KAPTUR STATEMENT ON THE STATE OF THE UNION ADDRESS
Feb 2, 2005
Washington, D.C.-Congresswoman Marcy Kaptur (OH-9) released the following statement today on President Bush's State of the Union proposals to privatize Social Security:
"President Bush devoted a large portion of tonight's State of the Union address to promoting the privatization of Social Security. Social Security is an insurance program covering every American. It is a guaranteed benefit, not a guaranteed gamble. Private accounts would make Social Security's challenge worse, force massive benefit cuts, and increase the national debt.
"The Bush plan is harmful to retirement security because it would divert trillions of dollars from the Social Security Trust Fund. Benefits would be slashed by more than 40 percent for future retirees. Risky private accounts would not make up for the loss in benefits, and future taxpayers would be burdened with bailing out unsuccessful investors.
"Social Security is an American success story that safeguards Americans' independence and economic security when they get older. It assures real retirement benefits and disability insurance in the event of illness. Americans have earned their Social Security benefits. It would be a breach of trust to end the guaranteed benefit for Americans who have been paying into Social Security all their lives.
"Social Security is also a compact of trust between generations of Americans. The Fifth Commandment reminds to us Honor They Father and Thy Mother. Social Security surely meets this age-old value test.
"Democrats recognize that there is a long-term challenge, and believe we can strengthen Social Security without slashing benefits that Americans have earned. Once President Bush stops insisting on privatization, we can work together to keep the promise of Social Security."