Wednesday, June 15, 2011

Here We Go Again- GOP Offers Social Security Privatization Legislation

Republican members in the House have introduced legislation which would take your Social Security contributions and give them to Wall Street. For those in Congress who routinely target safety net programs, like Social Security and Medicare, this Social Security plan is the perfect companion legislation for the GOP/Ryan Budget.  Ryan’s CouponCare plan would put insurance companies in charge of seniors’ healthcare while the so-called “SAFE” act would put Wall Street in charge of your retirement savings.

Do you feel safe?

“This Social Security proposal is political opportunism at its worst.  Supporters use the current fiscal crisis–which Social Security has not contributed to in any way– as an opportunity to defund a program many of these members do not support in the first place. The privatization of Social Security does not have support among any age-group or political affiliation once you step outside the Beltway but it remains goal #1 for those who want Wall Street in charge of billions of hard-earned American tax dollars. Max Richtman, NCPSSM Executive Vice President/Acting CEO

These privatization  proposals aren’t about fiscal responsibility because neither will save the federal government money.  The transition costs for converting Social Security into a privatized system would cost trillions of dollars while the GOP/Ryan plan for Medicare adds $13 in waste for every dollar saved. Meanwhile, millions of Americans lose their guaranteed benefits in exchange for a ride on the Wall Street roller coaster and coupons for their healthcare. Let’s not confuse what this debate is really all about because privatization is a political goal not fiscal responsibility.

For so many House Republicans who worked hard last fall (before Election Day of course) to convince American voters they haven’t and weren’t proposing Social Security privatization, this legislation certainly now destroys that claim.  It’s only been six months since the GOP regained control of the House and they’ve wasted no time pushing to privatize both Medicare and Social Security, at a time when millions of Americans are still suffering in an economic crisis these programs did not create.

Source: Entitled to Know - National Committee to Preserve Social Security and Medicare (NCPSSM)

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