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Bush's plan hurts Social Security |
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Written by Robert Scardapane
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Monday, 24 January 2005 19:00 |
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Robert Scardapane, Published in The Courier-News on January 25, 2005 Congressman Robert Matsui of California passed away recently. He was a
warrior for Social Security. With a heavy heart, I am compelled to
discuss the latest assault on Social Security.
Currently, Social Security benefits are indexed to wages. The president
wants to index them to inflation. A person retiring in 2022 will receive 10 percent less money; by 2042, they will receive 25 percent less, and it gets worse from there. So, let's be clear -- his plan is a benefit take-away.
Meanwhile, the administration claims that private accounts will offset
the benefit loss. In effect, Americans are being forced to gamble money
in the stock market to make up for the reduction in benefits -- double
or nothing, roll them dice. Of course, financial institutions love this
plan as they will make money in fees.
The president has yet to answer tough questions on the so-called Social
Security "reform":
* Given that there is no crisis, what justifies these radical changes?
* When a person's private account is exhausted, are they cut off from
the system?
* How will the $2 trillion to $4 trillion deficit created by private
accounts be funded?
Creating a crisis when there is none is dishonest. But, claiming to
strengthen benefits while systematically reducing them is simply immoral.
In memory of Robert Matsui, let's honestly pursue a plan that truly
strengthens Social Security.
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Last Updated on Friday, 14 August 2009 14:25 |