Sen. Reid: Privatizing Social Security bad idea

[struggle4progress]

By U.S. SEN. HARRY REID

Social Security reflects the best of America's values. It is a benefit that senior citizens earn by working and paying into the system and it allows millions of seniors to live independently and with dignity. Social Security reduces the poverty rate among seniors from about 50 percent to about 10 percent, and provides critical support for the disabled and for the surviving family members of workers who die.

I remember as a young boy my own grandmother getting her "old age pension check" and the self-respect and pride she felt at not having to rely on her children to care for her.

Social Security faces long-term challenges but, contrary to some claims, it is not in crisis. According to the Congressional Budget Office, which is a non-partisan agency, we will be able to pay full Social Security benefits for nearly 50 years into the future. And after that, we will still have the ability to pay 80 percent of benefits. <snip>

Privatizing Social Security, as President Bush has proposed, would not only not do anything to fix the program, it will make it worse. It would weaken Social Security's role as a guaranteed safety net. President Bush's plan would also cause massive and irresponsible increases in our country's debt, nearly $5 trillion in the first 20 years alone, leading to higher interest rates and tax increases. <snip>

http://www.pahrumpvalleytimes.com/2005/04/08/opinion/reid.html

Yawn ...