Campaign 2010

Aug 14, 2013

Rep. Walorski Wants Today to be the Last Birthday for Social Security

Today is the 78th anniversary of President Franklin D. Roosevelt signing Social Security into law, but if Congresswoman Jackie Walorski has her way, this will be the last year that seniors can count on the benefits from Social Security that they have earned. Congresswoman Walorski and House Republicans would privatize Social Security and gamble Indiana families' benefits on the stock market instead.

“The anniversary of Social Security should be a celebration and reminder of our country’s commitment to making sure our seniors and middle class families have peace of mind in retirement from benefits they earned, but instead it could be the last anniversary for Social Security if Congresswoman Walorski gets her way,” said Emily Bittner of the Democratic Congressional Campaign Committee. “The people of Indiana deserve the benefits they have earned, and if anyone makes a birthday wish today, it should be to stop Congresswoman Walorski from risking Social Security on the stock market.”

BACKGROUND

Walorski: “The One Thing We Have To Do […] Is Privatize Social Security.” Appearing on the radio show “Tea Party Talk Indiana,” Walorski said: “Well I don’t think [Social Security’s] safe, it’s obviously going bankrupt just like Medicare is and Medicaid. And I think the one thing we have to do is the thing that Bush actually tried to do a couple years ago, which is privatize Social Security and allow people to invest in their own retirement and get off what is happening on the federal level with Social Security. […] I think privatizing it – allow people to have control of their own destiny and not be reliant on the federal government – is the place to start.” [Tea Party Talk Indiana, 3/18/10]

Republican House Majority Leader, Eric Cantor: “It is Time for Personal [Social Security] Accounts.” In 2005, Cantor told the Richmond Times-Dispatch, “It is time for personal accounts, and we've got to figure out a way to make that happen.” [Richmond Times-Dispatch, 1/30/05]

Republican House Budget Chairman, Paul Ryan “Set out to Privatize Social Security.” “As a thirty-four-year-old representative, he set out to privatize Social Security. [...] Under Ryan’s initial version, American workers would be able to invest about half of their payroll taxes, which fund Social Security, in private accounts. As a plan to reduce government debt, it made no sense. It simply took money from one part of the budget and spent it on private accounts, at a cost of two trillion dollars in transition expenses.” [New Yorker, 8/06/12]

Last Republican President Championed Privatizing Social Security. “Back in his 2005 State of the Union address, George W. Bush declared that Social Security was ‘headed for bankruptcy.’ As a remedy, he outlined a proposal for younger workers to divert some of their payroll tax contributions to the program into private accounts, where people could invest in a ‘conservative mix of bonds and stock funds.’ He argued that these personal accounts could deliver a higher rate of return than what Social Security offers.” [Washington Post, 10/12/12]


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