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    FOR IMMEDIATE RELEASE:
    June 22, 2005

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

    ~ 4 Million Seniors ~ One Voice ~No Privatization ~

    “Legislation proposed today by members of the House Ways and Means committee is basically the same private accounts package with a new wrapper for disguise. If Americans truly approved of private accounts,  privatizers wouldn't have to hide them.” - - Barbara B. Kennelly

    Statement from President of National Seniors Organization:
    “GOP Private Accounts bill is more of the same”

    The American people have made it clear.  They want Social Security strengthened for the long term and they do not support taking money out of Social Security to pay for private accounts.  Unfortunately, legislation being introduced by several GOP House members does nothing to improve Social Security's long-term solvency and focuses solely on creating private accounts.

    The plan, sponsored by Reps. Jim McCrery (R-LA), Sam Johnson (R-TX), Clay Shaw (R-FL) and Paul Ryan (R-WI), is the first step toward President Bush's privatization proposal and its effects are the same. These private accounts would weaken Social Security by taking funds from the program. The main effect of this legislation is to speed up the date of insolvency, forcing deeper cuts in benefits and an increase in the federal debt.

    Supporters say this plan will stop the “raiding” of Social Security by Congress.  What it really does is give Congress permission to raid Social Security to create a private account system that Americans do not want or support.   

    “Workers have been paying extra to build this Social Security surplus.  Depleting that fund now would speed up Social Security's insolvency and make it more difficult for Social Security to fulfill its  promise to future retirees.” - -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.