House Republican Privatization Bill Cuts Guaranteed Benefits, Increases Debt and Does Not Stop Their Raid on Social Security
Bill intended to obscure privatization actually unmasks real agenda
Washington, D.C. - U.S. Representative Sander Levin, Ranking Democrat on the Ways and Means Social Security Subcommittee, issued the following statement in response to the Republican Social Security privatization plan which was introduced yesterday.
"A quick look at the text of the House Republican privatization bill offers proof that much of the rhetoric surrounding it is simply false," stated Rep. Levin. "This bill would not, as its authors claim, prevent an irresponsible Republican Congress from continuing to spend Social Security funds on other things. What it would do is create private accounts and then cut people's guaranteed benefits when they retire, just like the plan President Bush put forward and the American people have rejected.
"Despite the gimmicks and smokescreens, this bill unmasks the real Republican agenda by abandoning the pretense of addressing solvency and simply proposing massive borrowing and private accounts. Issuing two bonds based on one Social Security contribution doesn't protect future retirees - it just creates new debt for their children."