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  • Truth Squad: Busting Myths on Health Care Reform


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    FOR IMMEDIATE RELEASE:
    May 31, 2005

    CONTACT:
     Pamela Causey 202-216-8378/202-236-2123
    Kim Wright 202-216-8414

    ~ 4 Million Seniors ~ One Voice ~No Privatization ~

    Private accounts are not the same as Congress' Thrift Saving Plan

    NCPSSM's Response to President Bush's News Conference

    The President has repeatedly told the American people they deserve to have the same retirement program as their members of Congress. Unfortunately, the President's privatization proposal is not that program.

    The President was asked about his Social Security proposals at a May 31st news conference.  He described  privatization this way: “…if a voluntary personal savings account is good enough for a member of the United States Congress…it surely seems like it's good enough for workers across the country”.

    Unfortunately, President Bush has not given the American people the whole story about the impact of Social Security privatization.  While federal workers do have access to the Thrift Savings plan, it is in addition to their Social Security benefits and a defined benefit pension.  They are not being asked to trade one retirement plan for another.  Under privatization, retirees will see cuts in traditional benefits to offset a portion of their private accounts.  The President's position on privatization has never included a combination of full traditional Social Security benefits and private savings accounts, like the federal Thrift Savings plan.

    “Contrary to what we were told at today's news conference, the President's plan is not the same as the retirement plan provided members of Congress. Privatization will mean Social Security benefits would be dramatically reduced for many beneficiaries in the future.  It's time we give American retirees, current and future, the facts about proposals being considered in Washington ” - -Barbara B. Kennelly

    The National Committee, a nonprofit, nonpartisan organization 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 better-informed citizens and voters.