Democrat pans private accounts for Social Security (Sat. radio address)

[Rose Siding]

WASHINGTON (AP) -- President Bush's proposal to change Social Security by creating retirement investment accounts for younger workers would shatter the New Deal-era program and burden future generations with debt, a Michigan congressman said Saturday.

"This would have dire consequences including major borrowing and massive benefit cuts. It would mean the dismantling of Social Security as we know it," Rep. Sandy Levin, the senior Democrat on the House Ways and Means Social Security subcommittee, said in the Democratic Party's weekly radio address.
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For younger workers, Levin said, the overhaul "saddles future generations with massive debt and requires major benefit cuts for everyone, even for those who do not choose a private account."
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"The president's proposals to divert Social Security money to private accounts move us in the wrong direction," Levin said. "They are a roadblock -- standing in the way of bipartisan efforts to strengthen this vital program for all future generations."

http://www.cnn.com/2005/ALLPOLITICS/03/26/dems.radio.ap/