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Don't Privatize Social Security
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Progressive Portal
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Aug 28, 2005 00:35 PDT
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CONGRESS SET TO CONSIDER SOCIAL-SECURITY REFORM
WHEN IT RETURNS FROM BREAK AFTER LABOR DAY
[From Union Voice <http://www.unionvoice.org>]
Members of Congress can give their constituents a big Labor Day gift by
pledging not to privatize Social Security - America's most successful
family protection program.
Shortly after Labor Day, Congress is scheduled to begin work on
President Bush's plan to replace Social Security's guaranteed benefits
with risky private accounts — and in the process, slash benefits, rack
up massive new federal debt for our children to pay off, open Social
Security to corruption, and possibly raise the retirement age.
If enough members of Congress sign the pledge, President Bush's plan to
privatize Social Security won't stand a chance.
When Congress gets back to work in September, the push for private
accounts will begin quickly, with the House Ways and Means Committee
taking up H.R. 3304, a bill by Rep. Jim McCrery (R-LA) that
privatization proponents are pushing under the pretense of stopping
Congress from "raiding" Social Security.
In truth, the McCrery bill is the first step toward President Bush's
plan to privatize and ruin Social Security. It creates private accounts,
cuts guaranteed benefits, and increases the national debt — all while
doing absolutely nothing to stop raids on the Social Security surplus or
keep the program solvent.
Privatization would fatally undermine Social Security by tossing out the
program's promised benefits in exchange for privatized accounts with no
guarantees. More retirees would live out their years in poverty because
of huge benefit cuts. In the first 20 years alone, privatization could
add $4.9 trillion to the federal debt. And privatization would open
Social Security up to political corruption and Enron-ization, because
politicians would choose which Wall Street firms could make billions off
of privatized accounts.
Take Action
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Tell your members of Congress to protect workers and their retirement
this Labor Day season. Urge them to sign the pledge to oppose Social
Security privatization:
http://www.unionvoice.org/campaign/PledgeforSocialSecurity
More Information
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Goldman-Sachs analysis shows Bush plan is a "clever fraud":
http://www.zmag.org/content/showarticle.cfm?ItemID=6922
National Organization for Women Social Security page:
http://www.now.org/issues/economic/social/?nav
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