Here are Just a Few Things Americans Need to Know about Debt, Deficits, and Social SecurityThe National Commission on Fiscal Responsibility and Reform holds its inaugural session tomorrow and it?s clear that cutting Social Security is a top priority for many commission members. Barbara Kennelly, President/COE of The National Committee to Preserve Social Security and Medicare was joined by economist and Center for Economic and Policy Research Co-Director, Dean Baker, and Social Security advocate, Dr. Maya Rockeymoore, President/CEO of Global Policy Solutions, to brief the media today on why targeting Social Security is not the answer to our fiscal woes.
?Simply put: Social Security has not contributed one thin dime to the current deficit. It should not be used as a ?piggy bank? to pay our way out of the fiscal hole we find ourselves in. Social Security has its own dedicated source of revenue and it is fully financed for decades to come. In fact, Social Security is the only major government program that has been running sustained surpluses over the years, and this has helped mask the true size of the real deficit.? Barbara B. Kennelly, President/CEO, NCPSSM
?No one disputes that Social Security is fundamentally sound for many years into the future nor that the bulk of our long-term deficit problem is attributable to a broken health care system. It is not acceptable to take benefits from people who have worked and paid for– and need — their Social Security benefits, because our representatives in Congress are afraid to confront the pharmaceutical industry, the insurance industry and other powerful interests who drive up the cost of health care.” Dean Baker, Co-Director, CEPR
The economic recession has hit America?s seniors and baby-boomers especially hard as home prices have plummeted, savings evaporated and financial security is still a serious concern for many.“The Commission’s interest in reducing Social Security as a way to meet the nation’s fiscal challenge is ill-advised given the job insecurity, food insecurity, housing insecurity and economic insecurity facing many American families. The destruction of wealth caused by the financial crisis means that many more Americans will rely heavily on Social Security’s retirement, disability, and survivor benefits well into the future. The Commission needs to be discussing how to make Social Security’s benefits stronger not weaker.” Dr. Maya Rockeymoore, President/CEO, Global Policy SolutionsThe National Committeehas released the first in a series of videos focusing on Social Security and efforts to cut benefits in the name of fiscal responsibility. Part One entitled, ?Social Security: Yours, Mine and Ours? can be found on our YouTube channel.