WPCU  dz0-GA]M:~X =~F(@SrKp3l 'PoydHCSa>M_3&b8Ҥb93V̆пvNG:o(']C:5.0sd<@Js\> ;Q#;cU+7]f­u4JExFCp߯jb@A2ໄkcRX2kaJbx}&xctz$;v`;T qs,"y.4h.ֲ֣g #n܀dMNZJ}+ 홚WD!?;ẫwЃ ?.22,'7&uhn` V_u!GhJMT\Z#UN % 0 ^ w 4   m  U, 04! 1106Front0(9 Z6Times New Roman RegularX(\[$USUS.,o2A a226Backup3|xU McCrery,cAZArial &c$""0 [!USUS.,  _W XX  NewRepublicanPlanOffersMoreoftheSame:  PRIVATIZESSocialSecurity,  RAIDStheTrustFund,andWEAKENSSocialSecurity & #XX# RepublicanshaveunveiledwhattheysayisanewapproachtoSocialSecurity.Butitreallyisno $ differentfromotherprivatizationproposals.ItwouldtakeaportionofSocialSecurityTrustFund  revenuesandputthemintoprivateaccounts.  Thatsprivatization!itdoesntmatterwhetherthetotalsizeoftheaccountsislimitedtotheamount   ofeachyearsSocialSecuritysurplusratherthanapercentageofparticipantspayrolltaxes.What    mattersisthatthemoneytofundtheaccountsistakenoutofSocialSecurity.    UnmasksGOPAgenda!PrivatizationOnly. Theproposalwouldcreateprivateaccounts,financed j|  bydivertingmoneyoutofSocialSecurity.ItincludesnoprovisionstoaddressSocialSecurity Yk  solvency.ThisunmasksthetrueGOPgoal:privatizationonly,withnopretenseofstrengthening DV  SocialSecurityforfutureretirees. /A  StillRaidsSocialSecurityTrustFund. Republicansclaimtheplanisanew lockboxthatprevents  theuseofSocialSecurityfundsforotherprograms.Thatisflatoutwrong.Theproposalrequiresthat  theprivateaccountsinvestinTreasurybonds.So,thegovernmentwouldstillspendtheSocial  SecuritysurplusandissueTreasurybondsinthesameamount.Theonlydifferencefromcurrentlaw  isthat!afterthemoneyhasbeenspentonotherprograms!thebondswouldbesittinginprivate  accountsratherthanintheSocialSecurityTrustFund.Whenaskedhowthegovernmentwouldfund  theprogramsnowbeingfundedbySocialSecuritymoney,SocialSecuritySubcommitteeChairman  McCreryrespondedthatthecashcanstillbeusedthewayitisnow.Inotherwords,theraidwould v continuejustasitdoestoday!SocialSecuritypayrolltaxeswillbeusedtopayforotherprograms. as  WeakensSocialSecurity. ThenewplanactuallyharmsSocialSecuritybyemptyingtheTrustFund 7I soonerthancurrentlaw.Every surplusdollarputintothetrustfundisalreadyearmarkedtopay &8 futurebenefits.Thereisnowaytodivertsomeofthosedollarstoprivateaccounts!astheysaythey # aredoing!withoutweakeningSocialSecurity.Theymayofferagimmick,likedoublecountingthe  surplusorborrowingtofillthe_hole,_Ԁbutabsentsuchgimmickstheplanworsenssolvency.   StillHasBenefitCuts. BytakingmoneyawayfromSocialSecurity,theplanwouldforcedeeper !! benefitcutsinthefutureforeveryone.And,justliketheBushplan,itappearstoincludea "" privatizationtaxthatwouldcutbenefitsevenmoreforpeoplewhoopenanaccount. # # Ѐ ReliesonGimmicks. TheplanreliesonSocialSecuritystemporaryannualsurplusestofundprivate m%"% accounts,afundingsourcethatdisappearsinaboutadecade.Itishardtoimaginethattheaccounts \&n#& woulddisappearthen.Justlikethetaxcuts,Republicanswanttomakeapermanentchangebut G'Y$' proposeatemporaryonetohideitsfullcosts,andpassthebilltoafutureCongressandfuture 2(D%( generations.Sketchydetailsandinconsistentdescriptionsoftheplansuggestothergimmicksare )/&) includedandwillemergeincomingdays. *'*  ThePlanisNothingNew. The newGOPplanwouldcreateprivateaccountsmuchlikethe +(, Presidentsaccounts.ItwouldpayforthembydivertingmoneynowdedicatedtoSocialSecurity,just ,)- likethePresident.AnditwouldforceSocialSecuritybenefitcuts,justlikethePresident. -*.    XUXXX ~X XUPreparedbytheHouseWaysandMeansCommitteeDemocraticstaff /,0 8:30am,June23,2005# XUX ~##XXX XUw#