Saturday, August 13, 2016

Pallone Statement on 81st Anniversary of Social Security

August 12, 2016

Washington, DC - Congressman Frank Pallone, Jr. (NJ-06) today made the following statement to mark the 81st anniversary of the Social Security Act being signed into law, which will take place this Sunday.

“Since 1935, Social Security has provided seniors the opportunity to retire with dignity, and disabled workers and families who lost a loved one to meet their expenses. This week we celebrate this crucial program and its promise between generations that now lifts 21 million Americans, including 1.6 million New Jerseyans out of poverty. However, in the face of repeated threats from Congressional Republicans to privatize Social Security, we must reaffirm our commitment. I will continue to work tirelessly to protect and strengthen Social Security for future generations.

“We must also make sure that Social Security meets the demands of seniors in the 21st century. I was deeply disappointed that Social Security recipients did not receive a Cost of Living Adjustment (COLA) in 2016. Not accounting for increases in the cost of living is, in effect, a cut to the earned benefit of Social Security that threatens seniors’ independence and quality of life. Critical expenses for many seniors, like prescription drugs, continue to outpace inflation and failing to increase the Social Security COLA is devastating for many families throughout New Jersey, especially with our state’s high cost of living. I have called on the Social Security Administration to reevaluate the formula it uses to determine yearly cost of living increases to ensure seniors can continue to live in dignity and receive the benefits they have earned.”

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