Related Articles
Related Articles
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Election 2004 How are Working Families Doing Under the Bush Administration? Print copies for distribution. PENSION PLANS/RETIREMENT |
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| People Like Them | BANKRUPTCIES
PENSION |
People Like Us |
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Security privatization? President Bush has proposed a system of individual retirement accounts to replace Social Security for younger workers. This would create a boom for investment banking firms, brokers and others who would profit from the investments. [Congressional Budget Office] Federal Reserve Chairman Alan Greenspan has repeatedly suggested the U.S. must raise eligibility for Social Security and Medicare to keep the programs solvent past 2052 and 2019, respectively. [Greenspans Social Security Alarm, AP, 8/27/04] The present value cost of the Bush tax cuts is $11 trillion. That is more than three times as much as it would cost to save Social Security for 75 years. [Congressional Budget Office] |
Risking
retirement security The majority of Americans dont have pensions. Most rely on 401(k)s, which as the former employees of Enron found, is a gamble. The rest, over 70 million, have only their savings and Social Security. [U.S. Department of Labor, 9/04] A system of individual retirement accounts would reverse the mission of Social Security to provide a safe harbor for retirees from the ups and downs of private employers and the stock market. Individual accounts would be heavily taxed, hurt the solvency of Social Security and lead to huge increases in the federal deficit. The Congressional Budget Office estimates that the Presidents Social Security Plan will increase deficits through 2050. [Congressional Budget Office] |
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