Jon S. Corzine: “I thank the leadership on both sides of the aisle for sponsoring this debate on the future of America's Social Security…”

“I thank the leadership on both sides of the aisle for sponsoring this debate on the future of America's Social Security system. It is one of the most important debates I think we can have as a nation, and I think many on this side of the aisle believe Social Security is the clearest expression of our Nation's values. The Social Security system, for 70 years, has provided a promise, a commitment between generations, that if you work hard, pay your taxes, and play by the rules, one day you will be able to retire. Actually, no expression of the common good of our Nation has been more broadly accepted nor admired for the results: That the reduction in poverty of America's seniors went from about 50 percent to 8 percent during the existence of Social Security is a testimony to its great success. It is not a handout; it is not welfare. It is an earned benefit that rewards work. It promotes and rewards what I think all of us would like to see in our society. Senator Durbin and I could not be more privileged to stand in support of this national commitment to America's seniors, disabled, and children who lose a parent. This universal insurance program provides guaranteed security for all seniors. Let me emphasize the word 'guaranteed.' Regardless of the state of the economy, rate of inflation, fluctuations in the financial markets, or the length of one's life, security is guaranteed, dignity is guaranteed.”