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How
Does the Debate about Social Security Privatization Impact You?
I wanted to be in touch about an important debate our nation is having about the future of Social Security. President Bush is pushing for major changes that deeply concern me. I wanted to make sure you were fully informed of the impact of these proposals. I also wanted to share with you what I am doing to stop these proposals and any proposal to dismantle Social Security.
To register your opinions on Social Security privatization, please visit my online Social Security Hotline.
To calculate your benefit cuts under privatization proposals, please visit my online Social Security Calculator.
Social Security’s
Proven Record
Social Security is an American success story that safeguards Americans’
independence and economic security when they get older. In addition, the
program provides benefits for more than 14 million widows, orphans and
disabled workers.
According to the non-partisan Congressional Budget Office (CBO), the Social Security Trust Fund currently holds $1.7 trillion in reserves and full benefits are covered for nearly 50 years. After that point, even if we make no changes, Social Security will be in a position to pay out 80 percent of a person’s benefits. Social Security is facing a long-term challenge, not a crisis. We must make the right adjustments to ensure that monies paid into the system are there for future generations.
Privatization Plans Would
Drain Money from Social Security
Private accounts would make the challenge facing Social Security worse
by diverting $1.4 trillion from the Social Security Trust Fund in the
first ten years alone. Private accounts would require a dramatic increase
in borrowing on top of already skyrocketing budget deficits. This new
borrowing would be largely financed by loans from China, Japan, and other
foreign countries, and would saddle current and future workers with higher
interest rates and higher taxes.
Privatization Plans Would
Cut Social Security Benefits
To make up for the funding shortfall caused by the private accounts, the
plan the President calls a “good blueprint” would cut future
benefits across the board. According to an analysis by the Center for
Economic and Policy Resarch Institute's, For a younger worker these benefit
cuts would equal $152,000 for the average younger worker. Risky private
accounts would not make up for this loss in guaranteed benefits.
Click here to calculate your benefit cuts under privatization.
For a snapshot of what benefit
cuts would mean, please visit http://www.epinet.org/content.cfm/webfeatures_snapshots_20050209.
Preserving Social Security
for Future Generations
I stand ready to work on a bi-partisan basis to strengthen Social Security,
as we did successfully in 1983. The first step must be for the President
and Congressional Republicans to abandon efforts which I believe would
dismantle Social Security through benefit cuts and by diverting trillions
of dollars from the Social Security Trust Fund.
I hope you and your family will become actively engaged in this debate. I will be holding tmeetings in North Carolina, attending meetings, writing letters and sending emails to get the word out about the value of Social Security and the risky proposals being made by President Bush and Congressional Republicans. I hope you, too, will let me hear from you on my Social Security Hotline at 1-888-262-6202 or online.
Questions & Answers About Social Security and Privatization
Why Social Security is Important
Consequences of Social Security Privatization
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