Social Security:

A vital service delivering monthly benefits to more than 43 million people. A lifeline providing more than half of income for over two-thirds of senior citizens.

 

A reliable provision of support for retirement, providing a stable source of revenue in the form of guaranteed monthly benefits, which have always been delivered on time.

 

Protection for 7 million families of deceased workers, and 6 million disabled workers and their families. The value of Social Security's disability policy is $203,000; a similar dependent- and-survivor policy for a 27 year-old average wage worker is $295,000.

 

The most successful of President Roosevelt's innovations, a thriving and efficient government machine, which takes less than 1% for administrative costs (compared to private plans, which take from 12 to 14%). The mainstay of retirement income for women and people of color.

 

Proof positive that government can be used to help protect Americans and enrich their lives.

Wall Street's Plans for Social Security:

 

Special interests paid for with big money from Wall Street are trying to destroy Social Security as we know it. The radical right looks upon Social Security as an enemy to be overcome, warning of the dangers of "big government" trying to help people. Meanwhile, stockbrokers see an opportunity to make a quick buck. We cannot and will not allow these forces to cannibalize Social Security to further their own ends.

 

Privatization is being pushed as a favorite "solution" to the problems facing Social Security. This idea has been projected to earn Wall Street as much as $240 billion in the first twelve years of privatization: billions in fees for banks, insurance companies, and investment firms.

 

However, this boon for Wall Street is a boondoggle for ordinary Americans. If privatization were to occur, we would initially have to pay for both current beneficiaries and the new, private sector system. The retirement age would have to be raised to at least 70, which would be particularly severe on minority workers and workers in physically demanding jobs, who have lower life expectancies than the general population. Guaranteed benefits would be trimmed significantly; the stock market cannot make guarantees, and stock downturns would have significant effects on the basic retirement income of millions of Americans. And the system would be much more costly to administer than our current system.

 

Social Security has long been on the right wing's "hit list" of programs. It is the epitome of efficient government; a safety net to help retired and disabled workers lead their lives with dignity. The wave of alarmism which has overtaken the debate on Social Security is a direct result of the right's desire to prove that government can not and should not be allowed to help citizens provide for themselves.

 

We cannot simply sit by while corporate raiders attempt to plunder Social Security. We must make our voices heard. Call your Congressmember and Senators. Talk to your neighbors, family, and friends. Tell them we need to protect Social Security (no privatization), so that benefits will be there for our children and our grandchildren.