Protecting the Investment of Our Seniors
It is clear that there is a long-term challenge to Social Security and we do need to make the right adjustments to ensure that money paid into the system is there for future generations.
I will not stand by and allow the program that has served America’s seniors well for 70 years to be dismantled. We cannot afford to permanently privatize a system that over 33 million seniors rely on and that is predicted to be solvent for another 50 years. We cannot afford to break this sacred trust with our nation’s seniors, especially given that so many depend on Social Security as their only source of income.
These are just some of the reasons why I will oppose any plan to partially privatize Social Security and slash benefits that millions have come to depend on. Under some privatization proposals, younger workers will be left with a Social Security benefit that is more than 40% lower than what they were promised – amounting to a $152,000 cut in guaranteed benefits for younger workers. Private accounts could also force us to borrow almost $5 trillion for the first 20 years that the accounts are in existence. Increasing our national debt does not serve the interests of younger workers and does nothing to ensure our nations economic stability.
We do have alternatives to the privatization of Social Security. The cost of tax cuts for the wealthiest 1% of Americans is $3.4 trillion, almost enough to cover the Social Security shortfall over the next 75 years. We can help families save by expanding access to 401(k), IRA, and other pension opportunities. I will continue my efforts to improve Social Security without destroying it.