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Houston, TX- In response to the Administration’s plan to partially privatize Social Security, U.S. Rep. Gene Green on Tuesday, March 29, 2005 will hold a town hall meeting to discuss the plan with constituents. The town hall is scheduled to begin at 10:00 a.m. at the Houston Community College-North East Campus, Codwell Hall located at 555 Community College Drive.
“I have serious reservations about the Administration’s plan and I am committed to strengthening Social Security,” said Green.
Social Security faces long term challenges, but there is no crisis. The Social Security Trust Fund has accumulated more than $1.7 trillion in reserves that are held in Treasury bonds. According to the Congressional Budget Office, even if no changes are made, Social Security will be able to pay full benefits until 2052.
“We have time to come up with a bi-partisan solution that will strengthen the Social Security system for generations to come,” added Green.
Plans to privatize Social Security would undermine retirement security by cutting guaranteed benefits over 40% for future retirees, even for those who don’t choose an account. Today, the average monthly benefit is $955, and without this money, nearly 50% of American seniors would be living in poverty.
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