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FOR IMMEDIATE RELEASE:
January 22, 2004
CONTACT:
Pamela Causey 202/216-8378
Ouida Williams 202/216-8405
Barbara B. Kennelly comments on the 2004 State of the Union Address:
"A secure retirement will be 'Mission Impossible' for all
Americans if Social Security is privatized."
"The state of the union will not be sound until America's retirement security has been protected from risky privatization strategies and the false promises of Social Security privatization. So-called privatization proposals simply take money out of the trust fund to fund private accounts, further endangering Social Security beneficiaries.
Younger workers should beware. They also stand to lose. Under the President's privatization initiative, they will be paying twice - once for the transition costs for current retirees, and to pre-fund their own retirement. In addition, they will inherit the cost of the President's irresponsible tax policies.
Preserving Social Security is achievable, without privatization. Younger generations should not be duped into thinking their Social Security will not be there for them. It will. And, to fix it will cost less money than to privatize; only one-third as much as the long-term costs of the President's proposed tax cuts.
National Committee members were recently asked if they were in favor of diverting some Social Security payroll taxes into privately invested accounts. More than 99 percent said 'NO'. Seniors understand that privatizing Social Security means dismantling Social Security".
The National Committee is a nonprofit, nonpartisan organization that acts in the interests of its membership through advocacy, education, services, grassroots efforts and the leadership of the board of directors and professional staff. The work of the National Committee is directed toward developing a secure retirement for all Americans.