Sent this to Pelosi, Brad Miller (my Representative), and David Price (neighboring representative). More below.
In regards to the current discussions around Social Security, I think there are several points that need to be stressed and brought in front of the public at every available opportunity:
- Social Security was never intended to be an investment opportunity. It was always (and is still) considered to be retirement insurance. In light of recent corprate scandals, bankruptcies, et al. removing the security of Social Security is a recipe for disaster.
- Putting money in private accounts removes that income from the current funding of Social Security. The Bush administration's stance of not reducing benefits for a range of people will require a substantial amount of borrowing.
- Every country that has privatized Social Security type programs has found enormous hidden costs that removed any benefits of the privatization.
- The current report from the Social Security Administration states that it can fully fund benefits through the year 2042. Throughout history, this date has progressively been extended, as the actuarial models change. Reckless spending and costly wars by this current administration has done more to endanger Social Security than anything.
Please do all that you can to help your colleagues in Congress to see what they are attempting to do and to help their constituents to understand.
Thank you.
Sincerely,
Dave Carden