Republicans moving to privatize Social Security
Democratic Leader Richard Gephardt announced today that the Republicans have 3 different plans to privatize and cut social Security. He says all three bills are being kept very quiet because the Republicans want to debate before the next election.
"We are introducing a rule today that will provide a full debate on all of the Republican proposals to privatize Social Security and cut Social Security benefits. We want people to understand the impact of privatization on their lives. We want them to understand that privatization will cause a cut in benefits; it will break our contract with the American people; it will fundamentally change the way Social Security operates."
Meanwhile, The Republican National Committee Chief, Marc Racicot says the pResident is ready to get on with privatizing social security. Racicot's comments at a breakfast with reporters are at odds with the views of many House Republicans, who want to put off any legislative debate about Bush's plan for partial privatization of the government's retirement security program until after the November elections.
Racicot Acknowledges Privatization Involves Tough Choices, Such As Increasing Revenues, Reducing Benefits, Etc. In addition at the breakfast with reporters, according to a Wall Street Journal (4/24/02) article, "Mr. Racicot said a transition to private accounts will require 'tough choices' such as increasing revenues, reducing benefits, or 'finding another way to finance it.'"
WORRIED ABOUT THE INTERNATIONAL BANKING SYSTEM BEING TOO POWERFUL? Social Security currently is the worth about $444.1 billion . That money could be moved to the private banking system under the Republican agenda. Gambled away, this money would be moved into the private banking systems and millions of Americans would be left with no income at all.
Social Security provides the largest share of aggregate income for persons 65 or older. Shares of income from each source differ greatly by income level.
Over time, Social Security has provided the largest share of aggregate income for the aged.
Social Security is a source of income for nearly all of the aged.
Social Security provides at least half of total income for a majority of beneficiaries.
Social Security is a source of income for nearly all of the aged. Nine out of 10 aged units receive Social Security benefits. Asset income is the next most common source of income, received by about three-fifths of the aged. Two-fifths receive retirement benefits other than Social Security, and only one-fifth have earnings. Public assistance is received by 5% and veterans' benefits by only 4%.
Social Security provides at least half of total income for a majority of beneficiaries. Social Security pays benefits to 90% of those aged 65 or older. It is the major source of income (providing 50% or more of total income) for 64% of the beneficiaries. It contributes 90% or more of income for almost one-third of the beneficiaries and is the only source of income for 20% of them.
Those most likely to get social security benefits are white and African Americans. The highest rate goes to white males. The lowest is women of color. For these women, Social Security is most often their only income. The lowest benefit for those retiring in 1987 was $387. While white males most often have a pension, savings and other assets to support them during old age. They are also most likely to get the highest benefit possible (retiring in 1987 would get $687).