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Vallejo Times-Herald - Thompson touts Social Security as program turns 80

August 25, 2015
News Articles

Rachel Raskin-Zrihen

"Social Security is strong and will provide retirement security for Americans for another 80 years."

This was U.S. Rep. Mike Thompson's message during a town hall forum at Vallejo's Florence Douglas Senior Center on Tuesday, marking the program's 80th anniversary.

The St. Helena Democrat planned a similar event in Santa Rosa later in the day, an aide said.

Several local dignitaries joined some 50 audience members, mostly seniors, in listening to Thompson's remarks, as well as those of Max Richtman, president and CEO of the National Committee to Preserve Social Security and Medicare and Vallejo Social Security Administration Field Office District Manager Sandy Goodman. A question and answer session followed.

Vallejo Chamber of Commerce President and CEO Rich Curtola said after the presentation that he was surprised more people his age — members of the Baby Boomer generation — didn't attend the forum.

"This is coming up on the Boomers, and where are they?" he said. "This is now really critical to us."

Thompson described Social Security as the most successful federal program in the country's history, keeping millions out of poverty.

He advised audience members to disregard the doomsayers who predict the demise of the program that distributes some $170 million annually, saying that fixes are possible to allow the federal retirement benefits to continue, "so that people can continue to retire with a certain amount of dignity."

Representing a political seniors organization that tracks representative's votes on relevant issues, Richtman said Thompson has a perfect record as far as the committee is concerned.

"I'll bet you're glad your Social Security isn't in the stock market this week," he began, referencing this week's deep stock market decline. "We fought that battle and put it to rest, at least for now. But, it's still out there."

Thanking Thompson for "standing up for seniors," Richtman said those who say Social Security is filled only with IOUs are repeating a "myth."

"These are government bonds, so the program is not broke," he said. "The only way the program could go broke is if we had 100 percent unemployment."

Even if nothing is done to fix the Social Security system, it will be able to pay benefits for the next 25 years," Richtman said. "After that, we'll have a 20 percent shortfall if nothing is done. We're aware of this. Our heads aren't buried in the sand."

The committee supports and Thompson endorses a plan they say would extend the program's solvency, raise minimum benefits and improves the formula for figuring cost of living increases so seniors are included. It would be paid for by raising the cap on payroll taxes, so that the very wealthy pay more, Richtman said.

Now, once one earns $118,500, Social Security contributions stop. Thompson's plan would have contributions pick up again once earnings hit $450,000.

"There are ways to ensure Social Security will be around, without cutting benefits or raising the retirement age, which amounts to the same thing," Thompson said.

The "means test" approach — limiting Social Security benefits to those worth under a certain amount — would turn it into "a poor people's program," which would land it sooner or later on the chopping block, he said.

There is also an effort under way to merge the disability program, set to run out of money by the end of next year, with Social Security.

"There will be a 19 percent cut if something isn't done," he said.

Social Security is a crucial insurance program for families, Thompson said, adding that not implementing common sense fixes is "a bridge to nowhere."

Issues:Health Care