Jackie Speier Speaks to Seniors in San Mateo on Anniversary of Social Security

Jackie Speier spoke today about the solvency of Social Security and answered questions from an audience of about 70 people at the San Mateo Senior Center.

“Social Security is totally solvent,” Speier assured attendees. She explained that the surplus is invested in bonds. She addressed concerns that have been much touted in the media that by 2030 there will be twice as many senior citizens over 65. "While it is true that by 2037 Social Security benefits could be wiped out, Congress can make some simple changes to preserve the program," she said.

“If you make over $106,000 you don’t pay Social Security on your income above that amount,” she explained, emphasizing that lifting the cap will easily keep the program solvent. "It is important that this benefit be around for future generations", she said.

She reminded the group of mostly retirees that the Social Security is not just for seniors. Social Security also helps support people with disabilities and widows and children after a spouse dies. Speier herself relied on the benefit after her first husband was killed 17 years ago in a car accident. She was pregnant with their second child at the time and had to sell her home. “Social Security was a lifeline that helped me in a time of great need.” said Speier. “It shows the great compassion of our country.”

The Representative then invited up the oldest person in the room to help cut the cake. That person turned out to be a 96 year old who has volunteered at the San Mateo Senior Citizen center since her husband died 20 years ago. She credited her longevity to keeping active and making lots of friends at the Center.

The Social Security Administration was created Aug. 14, 1935. Speier asked the audience if they knew who wrote the Act and many people quickly piped up to credit FDR. "That would be a good guess," said the Congresswoman, "but actually it was a woman". One of the Raging Grannies, who had come to help sing happy birthday to Social Security, blurted out that she knew the answer saying, "It was Frances Perkin, the first woman to be Secretary of Labor!"

"That is correct," replied the Congresswoman, then invited the Grannies to lead a short singalong of songs to help celebrate the 75th Anniversary of the Act.