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Bush Barnstorm For Social Security

President Bush and top administration officials have been barnstorming the country on a 60-city, 60-day tour to drum up support for the president's plan to privatize Social Security. And conservative groups are spending millions on advertising to promote private accounts.

Despite this all-out effort, recent polls indicate most people don't support privatization of Social Security. In fact, the more people learn about Bush's privatization plan, the more their opposition grows.

But we can't afford to let up now. Our representatives in Washington need to continue to hear from their constituents. Please let your representative and senators know you don't want your Social Security jeopardized through risky, costly privatization schemes.

Most representatives and senators now are back in their districts and states for spring recess. This is an ideal time for UAW activists to schedule meetings and/or participate in town hall meetings with them, and to urge them to take a public pledge to oppose Bush's privatization proposal.

It is especially important that we continue to generate maximum grassroots pressure on House and Senate Republicans. If they continue to hear an outpouring of opposition against Bush's proposal, this could stop privatization dead in its tracks when Congress reconvenes in early April.

What's wrong with private accounts?
The privatization proposal hurts everyone, including today's beneficiaries. Privatization would take $2 trillion from Social Security in just the next decade, endangering the benefits of current retirees and people with disabilities, and would directly cut benefits by almost 50 percent for future generations. Even people who don't choose to enroll in the new individual accounts will have their benefits cut.

The privatization proposal would cut Social Security's guaranteed benefits and undermine the only secure and stable source of retirement income for millions of Americans. Only the big corporate interests on Wall Street - who stand to gain millions in new fees under the Republican proposal - will benefit.

The "private accounts" proposed by Republicans would require workers to convert all or most of their "private retirement accounts" into an annuity at retirement, which means they would have to turn over their account balance to an insurance company, and couldn't leave it to their heirs.

The Republican proposals to overhaul Social Security actually move the date of trust fund insolvency up by more than 20 years, to 2021. That's because they take approximately $2 trillion out of the Social Security Trust Fund and move hard-earned retirement contributions into the stock market.

To find out more about Social Security and privatization, visit the UAW web site.
Thanks for all you do to protect Social Security!