Congressional Democrats Declare Their Unity to Strengthen Social Security

Congressional Democrats Declare Their Unity to Strengthen Social Security

Today, Senate Democratic Leader Harry Reid and House Democratic Leader Nancy Pelosi led a unity rally to strengthen Social Security and stop privatization. The leaders were joined by Democratic Members of Congress andthousands of Americans from across the country who rallied to show their opposition to the President Bush's plan to privatize Social Security. The rally was held to mark the end of President Bush's 60-day tour and the first day of the Senate Finance Committee hearings on Social Security privatization.

"We're listening to you. We know privatization is a bad deal. And we're not going to let President Bush and Republicans in Congress weaken the most successful social program our nation has ever seen," Reid told the thousands gathered outside the Capitol.

"We stand united today to say that a privatization plan that cuts benefits, deepens our debt, and drains the Social Security trust fund is unworkable, unwise, and unacceptable to the American people," Pelosi said. "The President's privatization plan would shift the risk of the stock market onto middle-class Americans. Democrats won't let a guaranteed benefit become a guaranteed gamble."

The Democratic leaders and Members of Congress signed a Declaration of Unity pledging to strengthen Social Security, not privatize it. Democrats pledged to "work to improve the retirement security of all Americans and will oppose any scheme for deep benefit cuts or massive debt to fund risky accounts."

Privatizing Social Security by diverting payroll taxes into private accounts would include benefit cuts of one-third or more, even for those who do not choose private accounts. The plan would also cost $5 trillion in new U.S. debt, largely borrowed by China and Japan.

"We need to strengthen Social Security for future generations, as we did when Bill Clinton was President. In the last years of Clinton's Presidency we had zero deficits and with our surplus, we repaid nearly $400 billion into Social Security trust fund," Pelosi said. "Republicans have no intention of paying back the trust fund. And we have no intention of letting them get away with it."

The leaders expressed their desire to strengthen Social Security and to work to improve the retirement security of all Americans.

"Privatization is really a buzzword for 'destroy' Social Security, and if President Bush is serious about strengthening it, he will reject private accounts like Democrats and the majority of Americans already have," said Reid.

A copy of the Declaration of Unity follows:

A Declaration of Unity

Protect Social Security, Stop Privatization

Social Security guarantees Americans that if they work hard, contribute, and play by the rules, they have earned the right to retire in dignity, and their families will be protected in the event of disability or death.

We are united in our commitment to strengthen Social Security, not privatize it.

We will work to improve the retirement security of all Americans and will oppose any scheme for deep benefit cuts or massive debt to fund risky private accounts.

http://democraticleader.house.gov/press/releases.cfm?pressReleaseID=947