Social Security and the President's Proposed Budget

Social Security pays monthly cash benefits to retired and disabled workers and their dependents and to survivors of deceased workers. Benefits are financed by payroll taxes paid by employees, employers and the self-employed.

The Administration's 2008 budget for Social Security includes private accounts which would divert money out of Social Security and into private investment accounts.

The result would be:

• Worsen Social Security's long term financing
• Reduce Social Security benefits for future retirees
• Trade Social Security guarantees for the risks of the stock market
• Add trillions of dollars to the federal debt

Message:

Privatization would dismantle Social Security.

Close the back door budget approach to privatize Social Security!

Source: NCPSSM