Social Security is a critical piece of the retirement security safety net for seniors, especially for those with limited incomes. I believe that Congress has a very special responsibility to protect and preserve this important program. Millions of hard-working families depend on this lifeline to help them through their retirement years. In fact, in 2014, over 59 million Americans received these benefits. You can therefore count on me to keep fighting to protect Social Security, as well as other programs that are important to our senior citizens.
Many people commonly believe that the money they pay into Social Security throughout their working years is set aside, and then paid back to them upon retirement. This isn't actually the case. In reality, the program is a pay-as-you-go system with today's workers paying to support today's retirees. But each year, there are more retirees taking money out, and not enough additional workers to support them. It is becoming increasingly apparent that this approach is simply unsustainable.
Without action to protect Social Security, the trust fund is projected to be exhausted in 2034. Once the trust fund reserves are depleted, projections show that tax revenues will only cover a small percentage of scheduled benefits. While Social Security is sound for today's seniors and for those nearing retirement, Congress must take action to ensure that the program remains solvent for generations to come. As we deal with this issue in the House of Representatives, know that I am committed to keeping this program strong for future beneficiaries and will oppose any changes that jeopardize the benefits our seniors receive today.