Fix Social Security without putting benefits at risk

By Senator Bill Nelson

February 12, 2005

St. Petersburg Times

I agree with the president that we have a moral obligation to fix Social Security for future generations. But the plan outlined during his State of the Union address and during stops in cities throughout the country, including here in the Tampa Bay area, won't fulfill that obligation.

The president wants to take money out of the Social Security Trust Fund to risk in the stock market. But Social Security never was meant to be an investment program. By linking benefits to volatile stock prices, privatizing shifts risk to retirees, disabled Americans and their survivors. It weakens the safety net of a secure, guaranteed benefit.

His proposal also is fiscally irresponsible. When you divert money from Social Security for private accounts you won't have enough to pay to beneficiaries. It would cause the federal deficit to balloon by trillions of dollars and increase the nation's dependence on foreign creditors like China and Japan. Rather than risking and borrowing to privatize the program, we need to find a sensible way to strengthen - not to cut - Social Security.

This has been done time and again in the past. Twenty years ago when I was in the House of Representatives, the retirement of baby boomers threatened the solvency of Social Security. President Ronald Reagan and Speaker of the House Tip O'Neill created a bipartisan commission to save the program and provide for an influx of retirees. I'm confident that we can find common ground on a way to fix it once again without cutting benefits.

Beyond strengthening the system, I'm drafting legislation for a more sensible plan that expands opportunities for all Americans to save for retirement. It would give workers additional tax breaks to save for retirement on their own with a personal account - over and above Social Security. In order to fulfill our obligation to Americans who work hard and pay into the system, we need to ensure they'll have a guaranteed Social Security benefit.

Privatizing doesn't do this. I intend to work with the president and Congress to fulfill our obligation to our citizens by ensuring that Social Security will continue to be a secure benefit.

Bill Nelson, senior U.S. senator from Florida

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