m. EST, President Franklin Delano Roosevelt signed into law the Social Security Act, perhaps the greatest cornerstone in our government's efforts to provide for our citizenry and honor the contributions we each make to society.
We can never underestimate the importance of Social Security to the fabric of our society, and though the original bill (and its present incarnation) are far from perfect, we should all thank Roosevelt for having the progressive values and widsom to protect those who are retired, disabled, or unemployed. The Great Depression was particularly hard on the elderly. As our own economy slides into an increasingly bad recession, it's worth remembering that the government can take care of its citizens, all of them, if its leaders care enough to do so.
That's why I was so happy to read Barack Obama's strong statement affirming his support of Social Security, and why I'm so afraid of what McCain might do to it.
Today, Senator Obama released a statement strongly affirming his support for Social Security. From the Obama Campaign Blog:
"As President, I will protect Social Security for today's seniors and future generations. That means strengthening Social Security's solvency while protecting middle class families from benefit cuts, tax increases or increases in the retirement age. It means treating Social Security not as a political football or describing it as an "absolute disgrace," but instead honoring it as the cornerstone of the social compact in this country. And it means opposing efforts to privatize Social Security, as I did when President Bush proposed risky private accounts a few years ago. Privatization is wrong and tears at the fabric of Social Security – the very idea of mutual responsibility – by subjecting a secure, earned retirement to the whims of the market. The Bush privatization plan that Senator McCain now embraces would tell millions of elderly Americans that they're on their own, putting them at risk of falling into poverty. That's not what this country is about.
"It's time to reclaim the idea that in this country, we're all in it together. That is America's very promise – and Social Security's very guarantee. And it requires a President who will change the ways of Washington, protect the people's interests, and bring Americans together to meet the great challenges of our time. That is exactly the sort of leadership I intend to offer." (emphasis mine)
I really like this statement because it reaffirms the message that we're all in it together, as Democrats who want to protect Social Security, and as Americans who should aspire to living in a society in which we all contribute to a collective, common good.
The solvency of Social Security looks to become a major issue over the next four years, in the first term of what will be either an Obama or McCain presidency. The first Baby Boomers, born in 1946, will reach the SSA's normal retirement age of 66, in 2012. We need Social Security to be solid by then, because the demands on its resources will grow tremendously as the biggest boom in our population ages into retirement. This isn't the time to undermine the entire system, as John McCain apparently plans to do.
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John McCain wants to shred Social Security by permitting individuals to invest in individual savings accounts, which would in turn be invested in the stock market. This weakens Social Security by removing money from the collective pool. Furthermore, privatization is predicated on the idea that the market will actually continue to go up. Yeah, it did great over the past 80 years, but how many people today expect that same level of economic prosperity? Who really wants to bet their future on the stock market right now? Furthermore, studies show that the average individual is actually not too great of an investor, so those positive returns for the average worker become even more unlikely. How does McCain plan to train the overworked workforce on the difference between a growth and an income stock? Is this all a plan to help put more money in the hands of the financial consultants who would help Americans "manage" their retirement money, for a fee? U.S. economic news grows increasingly bad, and now is not the time for a drastic overhaul to one of the few governmental programs that helps keep people out of poverty.
McCain barely has a plan for social security at all, and his mouthpieces seem to want to avoid the conversation entirely:
Consider McCain campaign senior adviser Taylor Griffin’s description of his candidate's plan for fixing Social Security:
"The history of the Social Security debate has taught that too many specifics, especially during a presidential campaign, has polarized the debate," he said of the program that McCain called "an absolute disgrace [that's] got to be fixed." -- Politico
A disgrace? Allowing hard-working Americans to retire is a disgrace? Providing for those who are disabled and unable to work is a disgrace? This fits right into the Republicans' beloved Ownership Society model, in which the only people allowed to benefit from the fruits of America are those rich enough to buy it for themselves. Forget about the rest of us.
McCain talks a good game about not wanting to "privatize" Social Security, but Josh Marshall of TPM does a great job of eviscerating his crooked talk on the matter by digging up past statements of McCain's support for privatization:
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As McCain states in the video,
"Without privatization, I don't see how you can possibly, over time, make sure that young Americans are able to receive social security benefits." -- John McCain
If young workers such as myself take our money out of Social Security, that leaves less money going into the fund to pay my parents now. What young workers want is a guarantee that we'll still see our own share when we're lucky to eventually retire. And we need Social Security to stay solvent over the next few decades not only for ourselves, but for our parents. I don't want my parents moving in with me if they no longer receive adequate Social Security, and the same is true for my friends as well.
The answer isn't privatization. The answer is to ask those with the means to do so to contribute a little bit more, as Barack Obama proposes. Just a tiny increase on the highest-earning Americans can create more funds flowing into Social Security and protect retirement for all of us.
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The American people don't want to get rid of Social Security, and they don't want the government to privatize it or create individual accounts. McCain sounds like he isn't going to protect Social Security, and will instead chip away at its resources by encouraging young folks to open private accounts. Obama, on the other hand, wants to protect Social Security for our current retirees, the coming Baby Boomer retirement, and my own generation as well.
We're not much of a society if we can't take care of those in need, or those who have worked hard their entire lives. Social Security does this. It could do better, it could do more, but it's still a program that helped pave the way for a society that looks after all of its members, even when they can no longer participate in the workforce. I'm sure Ida May Fuller here was happy to be the first recipient of a social security check, and that millions of Americans have been relieved over the years to receive theirs as well.
So, Happy 73rd Birthday, Social Security! I hope the SSA itself doesn't retire any time soon.
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If you'd like to read more about Barack Obama's plan for social security check out his website, download his PDF flyer, and consider passing it along to senior citizens you know.