Reps. Lofgren, Honda, Farr Hold Social Security Town Halls

February 26, 2005

Say President’s plan to privatize Social Security undermines retirement security for all Americans

Media Contact: Heather Wong, 202.225.3072

U.S. Reps. Zoe Lofgren (D- San Jose), Mike Honda (D- San Jose) and Sam Farr (D- Santa Cruz) today held two back-to-back town hall forums with members in their communities to listen to their opinions about the Bush Administration’s proposal to privatize Social Security.

For nearly 70 years, Social Security has been an American success story that safeguards independence and economic security for our nation's seniors. The President’s proposal would undermine retirement security for all Americans by cutting guaranteed Social Security benefits by nearly 50 percent, and the risky private accounts he has proposed won’t make up the loss in benefits for millions of Americans.

“Social Security not only helps Americans enjoy a secure retirement, it has also kept millions of Americans out of poverty. The president's Social Security privatization plan will hurt everyone, including today's beneficiaries” said Rep. Zoe Lofgren. “We want to address the challenges facing Social Security, not make the problems worse.”

“Social Security is one of the most successful government programs ever, responsible for keeping millions of seniors, disabled citizens and children out of poverty,” said Rep. Sam Farr. “Certainly, the program faces long-term problems, but the president is trying to sell the public a dangerous solution instead of acknowledging that we have the decades to ensure the system remains strong and secure.”

In order to continue paying benefits for today's retirees, privatization plans must borrow trillions of dollars over the next couple of decades, sending our already record deficit even higher. Social Security under the President’s plan does not get stronger — it gets weaker. In fact, the Republican proposals, which they claim will “shore up” Social Security, actually shortens the life of the Trust Fund by at least 20 years.

"While the President sells his privatization plan as a win-win for future retirees, his proposal would leave today's workers much worse off while accelerating the depletion of the Social Security Trust Fund," Rep. Honda said. "Democrats are fighting to defend the most successful social insurance program of the last 100 years by educating the public about the results of President Bush's privatization plan: benefit cuts and increased debt for future generations of Americans."