DeMint Plan is Privatization, Plain and Simple
New spin on old idea continues to stand in the way of Bi-partisan action to strengthen Social Security
U.S. Representative Sander Levin, Ranking Democrat on the Ways and Means Social Security Subcommittee, issued the following reaction to press reports indicating Republican members of the Ways and Means Committee would support a new Social Security privatization proposal:
"This is privatization, plain and simple," cautioned Rep. Levin. "Just like President Bush's plan, this proposal would take money from Social Security to set up private accounts. The plan outlined today is riddled with uncertainty for everyone: for those who are counting on a guaranteed benefit it would bring uncertainty by making Social Security's shortfall worse; for those who might hold a private account, it would bring uncertainty about how the accounts would be funded after the surplus is exhausted.
"This is a bad foot in the wrong door of privatization. This further exposes what Republicans are basically after, the replacement of Social Security with private accounts.