N.C. Democrats to Respond to President's Visit to Raleigh
February 9, 2005
Washington, DC-On Thursday, February 10, 2005 at 1:30 p.m., Democratic members of North Carolina's Congressional delegation will host a press conference call to discuss President Bush's visit to Raleigh and his proposal to privatize Social Security.
While the President has not yet provided specific details on his privatization plan, experts acknowledge that privatizing Social Security will result in benefit cuts of up to 50 percent for American workers. Privatization would also require the government to borrow upwards of $2 trillion to fund the changes to the system, adding to already record deficits. Not only do private accounts not address the Social Security shortfall predicted for 40 to 50 years in the future, they make the financial situation worse for Social Security and the overall federal budget.