8000 AARP Members Join Rep. Sanders in the Fight Against Privatizing Social Security

8000 AARP Members Join Rep. Sanders in the Fight Against Privatizing Social Security
12/12/2005

Burlington VT-The Vermont AARP today presented Congressman Bernie Sanders with a petition signed by 8000 local members urging against the privatization of Social Security. The signatures are part of a continued nationwide effort to make sure that President Bush's disastrous plan to abolish Social Security as we know it remains stalled. Vermont AARP Director Greg Marchildon presented the petition to Sanders.

Sanders said, "Despite a major effort on the part of the Bush Administration, the American people have stood up, organized, and have driven back the effort to privatize Social Security. I want to congratulate the AARP in Vermont and throughout this country for playing a leading role in this very important struggle. While we have won the political battle on this issue, the war is far from over. There is no doubt in my mind that those who engineered this campaign to privatize Social Security will be back when they believe the time is right, which is why we have to remain absolutely vigilant. "

As recently as 1960, half our seniors were officially poor. Now, largely because of increases in Social Security, the number has dropped to only 10%. Despite this extraordinary success, President Bush and his political allies want to abolish Social Security as we know it and replace this critical program with a risky privatization scheme. Far from "saving" Social Security, the President's privatization plan would cut Social Security benefits by up to 40%, add trillions to our national debt, and result in an increase in poverty for seniors.

Rather than privatizing Social Security, Congressman Sanders believes we should lift the cap, currently at $90,000, on earnings subject to the Social Security Tax. Currently, a multi-millionaire pays exactly the same amount of Social Security taxes as someone making $90,000 a year. An individual making $13 million a year is finished paying his social security payroll tax in two days. According to a recent report by Social Security actuaries, lifting that cap would eliminate the projected shortfall and allow the system to remain solvent for the next 75 years -- which is traditionally as far into the future as actuaries project.

Sanders said, "Social Security does not face a financial crisis. It faces a political crisis. If Congress is prepared to stand up to the powerful special interests who want to destroy Social Security, we can easily find a solution so that our children and grandchildren will be able to enjoy the guarantees and benefits of this enormously successful program."

http://bernie.house.gov/documents/document.asp?issueNum=4703