John Sarbanes: “People need to understand how important Social Security is to more than half of Americans who get more than 50 percent…”

“People need to understand how important Social Security is to more than half of Americans who get more than 50 percent of their retirement income from Social Security. And 20 percent of retired Americans get more than 90 percent of their retirement income from Social Security. So Social Security is really essential to providing that base. In fact, it has helped to lift the seniors out of poverty. It used to be that the age group most in poverty was the elderly. Because of Social Security, essentially--and other things--but because of the improvements we have made to it now, that is the age group least in poverty. So we have made a substantial change. But Social Security is essential to achieving that. And I do not know why the administration put it out there. The country rejected it, clearly. And it was reflected by Members of Congress from both parties who said: No, no. And now they continue to talk about coming back to this issue and privatizing.”