U.S. Senators Gary Peters and Debbie Stabenow announced today that they have cosponsored a resolution commemorating the 80th anniversary of the Social Security Act, which established the Social Security program that provides elderly and disabled Americans, and their spouses and children, with a financial safety net. President Franklin D. Roosevelt signed the Social Security Act into law on August 14, 1935.
“Social Security has helped reduce poverty and provide financial security for millions of Americans, whether they are retirees leaving the workforce, disabled Americans who can no longer work or children whose parents have died,” said Senator Peters. “I’m honored to help celebrate the 80th anniversary of this essential safety net program, and I will continue working to protect and strengthen Social Security so that it can help support future generations of Americans, including our most vulnerable citizens.”
“Social Security has lifted a generation of senior citizens out of poverty and created economic security for millions of Americans,” said Senator Stabenow. “Americans have earned these benefits and should be able to count on them when they retire. As we celebrate this important anniversary, I am committed more than ever to continuing the fight to protect and strengthen this critical program for current and future retirees.”
Social Security offers two types of essential benefits—retirement benefits and disability benefits—that are earned by workers paying Social Security taxes on their wages. Nine out of ten Americans age 65 and older receive modest benefits that help provide financial security in retirement. The average retirement benefit is $1,300 per month and the average disability benefit is $1,200 per month. In 2014, more than 48 million Americans received retirement and survivors benefits, and 11 million received disability benefits. Michigan is home to more than 2 million beneficiaries.
The resolution urges Congress to protect and strengthen Social Security so it can continue delivering benefits that provide a safety net for workers and their families, and to ensure that the program remains solvent past its currently projected shortfall in 2034. To read the resolution, click here.