Pelosi to President Bush: 'No Dice' on Privatization
Pelosi to President Bush: 'No Dice' on Privatization
Thursday, May 26, 2005
Contact: Brendan Daly/Jennifer Crider, 202-226-7616
Washington, D.C. - House Democratic Leader Nancy Pelosi, Congressmen Charles Rangel of New York, Sander Levin of Michigan and others held a news conference today to discuss how Social Security privatization would cut guaranteed benefits for millions of America's seniors, disabled, and survivors. Immediately after the news conference, Democratic Members of Congress testified before the Ways and Means Subcommittee on Social Security. Below are Pelosi's remarks:
"When Social Security came forth, it was an entrepreneurial idea of the New Deal. It promised Americans that in return for a lifetime of work, they would have a secure, dignified, and independent retirement.
"In times of distress, if they lost their breadwinner, their spouse, or parent, survivors would be taken care of. Or in a time of disability, the American people would be there for them because of what had been put in the Social Security trust fund.
"Congress has always honored that. As recently as 1983, there was a bipartisan initiative with a House Speaker Tip O'Neill and President Ronald Reagan, and they came together to strengthen Social Security, which is secure until the middle of this century.
"Along comes President Bush who wants to create a crisis and manufacture an issue, and in so doing turn a guaranteed benefit into a guaranteed gamble. And to that we and American people say: 'Mr. President, no dice!'
"The President is claiming that this guaranteed benefit will have no substantial benefit cuts for America's seniors, survivors, and disabled. And to that we and American people say: 'Mr. President, no dice!'
"It is clear that privatization has a very big cost and will increase the deficit. The President is saying, 'To pay that increase in the deficit, we will cut the benefits, we will undermine guaranteed benefits.'
"For all those reasons, we say: 'No dice!' We say: 'No dice to the poison pill of privatization.'
"I join my colleague, Mr. Rangel, the Ranking Member on the Ways and Means Committee, when we say: 'Remove the poison pill of privatization, and we will come to the table with our ideas, with our commitment, and with our cooperation to address the problem that exists, not a crisis, but the problem that exists in Social Security down the road.'
"In order to share some of our concerns, our Members will be showing up in wonderful numbers and beautiful diversity at the hearing today."