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News
Release
Congressman Bob Etheridge
North Carolina
March 16, 2005
Contact:
Sara Lang
Phone:
(202) 225-4531
WASHINGTON -- U.S. Rep. Bob Etheridge (D-Lillington) today unveiled an online calculator to help North Carolinians understand the drastic benefit cuts associated with proposals to privatize Social Security. Etheridge's calculator is available on his website at www.house.gov/etheridge.
"North Carolinians need to do their homework on Social Security privatization," Etheridge said. "The President's privatization proposal will lead to steep benefit cuts and massive borrowing, at a time when the federal budget deficits are already sky-high. The President and the Republican leadership need to make the responsible choice and craft a bipartisan solution to strengthen Social Security for the long haul."
Privatizing Social Security means benefit cuts of up to 46 percent in the years to come. According to the Center on Economic and Policy Research, under current proposals being considered to privatize Social Security, average workers in their early 20s entering the workforce today would loose an estimated $152,000 in benefits over their lifetime.
Etheridge's Social Security calculator compares annual benefits under the current Social Security program with that of benefits under the plan favored by President Bush and most Congressional Republicans to privatize the system. The web calculator determines expected losses in Social Security benefits based on individuals' age and annual income. Expected outcomes are based on inflation rates as suggested by the Congressional Budget Office's (CBO) economic assumptions.
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