18 The Christian Reader November 2006
Should We Oppose the
Privatization of Social
Security?
By Donesa Jackson
Central Florida Area Vice-President
Florida Alliance For Retired American
The Social Security program has provided benefits to retirees, those
with disabilities, and the survivors of retired and deceased workers
since 1935 till the present. This family-oriented program, as stated by
the leaders of the Alliance For Retired Americans, is the foundation of
America’s retirement security, and it has not missed a payment in 70
years. Many citizens believe that Social Security is the only guaranteed, inflation-proof income Americans can expect at retirement.
Although it provides more than one-third of the total income for most
of America’s retirees, it is the only source of income for 20% of older
Americans. (www.retiredamericans.org.)
The results of numerous research studies on the solvency of Social
Security indicate that Social Security faces a challenge, not a crisis. In
fact, the nonpartisan Congressional Budget Office reported that Social
Security can pay full benefits through 2052. So, Social Security is not
in danger of going bankrupt today or decades from now. Yet, the present administration is more committed than ever to pass legislation to
privatize Social Security by establishing private accounts.
Many Americans are led to believe that members of Congress are
just discussing broad proposals not specific bills, but the plan to privatize Social Security has been introduced in both the House and the
Senate. S1302 was introduced on June 23, 2005 and it currently has
eleven sponsors. HR3304 was introduced on July 14, 2005 and it currently has 43 sponsors. This plan will divert payroll taxes away from
the Social Security Trust Fund and into personal/private/individual
accounts. Numerous members of Congress admitted that this bill is
the first step on the way to full privatization and the dismantling of
Social Security. (Congress Daily PM, June 23,2005)
A risky component of the privatization plan is the shifting of a substantial proportion of workers’ contributions from the Social Security
Trust Fund to individual accounts. This transaction would rob the
Trust Fund of trillion of dollars of needed monies to provide for current and future beneficiaries. (www.aarp.org/money/social-security.)
This proce \