Social Security Calculator – Current Benefits vs Bush Plan

http://crowley.house.gov/sscalc.html#

From Economist Paul Krugman:

- Kansas on My Mind (NYT - Feb. 25, 2005)
- Just Say No (NYT - March 1, 2005)

http://groups.yahoo.com/group/WQIDC/message/250

-- Many Unhappy Returns (NYT – Feb. 1, 2005

http://groups.yahoo.com/group/WQIDC/message/240

Confusions about Social Security

– article in The Economists’ Voice – Jan. 2005

http://www.truthout.org/docs_05/010305F.shtml

The Reality Of Social Security Privatization

http://www.jimhightower.com/air/read.asp?id=11642

Social Security -- EPI Guide [Economic Policy Institute]

Some excerpted info at http://groups.yahoo.com/group/WQIDC/message/246

Or go to http://www.epinet.org/content.cfm/issueguide_socialsecurity

EPI Briefing Paper #156 - March 16, 2005 |

Collision course: The Bush budget and Social Security

http://www.epinet.org/content.cfm/bp156

(In accordance with Title 17 U.S.C. Section 107, the above material -- and that below -- is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.)

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CONGRESSMEMBER JOE CROWLEY SPEAKS TO WQ DEMS AND CONSTITUENTS

Congressmember Joe Crowley spoke enthusiastically in support of Social Security at a public meeting hosted by the West Queens Independent Democratic Club this past Friday at All Saints' Church in Sunnyside. Before introducing the congressmember, new WQIDC president Jimmy Van Bramer introduced Assemblymember Catherine Nolan, who set the tone for the evening when she said, "Social Security is one of the most important issues facing us today."  She quickly yielded the floor to the congressmember who went on to dynamically hold the audience's attention during both his talk and the question and answer period following.

Condemning the Bush administration's assault on a program so essential to the economic well being of working class Americans, Congressmember Crowley reminded everyone that the very essence of the program is that it is social and secure -- something that the private accounts which President Bush proposes are not. "Social Security is a social contract between the government and the people," he affirmed and must remain as a part of a three legged stool supporting America's workers as they age: savings, pensions, and Social Security. Relying on the volatile stock market with its ups and downs and Enrons and World Coms for Social Security is not a good idea. The congressmember assured the audience that Social Security is not in crisis, contrary to the current administration's assertions. Yes, there are some funding problems ahead, but even without adjustments Social Security is fully solvent to 2042, given the extra contributions which have been paid in trust by workers in anticipation of the retirement of aging baby boomers. Crowley went on to explain how the problems could be addressed. He noted that the Bush plan would only add to the budget deficit without solving the solvency issue.

The Bush plan for private accounts would necessitate an outlay of at least a trillion dollars, money which would likely be borrowed from China, Japan or some other foreign country, thus contributing to the burgeoning deficit. The congressmember spoke of the birth tax, which each child born today faces. Each newborn in America arrives owing $27,000 in Federal debt. If the personal accounts were established, this would be raised to $31,000, with no guarantees that anyone using a third of their FICA contribution to create private accounts would experience an increased benefit (and could experience a loss).  Meanwhile, this money would not be part of the pool used to pay current recipients. The good news is that, even with a sixty day presidential speaking tour on the issue, the American public is not buying the Bush push for personal accounts, the term that congressmembers have been instructed to use for the privatization of Social Security. 

There was plenty of time for questions and answers and the audience took full advantage of their opportunity to discuss Social Security and other issues with Congressmember Crowley. During the evening it was noted that privatization has failed in Britain while in Sweden [where about 12% of their retirement funds are now diverted into private accounts] the government default made money while most participants lost money when they made their own choices. Following the formal part of the evening, the congressmember spoke directly with audience members as well as new officers of WQIDC: Van Bramer, vice president Kate Brennan, and treasurer Joan Pagan. In assessing the evening, Van Bramer said, “There was a lot of positive energy this evening and it is our hope that the privatization issue will be shelved. We are going to keep our eye on it, however, and are committed to working with Congressmember Crowley on issues benefiting America’s workers and their families.”