Schauer Celebrates 73rd Anniversary of Social Security, Vows to Fight Bush-Walberg Privatization Efforts

SCHAUER CELEBRATES 73RD ANNIVERSARY OF SOCIAL SECURITY, VOWS TO FIGHT BUSH-WALBERG PRIVATIZATION EFFORTS
Congressional candidate led the charge against Bush’s privatization efforts in 2005

BATTLE CREEK— Today, Congressional candidate Mark Schauer (D-Battle Creek) marked the 73rd Anniversary of the creation of Social Security by pledging to protect and strengthen this critical safety net for American seniors. Schauer also committed to fighting any effort to privatize Social Security, which would turn a guaranteed safety net into a gamble for 126,552 seniors in the 7th district.

“For 73 years, seniors and people with disabilities have enjoyed economic security and a dignified retirement because of Social Security,” said Schauer. “More than 126,000 beneficiaries in our district deserve to know that Tim Walberg supports President Bush’s reckless plan to privatize Social Security, which would turn the program’s guaranteed benefits into a gamble for America’s seniors. I have a clear record of fighting to protect Social Security benefits, and will continue to fight any efforts to privatize this program as a member of Congress.”

Background:

• In March 2005, Vice President Dick Cheney visited Battle Creek to support President Bush’s plan to privatize Social Security. That same week, Sen. Schauer hosted a town hall meeting with Congressman Sandy Levin to oppose Bush’s privatization efforts. [http://www.woodtv.com/Global/story.asp?S=3122588&nav=0RceXskT]

• When asked in July 2007 by the Detroit News whether he supported Social Security privatization, Walberg said he supported private personal investment accounts. [Detroit News, 7/17/06]

• Social Security was created when President Franklin Roosevelt signed the Social Security Act into law on August 14, 1935 [http://www.ssa.gov/history/briefhistory3.html]

• Social Security is a uniquely American system that guarantees, regardless of how the stock market is doing – that a retirement nest egg will be there seniors.

o For 73 years, Social Security benefits have been paid on time and in full every single month.

o Without Social Security, more than 50 percent of American seniors would be living in poverty.

• According to the Social Security Office of Policy Data, there are roughly 126,552 seniors in the 7th district who receive Social Security benefits. [http://www.socialsecurity.gov/policy/docs/factsheets/cong_stats/2007/]

• Social Security privatization would slash benefits for middle-class Americans by more than 40 percent for future retirees; replace guaranteed Social Security benefits with risky private accounts; drain trillions of dollars from the Social Security Trust Fund, threatening seniors’ benefits; and increase America’s debt to foreign nations by about $5 trillion over 20 years. [http://www.cbpp.org/12-17-04socsec.pdf; http://www.cbpp.org/5-1-06socsec.htm]

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