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Press Release - Cantwell: Social Security Is a Promise To Seniors That Should Be Kept

Date: Oct. 5, 2006
Location: Seattle, WA
Issues: Senior Citizens Entitlements and the Safety Net


Press Release - Cantwell: Social Security Is a Promise To Seniors That Should Be Kept

Social Security Privatization Is Another Real Difference between Cantwell and McGavick

On Thursday, the Cantwell campaign released a new radio ad on the contrast between U.S. Senator Maria Cantwell and Mike McGavick on Social Security, one of many real differences on important issues at stake in this election.

"Our seniors depend on Social Security," Cantwell says in the ad. "It's a promise that we made and it's a promise we must keep."

Maria Cantwell is committed to protecting Social Security for the over one million Washingtonians who rely on this program. Last year, President Bush announced that privatizing Social Security was his "top domestic priority." Cantwell and fellow Democrats worked to stop this dangerous plan and protect guaranteed benefits for Washington seniors.

This summer, President Bush and the Republican Congressional leadership again pledged that Social Security privatization will be a top priority in 2007, after this election.

McGavick has said he wants to join his fellow Republicans and change Social Security. McGavick has proposed a system of private accounts. Experts have said that such a system will lead to cuts in Social Security benefits. Mike McGavick also supports a system of means testing, which could mean that seniors above a certain income level are no longer eligible for benefits.

The average monthly benefit for a Washingtonian on Social Security is $965, amounting to $11,919 per year. If the Republican privatization plan goes forward, future retirees in Washington state could see their guaranteed monthly benefits drop to $678, or just $8,140 a year—a 78 percent cut when you account for inflation. Women would be particularly hard hit by such cuts as they are especially dependent on Social Security in their retirement, as they tend to live longer and earn less over their lifetimes.

The ad, titled "Privatize," will air on radio stations statewide.

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http://www.cantwell.com/news/release/view/?id=126

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