Rep. Mike Ross (D-AR) explains that President Bush’s plan for Social Security reform will bankrupt the program even sooner than expected because privatization will take money out of the system.
Rep. Ross gives a rudimentary lesson in how Social Security works and how privatization will bankrupt the program even sooner: one generation’s money is put into the program so their parents can receive benefits; if people take their money out and put it aside for themselves, Social Security will not have the money to pay its beneficiaries. (:45)
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February 4, 2005
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- Congressman Mike Ross (D-AR) says reforming Social Security needs to be done cautiously since it is a program his constituents rely on and says finding a way to save Medicare from bankruptcy is a more pressing issue.
- State of the Union: Congressman Jim Moran (D – VA) on Social Security.
- Harry Reid (D-NV), Senate minority leader, calls Privatization a buzz word for getting rid of Social Security.
- Staci Berger, a legislative and political director of New Jersey Citizen Action, states that the plan of privatizing social security will reduce the standards of living for the people in New Jersey.
- Senator Frank Lautenberg (D-NJ) talks about the negative effects of the President’s Social Security privatization plan.
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