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SIGN
THE SOCIAL SECURITY PETITION!
Social
Security has been one of the most successful federal programs in
this nation’s history. It has protected millions of elderly
from living in poverty, and has been the backbone of every American’s
retirement plan. It is a guarantee that we can all count on in our
old age.
Unfortunately,
this program is now under attack. President Bush has been promoting
a plan that will privatize at least a portion of Social Security
in future years. He has also discussed the need to change the program
to ensure its long-term solvency. While we do need to strengthen
the program for future generations, we need to do it right.
I
want to work with President Bush and all of my colleagues in Congress
towards improving Social Security, but the plan that the President
is pushing does not protect its future. In fact, by privatizing
Social Security, the President’s plan actually makes matters
worse because:
- Massive
Debt Increase-- Diverting payroll taxes from the Social Security
Trust Fund to set up private accounts will cost at least $4.5
trillion over the next 20 years. This debt would be money the
government would have to borrow from countries like China and
Japan.
- Deep
Benefit Cuts—The President’s proposal would cut
future benefits by 1/3 or more, even for those who do not choose
to participate in the risky private account option. In addition,
those who choose private accounts will be subjected to a privatization
tax of 70 to 100 percent, which will be deducted from the final
Social Security benefit.
I
am opposed to the President’s Social Security proposal because
it rejects the fundamental guarantee that this program is intended
to provide. We do need an effective solution to address the program’s
long-term solvency, but a good plan will not create new debt and
will honor our obligations. Beyond shoring up solvency, the best
way to help people prepare for retirement is to develop bold and
innovative ways for Americans to build wealth and save in addition
to, and apart from Social Security. As the President and Congress
move forward with the debate on this issue, these are the principles
that should drive the discussion, and I am committed to work for
all South Dakotans with these core principles in mind.
South
Dakota statistics
- SD
is ranked 11th in the nation among states having the largest %
of their population receiving SS benefits-- its 18% in SD (and
slightly above ND which ranks 12th).
-
total federal Social Security payments made into SD- $1.2 billion
- ranked
14th among 50 states in percentage of state income from Social
Security
- 12%
of SD Social Security beneficiaries receive disability benefits
- over
8,000 children under 18 receive Social Security benefits
statistics
from Economic Policy Institute
- WITHOUT
Social Security, 51.7% of South Dakotans would be living in poverty.
WITH Social Security, the percent is only
8.9 percent. Total number lifted above the poverty
line by Social Security in the state is 44,000.
Center
on Budget and Policy Priorities
Read
Tim's Statement at the DPC hearing on Social Security: http://dpc2ps/cfdocs/dpcpub/hearing109-1/transcript.pdf
Tim
discusses protecting Social Security in Mitchell, SD.
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Congressional
Budget Office
http://www.cbo.gov/
Social Security Administration:
www.ssa.gov
Center
for Economic and Policy Research http://www.cepr.net/publications/facts_social_security.htm
Economic
Policy Institute
http://www.epinet.org/content.cfm/socialsecurity
Brookings
Institution
http://www.brookings.edu/views/testimony/orszag/20050209.htm
AARP
http://www.aarp.org/socialsecurity/
National Committee to Preserve Social Security
and Medicare
http://www.ncpssm.org/socialsecurity/
South
Dakota Women: Read more on how you are affected by Social
Security more than men.
If
you would like to see how you will be effected by President Bush's
Social Security Privatization plan click here,
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