Issue Position: Social Security - Privatization

Issue Position

I oppose any plan that puts the future of Social Security at risk. It is an important social safety net, and everyone who has worked hard to contribute to the system should receive their fair share when they retire.

Changing the Social Security system so that a person could opt out of receiving benefits and create individual investment accounts would affect groups of Americans in different ways. Certainly, those who work their entire adult lives, invest well, and are able to retire when their investments are doing well, will benefit greatly from private investment accounts. However, many Americans will fare far worse with private investment accounts than they would with traditional Social Security. Among those who would be harmed are: those who retire during a market downswing; those who do not invest their resources well; those (disproportionately women) who interrupt their earning years to raise children; and those with disabilities who may have significant periods of unemployment or may have to stop working years before typical retirement age.

In addition, the future of disability and survivors' benefits would be in jeopardy if individual investment accounts are created. We must ensure that people who are unable to work due to physical or mental impairment, and families who have lost loved ones who were their primary means of support, have guaranteed assistance when they need it most.

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