Issue Position: Social Security & Seniors
I oppose privatization of Social Security because it may leave many beneficiaries in poverty. Privatization adds a risk component to the equation which outweighs the potential rewards. Payouts would be based on inflation increases rather than earning increases over time, essentially freezing the retirees' standard of living at whatever point they retire. In addition, the management cost of privatization is too great, which is estimated to be between $1 trillion to $2 trillion for the first 10 years.
We can strengthen future Social Security benefits by ensuring that the money borrowed from the "Social Security Trust Fund" does not get depleted. We can also help the working families to build more wealth such as private pensions to supplement benefits from Social Security.
I oppose raising the age requirement to receiving Social Security because it would harm people who have little or no choice about when they stop working and who have few resources other than Social Security. Many low-wage workers may be in physical demanding or unpleasant jobs, lack the skills, or are unable to secure other jobs by that age. Also, such an increase is unfair to workers with below-average life expectancies, especially if they leave survivors who are eligible for benefits.