Sunday, February 13, 2005

Boxer Delivers Major Speech On Social Security

Speech Addresses Real Motivation Behind Privatization

The White House has embarked on a mission to convince the people of our country that Social Security is in dire need of drastic change in order to save it for all workers.
In order to convince the American people of the urgency to privatize Social Security, the president has used words such as “crisis,” “bankruptcy,” and “collapse.”
Let’s look at the definition of these three words, according to the Merriam-Webster’s Dictionary.

  • Crisis: “a situation that has reached a critical phase.”
  • Bankruptcy: “utter failure or impoverishment.”
  • Collapse: “to break down completely.”

Is it true that Social Security is in crisis? Is bankrupt? Is collapsing?
The answer is a resounding NO. According to the most conservative estimates, Social Security will be able to pay full benefits for 38 years. In other words, a 37-year-old worker today will get full benefits until he or she is 75 years old if we do nothing to make adjustments to the Trust Fund. A 47-year old worker today will get full benefits until he or she is 85 years old if nothing is done.

So clearly, Social Security is not in crisis, is not bankrupt, and is not collapsing.
Yes, there is a challenge we should address.
Have we ever faced a similar Social Security challenge before? Yes. During the Reagan presidency in 1983. Working together, Democrats and Republicans, we resolved the challenge then just as we can do now. So why would an otherwise optimistic George Bush turn into a prophet of pessimism on Social Security?

Because, his initiative is not about meeting the challenges of Social Security to keep it sound; it is not about bringing together Democrats and Republicans as Ronald Reagan did to ensure that full benefits will be there for all Americans. It is about one thing and one thing only: destroying Social Security. Cont.

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