Reply #4: Michigan congressman pans Social Security overhaul

[Judi Lynn]

Michigan congressman pans Social Security overhaul

Sunday, March 27, 2005

Associated Press


Copyright © 2005 AP Wire

WASHINGTON -- 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 said in the Democratic Party's weekly radio address.
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Levin, the senior Democrat on the House Ways and Means Social Security subcommittee, said his constituents have raised concerns about the changes. Those nearing retirement have "doubts that diverting nearly $5 trillion over 20 years would not impact their Social Security."
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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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http://www.rep-am.com/



Rep. Sandy Levin
http://www.house.gov/levin/