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Social Security Battle Not Over Yet

The fight to save Social Security is not over yet.

The good news is that the initial push by President Bush and GOP congressional leaders to privatize Social Security has fizzled. Public opinion polls continue to show that voters overwhelmingly oppose privatization proposals that would slash Social Security benefits and hike our national debt.

However, the chairman of the Ways and Means Committee, Rep. Bill Thomas, R-Calif., has vowed to push a "retirement security" package when the House reconvenes in September. It includes a new privatization scheme advanced by Reps. Jim McCrery, R-La., and Clay Shaw, R-Fla., that would use the temporary surpluses now coming into Social Security to fund private accounts.

There have been indications that Thomas will include tax breaks and other "sweeteners" in this package in an effort to buy votes.

This is the message we need to send our representatives as we ask them to oppose this phony Thomas-McCrery-Shaw Social Security privatization scheme that:

· Still privatizes Social Security. It establishes private accounts and, in return, cuts Social Security benefits. This is the essence of privatization!

· Still cuts Social Security benefits. Social Security benefits would be reduced based on the amounts contributed to the private accounts. And because this scheme would divert temporary surpluses from Social Security, it would weaken the long-term solvency of the program and inevitably force deep benefit cuts for future retirees.

· Still hikes the national debt. This scheme would dramatically increase our national debt by about $1 trillion during the first decade alone.

· Fails to improve the solvency of Social Security. This scheme does nothing to shore up the long-term financing of the Social Security system. Thus, it shows that the real objective is privatizing Social Security, not strengthening the system for future retirees.

· Still raids the Social Security Trust Fund. Under this scheme, Social Security funds would continue to be spent by the federal government to pay for other programs. Accordingly, it does nothing to establish a "lock box" for Social Security and to stop the raid on the Trust Fund.

Call your representatives and urge them to oppose the Thomas-McCrery-Shaw Social Security privatization scheme. Let’s work together to keep the security in Social Security.