Baucus Honors Social Security’s 70th Anniversary
(Helena, MT) U.S. Senator Max Baucus released the following statement from his home stateof Montana as he celebrated Social Security’s 70th Anniversary. Seventy years ago on August14, 1935, President Franklin Roosevelt signed the Social Security Act into law.
As Ranking Member of the Senate Finance Committee, the committee with jurisdiction over theSocial Security program, Baucus has led the charge to protect the program from privatization.
The statement follows:
“Yesterday marked the 70th anniversary of one of America’s most successful and effectiveprograms. For seventy years, Social Security has saved millions from poverty and provided astable, reliable retirement income. Not only is Social Security a retirement program, but itprovides crucial social insurance for society’s most vulnerable. Currently, 48 million Americansbenefit from Social Security, including 8 million people with disabilities and 6 million survivorspouses and children.
“As we reflect on the 70 years of success Social Security has enjoyed, we need to work tostrengthen the program for future generations. The long-term financial challenges facing SocialSecurity need to be addressed. But any plan privatizing Social Security will only weaken theprogram and make its financial challenges worse.
“I will continue to fight against efforts to privatize Social Security as the debate proceeds inCongress. Private accounts will drastically cut reliable benefits and add trillions of dollars to thenational debt. Once privatization is off the table, I look forward to working together with myCongressional colleagues on ways to strengthen Social Security for future generations and ensurethat retirement security is a reality for all Americans.”
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