Michiganders who rely on social security are expressing concern as the program turned 91 years old Friday.
President Franklin Roosevelt signed the Social Security Act into law on August 14, 1935. The program provides retirement, survivor, and disability benefits to more than 70 million Americans.
But the social security trust fund is expected to be exhausted by 2034, as the last of the baby boomers start tapping the program. Analysts say that could prompt significant cuts in benefits.
At a forum in Saginaw, U.S. Representative Kristen McDonald Rivet (D-Bay City) said Washington should not put off addressing the problem.
“I think that we’re in a political age of getting the unlikely done,” McDonald Rivet told reporters after the forum. “If you look at what’s happening across the country, people are demanding change. You don’t want the status quo of political bickering while people suffer.”
Potential changes include raising taxes and adjusting the retirement age.
“Social Security is a commitment to today’s retirees and future generations that Congress must not break. It is the foundation of retirement security, lifting tens of millions of older Americans out of poverty,” said AARP CEO Dr. Myechia Minter-Jordan in a written statement. “Congress must act by 2032 to strengthen Social Security.”
