Campaign For America's Future
FOR IMMEDIATE RELEASE:CONTACT: Toby Chaudhuri
202-587-1653
TUESDAY, AUG. 5, 2008
New Report Shows Social Security Privatization Could Cut Guaranteed Benefits
By $183K, Placing 145K Older People In Indiana At Risk Of Poverty
By $183K, Placing 145K Older People In Indiana At Risk Of Poverty
INDIANAPOLIS, IND. – Social Security privatization, embraced by Sen. John McCain, R-Ariz., would cut guaranteed benefits for thousands of future retirees in Indiana by thousands of dollars, according to a new report released today by the research arm of the Campaign for
America’s Future. Today’s report shows that more than 145,000 older people living in Indiana
would have a greater risk of falling into poverty, each losing more than $183,000 over the course of their lifetimes, by the time a privatization plan like the one supported by Sen. McCain and President Bush is fully implemented.
Campaign for America’s Future co-director Roger Hickey, whose organization has worked to
defend and strengthen Social Security for more than a decade, said the popular program is at risk again.
“Social Security is very popular in Indiana, but its guaranteed benefits are in the national
crossfire again,” said Hickey. “Sen. McCain has been very clear about his plans to push
privatization again despite the public backlash President Bush faced when he pushed his scheme a few years ago. The conservative ideologues just won’t stop trying to privatize Social Security.”
In Indiana, 1,097,000 people depend on their earned Social Security benefit every month,
according to the Social Security Administration. Thousands of businesses and the state
government also depend on the program. More than $13.6 billion flows into the Indiana
economy from Social Security each year.
Diverting a portion of payroll taxes into risky private accounts could force many people below
the poverty line. More than 777,000 people in Indiana currently live in poverty, according to the U.S. Census. Meanwhile, 197,000 individuals depend on their guaranteed Social Security
benefits for 90 percent or more of their income. The average Social Security check for individual retirees in Indiana is $1,135 per month; it takes $867 per month to stay above the federal poverty line. These Social Security recipients would be close to the edge and vulnerable to rising food, housing and energy costs.
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America’s Future. Today’s report shows that more than 145,000 older people living in Indiana
would have a greater risk of falling into poverty, each losing more than $183,000 over the course of their lifetimes, by the time a privatization plan like the one supported by Sen. McCain and President Bush is fully implemented.
Campaign for America’s Future co-director Roger Hickey, whose organization has worked to
defend and strengthen Social Security for more than a decade, said the popular program is at risk again.
“Social Security is very popular in Indiana, but its guaranteed benefits are in the national
crossfire again,” said Hickey. “Sen. McCain has been very clear about his plans to push
privatization again despite the public backlash President Bush faced when he pushed his scheme a few years ago. The conservative ideologues just won’t stop trying to privatize Social Security.”
In Indiana, 1,097,000 people depend on their earned Social Security benefit every month,
according to the Social Security Administration. Thousands of businesses and the state
government also depend on the program. More than $13.6 billion flows into the Indiana
economy from Social Security each year.
Diverting a portion of payroll taxes into risky private accounts could force many people below
the poverty line. More than 777,000 people in Indiana currently live in poverty, according to the U.S. Census. Meanwhile, 197,000 individuals depend on their guaranteed Social Security
benefits for 90 percent or more of their income. The average Social Security check for individual retirees in Indiana is $1,135 per month; it takes $867 per month to stay above the federal poverty line. These Social Security recipients would be close to the edge and vulnerable to rising food, housing and energy costs.
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**NOTE: Media representatives interested in a copy of today’s Indiana Social Security report
should visit www.ourfuture.org/privatization. **
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