This note from labor-affiliated Alliance for Retired Americans:
It’s Back… Social Security Privatization Bill Introduced on Capitol Hill
A bad idea that just won’t go away, Social Security privatization is once again back in the public debate with the recent introduction of a bill in Congress to create private savings plans in lieu of Social Security. The legislation, H.R. 2109, was introduced by Rep. Pete Sessions (TX), who also serves as head of the House Republican campaign committee. The bill has been co-sponsored by Reps. Marsha Blackburn (TN), Dan Burton (IN), Randy Neugebauer (TX), Lamar Smith (TX), Lee Terry (NE) and Jeb Hensarling (TX), all Republicans.
“Current and future retirees can ill-afford to gamble away their life savings on the roulette wheel of the stock market. Can you imagine if George W. Bush had gotten his way and Social Security had been privatized? It would have been a disaster if we had turned Social Security over to Bernie Madoff, AIG, and Lehman Brothers. Privatizing is a risk very few Americans can afford to take,” said Edward F. Coyle, the Alliance’s Executive Director.
Senators: Keep Medicare Out of Budget Talks
Five U.S. Senators sent a letter earlier this week to Vice President Joe Biden, urging him to take Medicare off the table in the bipartisan budget talks he is leading. The negotiations are in advance of upcoming congressional action on raising the nation’s debt ceiling. Congressional Republicans have been demanding cuts in Medicare, and earlier this year the U.S. House passed a budget proposal by Rep. Paul Ryan (R-WI) which would end Medicare as know it, privatizing the program and dramatically raising costs for seniors. The letter to Biden was signed by five Democrats: Sens. Claire McCaskill (MO), Jon Tester (MT), Sherrod Brown (OH), Ben Cardin (MD), and Bill Nelson (FL).
Last Friday, the Rhode Island Alliance for Retired Americans presented U.S. Senator Sheldon Whitehouse with their Social Security & Medicare Hero Award. Whitehouse, who was honored for his advocacy on behalf of Rhode Island seniors, received the award from RI Alliance at a ceremony in North Providence attended by over 100 seniors. “The goal of the Rhode Island Alliance is to become a voice for all older Americans. Senator Whitehouse has consistently been that voice, not only for the Rhode Island Alliance members, but for seniors, women, children, minorities and people with disabilities across the nation. That’s why he is our Social Security & Medicare Hero,” said Rhode Island Alliance president John A. Pernorio.
With polls showing that voters are overwhelming opposed to Medicare cuts, Republicans have embarked on a new campaign to misinform and scare seniors. A slew of ads, including one from the business-backed “60 Plus Association,” touts the Ryan plan as a way to save Medicare, despite the fact that under the Ryan plan Medicare is privatized and seniors are forced to pay more for less coverage. The new ad severely distorts the facts, and misleads seniors about how the Republican proposal adversely affects Medicare. “With the Republican misinformation machine in full swing, seniors need to be more informed than ever before so they can separate fact from fiction” said Ed Coyle, Executive Director of the Alliance.