THE NATIONAL COMMITTEE TO PRESERVE SOCIAL SECURITY AND MEDICARE
~ Celebrating 25 Years of Advocacy for Older Americans ~

September 23, 2008

NEWS RELEASE

As Wall Street Crisis Decimates Retirement Accounts, Social Security Continues to Provide Financial Stability for Seniors

As our nation's leaders prepare to spend trillions of dollars to fix a deregulated economy run amok, it's important to remember that Social Security provides the only consistent source of income for American retirees and their families. According to the National Committee to Preserve Social Security and Medicare, the administration's failed economic policies have severely threatened seniors' income security at a time when their finances are already strained.  Consider these facts:

· More Seniors Going Broke: Americans 55 and older have seen the sharpest increase in bankruptcy filings than any other age group in the past decade.

· Older Americans Working Longer: Last month, 16.4% of Americans 65 and older were in the workforce.  That's the highest percentage in 38 years.

· Homes Lost: Homeowners over age 50 account for an estimated 28% of all delinquencies and foreclosures.  That's 684,000 older Americans who have already lost their homes or are in danger of losing them now.

Social Security is still the foundation for most seniors' retirement. Without this critical safety-net program, over half of all older Americans would fall into poverty. More than many other federal programs, Social Security does exactly what it was designed to do - it gives retired people a secure, basic income for as long as they live.  As home equity evaporates, investment income plummets and healthcare costs skyrocket unchecked, programs such as Social Security and Medicare must continue to provide a vital lifeline for millions of American families during this and any other economic crisis.  But what about the future?  

 "The Bush administration and its allies have wasted 8 years trying to convince the American people that Social Security should be privatized. This economic crisis has clearly proven how disastrously wrong they have been. The next President and members of Congress will shoulder the ultimate responsibility for ensuring that Wall Street's past mistakes will not imperil Social Security's and Medicare's protection for future generations." ...Barbara B. Kennelly, President/CEO

Media Inquiries to:
Pamela Causey 202-216-8378/202-236-2123
Kim Wright 202-216-8414
www.ncpssm.org