Strengthen Social Security Don't Raid It - Pelosi/Reid

The following is a joint statement released by House Democratic Leader Nancy Pelosi and Senate Democratic Leader Harry Reid regarding King George's social security suggestions laid out in tonight's press conference via Rep. Pelosi's Website: Pelosi and Reid:President Must Strengthen, Not Raid, Social Security Washington, D.C. - House Democratic Leader Nancy Pelosi and Senate Democratic Leader Harry Reid released the following statement today on the President's economic summit and his plan for changing Social Security: “The President's economic summit should have been an opportunity to begin an honest discussion about strengthening and improving Social Security, and we have been encouraged to hear that the President would like to work on a bipartisan basis. “Democrats look forward to receiving a detailed proposal from the President and are eager to work cooperatively with him to strengthen and improve Social Security. We want to work together to ensure that America honors its promise to those who have worked hard, played by the rules, and earned a secure retirement. To that end, we urge the President to come forward with a proposal that does not reduce Social Security funding, harm the middle class, or cut guaranteed benefits. We cannot support any plan that relies on massive and irresponsible increases in debt, which could destabilize financial markets and lead to large tax increases. “Social Security has been a resounding success -- Social Security benefits have been paid on time and in full every single month for almost 70 years. According to Congress' official nonpartisan scorekeeper, the Social Security Trust Fund will be solvent for almost 50 years, and even after that it will continue to pay 80 percent of benefits. Social Security faces real challenges, but is not in crisis. As we work together to address these challenges, the last thing we should do is cut its funding and make the problem worse. “Social Security is the only safe and secure source of retirement income for millions of Americans, and it must be protected. Social Security has lifted the lives of millions of Americans, and it will lift the lives of millions more if we commit to strengthening, not raiding, this incomparable program.”