OFF SOCIAL SECURITY!
Social Security is not in danger, yet Wall Street says it is doomed. Why? Wall Street wants us to give Social Security up. They want to use our Social Security money to pump up the stock market. They want to slash our kids' retirements. They want to charge us almost a trillion dollars in fees. They want to use Social Security to pay for even more war and tax cuts for the rich.
More than 47 million retired workers, disabled workers, their families, and children of workers who die depend on Social Security. For 70 years, it has operated efficiently and reliably. It is not a private investment account. It is based on the idea that we take care of each other, that we protect each other from living and dying in poverty. It is the most sucessful benefit program in history. x
Social Security is there for us and our children. It has more than 1.5 trillion dollars in its Trust Fund. There will be $6.7 trillion in 2028. These funds are in US Treasury Bonds. There has never been a default on Treasury Bonds, and there would be serious consequences to do it now. The Congressional Budget Office agrees that Social Security can pay today's benefits until 2050, and can pay 80% of benefits after that. Today's benefits could continue to 2079 if those with more than $90,000 a year paid their share. Continuing Bush's tax cuts to corporations and the rich would cost three to five times as much as continuing Social Security. Why isn't Wall Street worried about that? x
If Wall Street has its way, our children will be cheated five ways:
Our children would get lower retirement benefits. If they retire 50
years from now, their retirement benefits would be cut 40%. This is
separate from the plan for private accounts. x
Wall Street wants our money to solve the problems that they created. The US owes trillions to China and Japan for covering deficits caused by corporate tax cuts and the Iraq war. The US pays $55 billion each month for imported goods, because Wall Street moved manufacturing off-shore for cheap labor. This is making the dollar fall. Now they're raising interest rates to keep up foreign investment, but this will reduce growth and cost jobs. Wall Street's policies have endangered the economy, and now they want to use our Social Security to bail themselves out. No way! x
Security began in 1935 because of strikes and street demonstrations
by millions of working people who lost everything in the 1929 stock
market crash and the Great Depression. Many older people were left
in poverty because their stock market funds evaporated. This is the
very system that Wall Street and the Bush administration wants us
to return to. We won't go back there!
us ! Strengthen Social Security