No Security in Privatization of Social Security

NO SECURITY IN PRIVATIZATION OF SOCIAL SECURITY -- (House of Representatives - June 28, 2005)

(Ms. LINDA T. SÁNCHEZ of California asked and was given permission to address the House for 1 minute and to revise and extend her remarks.)

Ms. LINDA T. SÁNCHEZ of California. Madam Speaker, I rise today to give voice to the youth of my district. I recently had a Social Security e-town hall where young adults joined me online to discuss this important issue.

Billy, a constituent of mine from Long Beach, is currently a student at the University of Southern California. He questioned the wisdom and the solvency of the President's plan. He specifically asked me what would the worst case scenario consequences of the President's plan be.

My answer to him was simple. It is clear that Republicans have no desire to strengthen Social Security for future generations.

Instead, their only intention is to privatize this guaranteed retirement program.

Privatization is a first step on the road to the worst case scenario. Privatization proposals hurt everyone, including today's beneficiaries. But it especially hurts young workers who end up paying for the administrative costs of privatization on the front end and then end up paying for it twice with large benefit cuts on the back end. Privatization does absolutely nothing to extend the solvency of Social Security.

If we really wanted to save Social Security, let us work to ensure its solvency. Let us not dismantle guaranteed benefits, especially for young workers like Billy.

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