Pelosi: Young People Have the Most to Lose Under Social Security Privatization

July 22, 2005

Pelosi: Young People Have the Most to Lose Under Social Security Privatization
Thursday, July 21, 2005
Contact: Brendan Daly/Jennifer Crider, 202-226-7616
Washington, D.C. - House Democratic Leader Nancy Pelosi joined Members of the Democratic 30-Something Group today at a town hall meeting in the U.S. Capitol attended by hundreds of young people to discuss Social Security and the negative effects privatization would have on them. Below are her remarks:
?The message that the 30-Something Group is taking out to the country - whether it is on campuses, in the halls of Congress, on the road, or in the homes across America - is that the privatization of Social Security, when it comes to young people, is a critical issue because you have the most to lose.
?When you go out and talk to your friends about this, just give them these three numbers: 20, 40, and five. If you are 20 years old now, when you need Social Security, when you come to retirement age, you will get a cut of more than 40 percent in your benefits if privatization goes forward, and you will have a bill of $5 trillion. 20 years old now, 40 percent benefit cut, $5 trillion cost. This is an immoral transfer of debt to the next generation.
?So in terms of Social Security, privatization is terrible. And the impact that it has on the burden of debt that it passes on to your generation is one that we will not let happen.
?We will not turn a guaranteed benefit into a guaranteed gamble.?