Social Security is a trusted program that has worked for nearly 90 years and is not a “legal Ponzi scheme,” according to Martin O’Malley, former Maryland Governor.
O’Malley dismissed comments from Senator Ron Johnson (R-Wis.), who recently criticized Social Security by calling it a “Ponzi scheme.” O’Malley labeled such claims as “bull.”
During an appearance on The Hill on Thursday, O’Malley emphasized, “If Social Security is a Ponzi scheme, it’s the longest-running one in history. It has been stable for 89 years.”
O’Malley previously served as the commissioner of the Social Security Administration but has now stepped down to focus on running for the chairmanship of the Democratic National Committee.
No Bankruptcy Threat for Social Security
O’Malley reassured Americans that Social Security is not facing bankruptcy or insolvency. He explained, “The dollars people pay into the system are the same dollars used to pay out benefits. The program is working as intended.”
This clarification comes amid ongoing political debates about the future of Social Security, with some lawmakers raising concerns about its financial sustainability.
Senate Pushes to Expand Benefits
The Senate is moving closer to voting on a new law that could significantly improve Social Security for millions. The legislation, called the Social Security Fairness Act, would increase payouts for about 2.8 million people who currently face restrictions.
Senate Majority Leader Chuck Schumer (D-N.Y.) spoke passionately about the bill during a rally, stating, “The Senate will take action on Social Security. You’ll see which senators are with you and which are against you.”
Schumer encouraged union members to press Republican senators for support. “We need 15 Republican votes to pass this. I’ve got my Democrats on board. Let’s make it happen,” he said.
A Fair Deal for Workers
Schumer also took to social media to advocate for the legislation. In a post on X (formerly Twitter), he wrote:
“In America, there’s a basic promise: if you work hard, follow the rules, and contribute year after year, you deserve a secure retirement. That’s why I’m pushing to pass the Social Security Fairness Act. It’s time for Senate Republicans to join us.”
What’s Next for the Fairness Act?
If passed, the Social Security Fairness Act would mark a significant step forward for millions of Americans who rely on Social Security for their retirement. The bill aims to eliminate outdated policies that currently reduce payouts for many individuals, ensuring more fairness in the system.
For now, the fate of the bill rests on securing bipartisan support in the Senate. With all Democratic senators reportedly backing the bill, the focus is now on convincing enough Republicans to vote in favor.
Conclusion
Social Security remains a cornerstone of America’s safety net for retirees. While it faces criticism and debate, leaders like Martin O’Malley and Chuck Schumer continue to advocate for its preservation and improvement.
The upcoming Senate vote on the Social Security Fairness Act could reshape benefits and reinforce the program’s commitment to millions of hard-working Americans.
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