SAN FRANCISCO (KCBS)_ President Franklin D. Roosevelt signed the Social Security Act into law 75 years ago, but fears that it’s about to change dramatically drew crowds to San Francisco on Saturday.
It was a birthday party with a serious tone as they gathered outside the new federal building on Mission Street complete with signs, songs and even cakes.
Tom Rankin, treasurer at the California Alliance for Retired Americans, fears pending recommendations from a bi-partisan deficit commission spell trouble for those heading toward retirement.
“The retirement age has gone up and it will be 67 in a few years and they’re talking about increasing it to 70. If you’re a blue-collar worker, chances are you’re not going to be able to work until you’re 70,” says Rankin.
Hene Kelly with the San Francisco Labor Council figures Social Security is solvent until the year 2037 and that there’s no reason to make major benefit changes now.
“The way to solve the debt is to create more jobs. We want more jobs and we want more people paying into social security. We want social security to be there for you and for my three grandchildren,” says Kelly.
Social Security is the largest government program in the world, signed into law by FDR in 1935 as part of the New Deal.