On Saturday, August 14th America’s most successful social program, the Social Security Administration, will celebrate its 75th Anniversary.
Without a doubt, over the last 75 years the Social Security program has single-handedly taken American seniors out of poverty allowing them to live their ‘golden years’ with dignity and purpose. And, in the Virgin Islands where our population is estimated at 101,000, over 20,000 individuals or approximately 20 percent of our residents receive $18.2 million in monthly benefit payments that keep them from poverty.
While Social Security forms the bedrock of retirement income security for older Virgin Islanders, it is not just for retirees. In fact, in addition to the financial support it provides retirees, the Social Security program also gives financial support to retiree spouses and dependents, their survivors, the disabled and the spouses of the disabled. It is a self-funded program financed by money from hard-working people who make contributions throughout their working lives.
In the last decade policymakers in Washington repeatedly voiced concerns about Social Security “going broke”. However, according to AARP’s research, today Social Security is financially strong and in no immediate danger of “going broke.” In fact, over the years it has built up a surplus of $2.5 trillion dollars. Even without changes, Social Security will be able to pay full benefits until 2037 and nearly three-quarters of promised benefits for decades beyond. At AARP we feel that adjustments could be made to strengthen the system so that it can continue to pay the benefits that have been promised to current and future generations – our children and grandchildren. We feel these changes do not have to be drastic, but the sooner we act, the easier and more manageable the solutions will be.
Our greatest concern for the program is not the past discussions on solvency. Instead, we are far more concerned about the more recent Washington discussions about reducing the massive American deficit by cutting benefits to those dependent upon Social Security.
Already, the Deficit Commission appointed by President Barack Obama last December has gone on record and is zeroing in on Social Security as part of the solution to bringing down the deficit. At AARP we believe this line of thinking is flawed. Social Security has not contributed a single dime to the deficit, and therefore should not be on the table for deficit reduction.
AARP believes that targeting Social Security benefits as a means to close the budget gap would be unfair and unwarranted. Furthermore, we believe that Social Security benefits for future generations should continue to be earned, guaranteed, inflation-protected and last a lifetime. For the last three-quarters of a century Social Security has been a guaranteed source of income security for working Virgin Islanders. After a lifetime of hard work, Virgin Islanders and their families should collect on the retirement benefits they’ve earned. Families in which workers die prematurely or becomes disabled should continue to have this measure of economic security.
If Virgin Islanders want to protect this vital program, they can make their voice heard in Washington by going to: http://action.aarp.org and signing a petition that tells Congress not to reduce the deficit by cutting Social Security benefits.
Social Security is a promise that all working Virgin Islanders depend upon. There is no good reason to break that promise.
Editor’s note: Denyce E. Singleton is the senior state director of AARP Virgin Islands.
