http://www.cnn.com/2005/ALLPOLITICS/01/08/demo.radio.reut/index.html
WASHINGTON (Reuters) -- Democrats accused President Bush Saturday of trying to scare Americans into believing the Social Security retirement system is in crisis to build support for his private investment account plan.
In the Democratic Party's weekly radio address, U.S. Rep. Charles Rangel of New York said there was no imminent crisis with the program created during the Great Depression in 1935 to help lift the elderly out of poverty.
"The White House wants Americans to believe that Social Security is heading for an iceberg," he said. "They think that, by scaring people, they will help increase support for privatization."
Rangel said Bush's plan to divert a portion of Social Security taxes into private accounts that workers could invest in stocks and bonds will add to the system's financial woes.
"Unfortunately, the president's proposal for privatized accounts makes Social Security weaker, not stronger," Rangel said. "It drains $2 trillion from the trust fund, leading to drastic cuts in benefits of more than 40 percent."
Bush has said his plan would not cut benefits of current or near-term retirees. But conservative groups familiar with some of the White House thinking on the proposal said officials are considering changing the way benefits are calculated from wage inflation to price inflation.
That eventually would lead to deep cuts in guaranteed Social Security benefits because wages rise faster than prices.
White House officials argue that earnings from private accounts invested in stocks and bonds would more than make up the loss of guaranteed benefit.
Rangel said that was not true. He spoke about the issue in honor of Rep. Robert Matsui of California, a leading Democratic voice on Social Security who unexpectedly died of a rare blood disease a week ago.
"Bob Matsui was fiercely committed to protecting the guaranteed bedrock protection of Social Security," Rangel said.
It's just a crime for rich people to not support those less fortunate. We all have to be aware of the fact that wealth is very much transitory... just about anyone can be homeless very quickly.
We need to take care of each other... it is a question of morals. It is the right and Christian thing to do.
Take Care and thanks for talking about this issue,
Ruth
