Social Security
In the U.S., Social Security provides a guaranteed income each year for more than 47 million retirees, family members of workers who died and people with disabilities. Nearly two-thirds of retirees count on Social Security for most of their retirement incomes.
Unfortunately, privatization proposals, such as those advanced by the Bush Administration, threaten to drastically cut benefits for America’s workers, whether or not they take part in the scheme.
More on Social Security
Although the labor movement successfully defeated the Bush Administration’s ill-conceived Social Security privatization plan in 2005, President Bush has made it clear that he intends to revive his proposal.
ATU Action Weekly Updates and Alerts provide updates on Bush’s attempts to privatize Social Security. » Sign Up
Privatization of Social Security would:
- Slash guaranteed benefits as much as $152,000.
- Take away 70 cents in retirement benefits for every $1 in a private account and return the money to government coffers.
- Prohibit you from controlling the money in your private accounts. Politicians will pick Wall Street firms to control your investment accounts, a process corrupted by politics.
- Saddle our children with $4.9 trillion in debt over the next 20 years alone, most of which we would owe to foreign countries such as China and Japan.
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