Kucinich: Bush Proposes Stealth Social Security Privatization Plan In Budget
Bush Budget Shifts Over $700 Billion From Social Security To Private Accounts Starting In 2010; Will Shift Money From Main Street To Wall Street
Washington,
Feb 8, 2006 -
Congressman Dennis J. Kucinich (D-OH) issued the following statement today on President Bush’s stealth plan to privatize social security:
“Despite a bipartisan rejection to the President’s plan to privatize Social Security and shift the nation’s retirement system from Main Street to Wall Street last year, the President is trying to bury his ill-advised and misguided plan in his new massive budget request sent to Congress Monday.
“The President’s stealth Social Security privatization plan would take more than $700 billion, over seven years, in guaranteed retirement security from millions of Americans and gamble it in the stock market.
“Once again this Administration is deliberately misleading and deceiving the public. It is time for the Administration to be truthful with the American public. The Social Security Trust Fund is not only secure, but will run a surplus for decades. No other government or corporate entity can say the same thing.
“The American public and the Congress will not be fooled by this budgetary trick. Privatization is privatization. It does not matter if it is rolled out in an elaborate-albeit failed-PR campaign or buried from the public’s view in a massive budget.
“Last year when the public learned about the issue they rejected the President’s approach. Despite his attempt to sneak it past the public, I am confident once attention is brought to his stealth privatization plan the American public will reject it again.”
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