Amalgamated Bank's ad in The New York Times makes some important points about President Bush's anti-Social Security schemes:
*Social Security is our nation only public pension system.
*It's financially sound, according to the Congressional Budget Office (CBO) and can meet 100% of its obligations until 2052; after which it can pay 80% of its benefits even without adjustments being made. It's arguably more sound now than at any point in its 69-year history.
*Between 1959 and 2002, Social Security helped cut the poverty rate for senior citizens from 35.2% to 10.9%. The administrative costs for Social Security are less than 1%, far less than any other government program, less than any private pension plan.
*Bush's idea for "individual private accounts" will slash guaranteed Social Security benefits by as much as $9,000 per beneficiary per year. The conversion costs to this scheme proposed by Bush and the Republicans? $4.9 trillion dollars in debt for the next generation to be burdened with.
*If the Republican designs on Social Security are so obviously unsound, why would they push for them? Because Wall Street firms funding the privatization campaign would make untold millions in fees and commissions.
Visit: www.unionvoice.org/campaign/SaveSocialSecurity.
- Scott
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