Social Security plan assailed last week
By American staff
President George W. Bush was raising money for Sen. Jim Talent’s re-election campaign last week while protesters were raising a fuss about his proposed changes to Social Security.
Missourians United to Protect Social Security (MUPSS) members and supporters picketed near the Millennium Hotel last Thursday, where Talent’s $2,000-a-plate fundraiser was being held.
Of the more than 300 demonstrators, many were African Americans.
One of the organization’s partners, the Institute for America’s Future, also released a report in conjunction with Bush’s visit showing that the typical Missourian could lose more than $170,000 under Bush’s privatization plan.
“It would be nice if the president would attend an event raising money to cover the costs of his privatization plan,” said MUPSS Director Margarida Jorge.
What is bad for the state would be even more damaging for its black citizens.
An analysis of proposed privatization options by the Economic Policy Institute concludes, “Depending on which of the three proposals is adopted, younger workers would see disproportionate benefit cuts, as would African Americans, women and lower-wage workers.
Congressman Wm. Lacy Clay remains critical of the Bush proposals and the motive behind them.
“Privatization is not really about fixing Social Security. It’s about advancing a radical, reckless public policy that would create two Americas, one with wealth and security, and the other that lives with hardship and fear,” Clay said.
Bush has sought to attract conservative support for privatization by hinting that Social Security is a type of welfare program.
He also has tried to gain blacks’ confidence by saying privatization accounts are needed because African Americans have a shorter life expectancy than whites.
“Don’t use the fact that African Americans have a lower life expectancy as an excuse for privatization,” said state Rep. Elijah E. Cummings (D-Md.), a former chairman of the Congressional Black Caucus.
“Rather than playing the race card to set Americans against Americans, we urge the administration to address the long-term problems the system faces now,” said Julian Bond, chair of the national NAACP office.
“Recognizing the shorter life expectancy of people of color is commendable, but placing them further at risk is no solution.”
The EPI study says that the privatization options would fail to offer the same security that workers currently have because:
Each proposal reduces the standard of living for all retirees through benefit cuts that are not fully offset by savings in individual accounts.
Under one of the proposed options, workers would face a higher retirement age. This would disproportionately affect African Americans, low-wage workers and workers in physically demanding jobs.
Even after cutting benefits, the commission’s proposals would still require massive infusions of tax dollars to pay for privatization transition costs.
Talent has not publicly stated that he supports the Social Security privatization proposals.
“Sen. Talent should listen to his constituents and oppose his disastrous plan,” said Jorge.
“Missourians are not easily fooled. We know that the president’s plan is bad for our state.”
