For over a generation, working families have been hurt by stagnant wages and rising costs for housing, health care and transportation. Even as Hoosiers cut back on everyday expenses, it hasn’t always been enough; many have been forced to take on more debt just to pay for necessities.
One consequence of these increasing financial pressures is delaying, diminishing or simply never starting to save for tomorrow, especially in minority communities. A recent study found that 1 in 3 Americans has no money saved for retirement. Additionally, over half of the workforce has no private pension coverage.
With less savings and weaker private retirement protections, retirees are depending more than ever on the safety and reliability of Social Security. Among seniors 65 and older, Social Security is the sole source of income for 40 percent of Hispanics, 33 percent of African-Americans, and 26 percent of Asian and Pacific Islanders, compared to just 18 percent of whites.
Through good times and bad, Social Security has paid every nickel owed to every eligible American – on time and without delay. Today, over 61 million Americans receive Social Security benefits, including 951,950 Hoosier retirees. And yet, instead of taking on the retirement crisis and trying to strengthen Social Security, some in Washington are trying to cut benefits.
At a time when millions of Americans are working longer hours for lower wages, I believe it’s time to commit to protecting and preserving the program for decades to come. We must make sure that everyone in this country can retire with the dignity and respect they deserve.
Rep. Carson represents the 7th District of Indiana. Contact Rep. Carson at carson.house.gov/contact.
