Pelosi, Reid: Bush's Plan Weakens Social Security
Pelosi, Reid: Bush's Plan Weakens Social Security
Contact: Brendan Daly (Pelosi), 202-226-7616
Jim Manley (Reid) 224-2939
April 28, 2005
Washington, D.C. - House Democratic Leader Nancy Pelosi and Senate Democratic Leader Harry Reid tonight released the following statement on President Bush's Social Security plan:
"Democrats have traveled across the country to hear from the American people on how we can strengthen Social Security for current and future generations. What we heard was overwhelmingly clear -- Social Security has meant retirement and economic security for millions of American families.
"As the President completes his own 60-day tour, we had hoped that he would take the concerns of the American people to heart, and abandon his misleading plan to privatize portions of Social Security. His partial privatization plan would cut guaranteed Social Security benefits and burden future generations with trillions of dollars of new debt largely borrowed by China and Japan.
"All the President did tonight was confirm that he will pay for his risky scheme by cutting the benefits of middle-class seniors. President Bush cannot escape the fact that partial privatization will weaken Social Security at a time we should be strengthening it.
"Democrats stand ready to strengthen Social Security on a bipartisan basis so that all Americans receive the guaranteed benefits they have earned. We urge the President to begin considering proposals that strengthen Social Security in a way that does not gut benefits for middle-class families and does not place retirees at the mercy of the stock market."