Jon S. Corzine: “today, along with Senator Lieberman, I am submitting a resolution expressing the sense of the Senate that Congress…”

“today, along with Senator Lieberman, I am submitting a resolution expressing the sense of the Senate that Congress should reject the reductions in guaranteed Social Security benefits proposed by the President's Commission to Strengthen Social Security. The central purpose of Social Security is to ensure that Americans who work hard and contribute to our Nation can maintain a decent standard of living in their old age. The program provides a critical safety net. Only 11 percent of American seniors live in poverty, but without Social Security that figure would be 50 percent. It is hard to overstate the importance of Social Security in protecting seniors' retirement security. For two-thirds of the elderly, Social Security is their major source of income. For one-third of the elderly, Social Security is virtually their only source of income. Despite its critical importance for seniors, the level of Social Security benefits generally is quite modest. In fiscal year 2001, the average benefit for retired workers was about $10,000 per year. This clearly is insufficient to maintain a decent standard of living in most parts of the country, especially for seniors with relatively high health care costs. Unfortunately, even the modest level of guaranteed benefits under current law is now at risk.”