The Obama administration is committed to ensuring that Social Security remains solvent and viable now and in the future. Efforts to strengthen and protect Social Security are critical, as more than 50 million Americans now rely on the retirement, survivor and disability benefits they receive each month and millions of baby boomers are just reaching eligibility for Social Security retirement benefits.
We will have an administration that recognizes Social Security’s importance as the core tier of retirement security and its insurance design. The incoming administration has already announced its strong opposition to the privatization of Social Security. Read the Seniors and Social Security Agenda.
Social Security remains the country’s single most important family income protection program. According to the National Academy of Social Insurance, Social Security provides:
Privatizing Social Security Is Not The Answer:
While the Bush Administration’s attempt to privatize Social Security failed in 2005, conservatives may try to resurrect the assault on our primary retirement security program. Among other things, the 2005 proposal would have slashed guaranteed benefits as much as $9,000 per year and saddled our children with $4.9 trillion in debt over the next 20 years alone.
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