Thank you very much. I appreciate that. Mr. Speaker, I rise to join my Democratic colleagues to discuss the challenges facing seniors in America today. I would like to thank the gentlewoman from California, Representative Speier, for her…
Thank you very much. I appreciate that.
Mr. Speaker, I rise to join my Democratic colleagues to discuss the challenges facing seniors in America today. I would like to thank the gentlewoman from California, Representative Speier, for her ongoing commitment to our Nation's seniors, as well as Representative Schakowsky and Representative Matsui for their outstanding work as co- chairs of the Senior Task Force, an effort launched by the Democratic Caucus to protect the health and financial security of our Nation's eldest Americans.
Today I would like to focus on an issue of great importance to me and the many residents in the 19th District of Florida, and that is the issue of Social Security.
Social Security is a sacred trust that provides over 50 million Americans each year with a measure of financial security. In my district and across the country, Social Security guarantees seniors the ability to enjoy their golden years free from abject poverty or financial reliance on their children.
As the representative from Florida's 19th District, I have the privilege of serving so many seniors who fought in World War II and rebuilt this country after the Great Depression. These wonderful Americans have worked hard every day of their lives, and for them, Social Security does what it was designed to do--it provides them with a secure, basic source of income after a lifetime of hard work.
Seniors know they can count on Social Security to never be a day late or a dollar short, and they know that checks will never come back marked with ``insufficient funds.''
Many of my constituents saw their lifelong retirement savings vanish overnight due to the irresponsibility on Wall Street that led into this recession. And many of them lost all of their savings to predatory Ponzi schemes. However, for them, one thing is certain in this time of economic uncertainty: Social Security is still there, on time, every month. This critical program is working just as it should for millions of people.
Mr. Speaker, if President Bush and the Republican Congress had their way and had enacted a risky privatization scheme for Social Security, the savings of all America's seniors would have been gambled away on the stock market.
Today, I stand here with my Democratic colleagues to say that we will never let the private market gamble away the financial security of our Nation's seniors and our Nation's most vulnerable. Mr. Speaker, it's clear the stock market is no place for Social Security. It would take the security out of Social Security.
Just this year, the Republican alternative budget called for cuts in payments to seniors and a risky privatization of the overall system. Clearly, our colleagues on the other side of the aisle didn't run this idea by my constituents who saw what happened to their pensions invested in the private market.
The large, vibrant senior communities of south Florida share a common value: that a lifetime of hard work should be honored with a secure retirement. I stand with them when I say that Social Security must remain a reliable program, not just for this generation of seniors, but for generations of Americans to come.
To the opponents of this popular program, I say that we will tirelessly fight for the due benefits of our seniors who have spent a lifetime of earning. We will not yield. We will not back down. And for this generation of seniors and the next and the next after that, we will not let Social Security be privatized.
And while this social program keeps millions out of poverty, the work of improving how we care for our Nation's retirees has not ended. The current cost of living formula that ties seniors' COLA to the Consumer Price Index tracks inflation across the economy. Our Nation's economic downturn has prevented America's seniors from receiving an adequate cost of living adjustment, and that's not right.
The Consumer Price Index for wage earners tells us that goods and services are less expensive than they were in the third quarter of 2008, but the seniors in my district and across America know that their prices continue to go up. The fact is, our Social Security cost of living calculator is insufficient and just doesn't reflect the true cost of living for seniors. The measurement of determining seniors' cost of living should be indexed to, well, seniors' cost of living.
I have trouble explaining to my constituents that even though their part B premiums went up and their copay went up, and even though prescription drug prices are through the roof, they don't get a cost of living increase because the price of cell phones and supporting equipment went down.
In the worst economic downturn since the Great Depression, seniors are losing their pensions, watching their home values drop. And, on top of all that, the agenda that the Republicans have put forth threatens to privatize this sacred trust.
And while this Congress has had to make the hard choices after inheriting an economy in shambles, the men and women serving our country on the commission, on the task force looking at the challenges facing our country fiscally, have the unenviable task of reducing our deficit and getting our national debt under control.
I would simply remind the distinguished members of the commission that before this great recession, Social Security has run a surplus every year since the 1980s and, in fact, today has $2.5 trillion in reserves.
Mr. Speaker, on behalf of America's seniors, I would say to the members of the commission that a deficit commission should not undercut a program that contributes nothing to our deficit.
Just a month ago, the good people of Florida's 19th District sent me to Congress to fight for our seniors, our community, and our values. And I'm happy to tell them that, with my Democratic colleagues here today, this Congress is making these values a top priority.
And I'm pleased to reassure the seniors in Palm Beach and Broward Counties that, as a part of the Seniors Task Force, I'll be a tireless defender of Social Security and Medicare and a dedicated advocate for policies that protect the health and financial security of America's seniors.
I'm thrilled to stand here with my colleagues.