John Shaw: “Mr. Speaker, two-thirds of a century ago, any kind of income security was indeed rare. Today, however, the success of…”

“Mr. Speaker, two-thirds of a century ago, any kind of income security was indeed rare. Today, however, the success of Social Security in providing income security and reducing poverty among the elderly is well known, and it is well known to everyone in this Chamber. Without Social Security, nearly half our seniors and over half of disabled workers would live in poverty today. Yet, Social Security faces significant financial challenges ahead. Unless we modernize the program's Depression-era financial structure, program income will not cover the full cost of paying promised benefits soon after the baby boomers begin retiring. Today we must let every American know that we will act as soon as possible to save Social Security, and we will not do it by placing undue burdens on today's retirees and workers by reducing benefits or increasing taxes. Social Security provides at least half of the retirement income for over two-thirds of our seniors and 100 percent of income for almost one in every five seniors. Reducing Social Security benefits would have serious consequences for the majority of seniors, and would increase their number in poverty, which is why we must find ways to strengthen Social Security without cutting the benefits. Social Security is also one of the largest financial obligations of many families. For around three-fourths of American families, the payroll tax is their largest tax liability.”