The Social Security program has been a great success. Before it was implemented 70 years ago, 50 percent of older Americans lived in poverty. Today, that number is down to 10 percent. The program has not only protected seniors from poverty, it has also served as a safety net for millions of disabled people, widows, widowers, and children whose parents have passed away.

President Bush has said that the Social Security program is in crisis. In his State of the Union address, he claimed that Social Security would be “exhausted and bankrupt” by 2042. However, the Social Security Board of Trustees estimates that the program can pay 100 percent of its promised benefits until 2042, even if no changes are made to the program. After 2042, recipients would continue to receive 73 percent of their benefits for the next three decades without any changes to the existing program.

Changes to Social Security are needed, but privatizing the program will worsen its financial problems and weaken this source of retirement and disability income that so many Americans depend on. With half of all current American workers not covered by retirement plans, the President's plan could seriously jeopardize the retirement security of millions of Americans. In fact, the Center for Economic and Policy Research estimates that the average retiree will lose more than $152,000 in benefits over the course of a 20-year retirement if his plan is enacted. Click here to read what constituents are saying about privatizing Social Security.

Find out how you might be impacted by the President's plan:

Americans must do more to prepare for retirement, but we can make changes without fundamentally dismantling the Social Security program.

Recent Press Releases, Op-eds and Statements:

• Op-ed: My vow not to throw Social Security overboard, San Francisco Chronicle (2/4/05)
• 44 Senators Urge Bush Not to Increase National Debt to Pay for His Social Security Plan (2/3/05)