Latest Social Security Proposal Falls Short, Lantos Says

Latest Social Security Proposal Falls Short, Lantos Says

Congressman Tom Lantos (D-San Francisco, San Mateo) severely criticized the Social Security solvency proposal announced by Republican House members who claimed that the plan is a new approach to the long-term fiscal troubles faced by the Social Security Trust Fund.

"This is just the same old retread that the President has worn out trying to convince the American people that private accounts will magically balance the Social Security books," Lantos said. "But this latest plan offers no new solutions, and still would end up putting retirees at risk."

Led by House Ways and Means Committee Chairman Bill Thomas (R-CA), House Republicans have announced the outlines of a plan that would draw down the current Social Security fund surplus and parcel it out to individual accounts for later distribution to retirees. No dollar amounts were included in the new proposal; the House leadership indicated that additional information on retirement issues would be provided in coming weeks.

http://lantos.house.gov/HoR/CA12/Newsroom/Press+Releases/2005/PR_050624_Social_Security.htm