Printable Version
February 2, 2005
Tuesday, February 8, 2005
For Immediate Release |
SOCIAL SECURITY RHETORIC MASKED IN 'HALF TRUTHS' - State of the Union Reaction Statement to be attributed to Edward F. Coyle, Executive Director, Alliance for Retired Americans
Private Accounts Amount do Nothing but Debt and Risk Future Generations Can't Afford, Cautions Alliance for Retired Americans
Washington, DC—"What President Bush doesn't want seniors to know is that the private investment accounts he asserts will save Social Security are actually designed to weaken the system, cause drastic benefit cuts and amount to massive debt that future generations will have to pay off.
"Those who want to privatize Social Security portend their reform solutions are safe and secure. Seniors need to know that privatization is neither. There is nothing safe and secure about Wall Street investments. Stock investments are subject to risk, timing and luck and that's not how young people should plan for their retirement.
"Seniors owe it to their children and grandchildren to fight for a strengthened Social Security system that ensures that the benefits earned and deserved are paid in full. Seniors also owe it to future generations to fight against any Wall Street scheme that involves massive borrowing and increased debt.
"Our grandchildren deserve the dignity, security and peace of mind Social Security has delivered for decades."