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Motion expressing the Sense of Council of Allegheny County opposing any privatization of the Social Security system and urging the Congress of the United States to stop any privatization as subverting the best and most successful Social Security system this nation and world has known; the Social Security system is robust and financially sound, and only needs small adjustments similar to those made in almost every decade since the 1930s for fiscal sustainability in the years after 2052.
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WHEREAS, Social Security has been one of America's most successful and important programs in the country's history and a model to the rest of the world by providing essential income supports of over $471 billion to more than 47 million people; in Pennsylvania, monthly Social Security benefits total $2.1 billion to beneficiaries that represent 19.3 percent of the total population of the state and 93.4 percent of the state's population aged 65 or older; and
WHEREAS, Social Security is a three-part social insurance program providing what are called “guaranteed benefits” of three distinct kinds: lifetime retirement benefits for retirees who have worked at least ten years, their spouses and their children; disability insurance for workers, spouses and their children; and survivors' insurance (a life insurance policy) for families of deceased workers; and
WHEREAS, Social Security is the most significant source of income for the majority of retirees over age 65 and the majority of elderly households, and two-thirds of elderly age 65 or over depend on Social Security for a majority or 100% of their retirement income; and
WHEREAS, Social Security is a social insurance program that pays the most to those who need it the most through a progressive structure where workers with low lifetime earning receive relatively higher benefits in relation to lifetime earnings than workers with high lifetime earnings, boosting retirement incomes of low and middle income worke...
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