Social and Retirement Security
Social Security is a contract between the government and American workers. It is also the foundation for a secure retirement. For over seven decades, this essential program has provided economic security that families could rely on in times of need. Forty-seven million Americans currently receive Social Security benefits and over one million Missouri residents depend on this income as a safety net. I am committed to strengthening Social Security, so that this invaluable guarantee continues to protect retirees, survivors, disabled individuals, workers, and families from outliving their savings.
Social Security also provides a stable level of individual income that helps fuel Missouri’s economy. Thousands of businesses, and the state government, depend on the Social Security guarantee. Over $10.3 billion in individual income flows into Missouri’s economy from Social Security each year – more than $856 million every month.
I am committed to working with my colleagues in Congress to take fiscally responsible measures that will make Social Security permanently solvent by addressing its long-term challenges. As the Baby Boomers retire between 2010 and 2030, the number of people age 65 and older is projected to increase by 75%. Unfortunately, the number of workers supporting the system is projected to increase by only 8%, leaving this under-funded agency the task of responding to the expected demand.
I have cosponsored H.R. 235, the Social Security Fairness Act of 2009 which would amend title II of the Social Security Act to repeal the Government pension offset (GPO) and windfall elimination provisions to protect retirees. I also cosponsored H.R. 3954, the Social Security COLA Protection Act of 2005 aimed at protecting Social Security cost-of-living adjustments (COLA). I will continue working with others in Congress to ensure that Social Security is solvent for future generations.