Bush Solution for Social Security: Cut Taxes for Wealthy, Cut Benefits for Seniors

Jan 4, 2005 Issues: Social Security

(Washington, D.C.)–Congressman Jim Langevin today balked at a White House proposal, as reported in the Washington Post, that includes slashing future Social Security benefits for beneficiaries by up to one third and relying upon risky private investment accounts to fill the gap.

Instead of guaranteeing future Social Security benefits, the Administration has proposed to 'roll the dice' on the sole source of income for many elderly Americans.

"Rather than pursue a common-sense strategy to solve one of the most significant domestic challenges facing our nation, the Administration has decided to rely upon the financial services industry and the uncertainty of the stock market to fill in the income gap," said Congressman Langevin. "How this Administration can continue to support tax cuts for the wealthy while gambling with the Social Security safety net is beyond my comprehension. We need real solutions and real answers - not another hand out for special interests."

"Under the President's proposal, benefit levels won't keep up with seniors' cost of living, partially due to skyrocketing health care,” Langevin added. “The government's own data report that, over the last decade, seniors' costs have increased 10% faster than those of the rest of the population. This proposal would place even greater burdens on income-strapped Americans, the same Americans who have sacrificed significant portions of each and every paycheck to fund this program."

"This White House needs to address the concerns and needs of our nation's working families, not those of corporate America and Wall Street,” Langevin concluded.