Political Quotes

“I did wish to make a few points. No. 1, the Senator from Oklahoma gave his understanding about what the debt commission would do to Social Security. I do not agree with his characterization. In point of fact, what the debt commission does do is cut retirement benefits by more than 35 percent for young workers entering the workforce today. Today's 20-year-old workers who retire at age 65 would see their benefits cut by 17 percent if their wages average $43,000 over their working lives, by 30 percent if their wages average $69,000 over their working lives, and by 36 percent if their wages average $107,000 over their working lives, according to the Social Security Chief Actuary. The proposed cuts would apply to retirees, disabled workers and their families, children who have lost parents, widows, and widowers. It is not accurate to say that the debt commission left unscathed workers--quite the contrary. There are devastating cuts to young workers. If the Senator from Oklahoma wants to make sure Social Security is financially solvent for the next 75 years--and I want to see that as well--there is an easy and fair way to do it. It is a way that doesn't require slashing benefits for younger workers. When Barack Obama ran for President, he had a pretty good idea. I hope he still has that idea.…”