For Survivors, the President’s ‘Ownership Society’ Will Mean That They Will be ‘On Their Own’
Washington, D.C. " Today House Democratic Leader Nancy Pelosi and several Members of Congress held a discussion on strengthening Social Security and the value of survivor benefits. Pelosi was joined by Democratic Caucus Vice Chairman James E. Clyburn (D-SC) and Congressmen Bennie Thompson (D-MS) and Earl Pomeroy (D-ND). Thompson and Pomeroy shared their personal stories on how Social Security survivor benefits affected each of their lives. Below are Pelosi remarks:
Because Social Security has been such an incredible success at providing a measure of independence for seniors, Social Security is too often viewed as being only for seniors. In fact, Social Security pays monthly survivors benefits to about 7 million Americans, almost 2 million of whom are children. An additional 8 million Americans receive disability benefits.
Social Security is not only retirement insurance, it is family insurance, and the benefits are unmatched in the private sector. Social Security provides benefits for elderly widows and young parents who have lost a spouse. And it provides dependable monthly income to children who have lost a parent to death or disability.
For a 27-year-old worker with a spouse and two children, Social Security provides the equivalent of a $403,000 life insurance policy. No private pension or savings account can provide this kind of protection. But if President Bush gets his way, neither will Social Security. For widows and orphans, the President ownership society will mean that they will be on their own.
Under one of the plans advanced by President Bush commission, survivor benefits for young children could be reduced by approximately 33 percent in 2050, and by 48 percent by 2075. The cuts will fall particularly hard on African-Americans, who make up a large number of those people receiving survivor benefits.
Today, we will hear the firsthand stories of Members of Congress for whom the survivor benefit provided critical assistance at difficult times in their lives. Without Social Security, they might not be serving in Congress today. Their stories, and those of millions of Americans like them, are part of why Democrats are fighting to see Social Security strengthened, not destroyed.
For additional stories of Members of Congress and other Americans, please visit the House Democrats’ Web site at www.housedemocrats.gov.