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Dear John,
Right now, there are several groups of lawmakers who are working on Social Security “reform” legislation that could be a part of discussions to reduce budget deficits (even though Social Security doesn’t contribute a dime to deficits!).
Perhaps one of the most concerning plans gaining bipartisan support behind closed doors is a scheme being developed by Senators Angus King (ME) and Bill Cassidy (LA) that would invest Social Security funds into the Stock Market. So far, few details have emerged about this plan but it’s safe to say the concept behind what is being called a “sovereign wealth fund” would likely result in deep benefit cuts for retirees.
Bottom line, the plan would borrow $1.5 trillion to play the Stock Market!
The Cassidy-King proposal also calls for other major changes to Social Security including:
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Raising the retirement age to 70,
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Changing the way benefits are calculated (which would disproportionately impact women) and
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Means testing benefits, which could impact retirees earning incomes as low as $40,000 a year.
According to Senator Ron Wyden (OR), who is not a part of the bipartisan talks, the proposal to raise the retirement age is “really almost like generational warfare, because you’ve got Millennials, Gen X and Baby Boomers, and it’s a cut in earned benefits."
As you know, it’s been a dream of some lawmakers to privatize Social Security — and turn over control of the benefits of millions of Americans to Wall Street brokers. Even some potential 2024 presidential candidates, like former Vice President Mike Pence, have voiced their support for Social Security privatization.
That’s why we need to make a strong case NOW against privatizing seniors’ earned benefits!
So please sign our Emergency Petition to Congress today and help the National Committee launch an immediate pressure campaign on Capitol Hill urging lawmakers to reject any privatization scheme that tries to fund Social Security by borrowing money to bet on the Stock Market.
While Social Security does have a funding gap that needs to be addressed, there are common sense proposals to shore up the program without cutting benefits and making radical “reforms” to the program.
Sincerely,
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