President George W. Bush
1600 Pennsylvania Avenue, NW
Washington, DC 20500
Dear Mr. President:
The Social Security program has been a great
success. Before it was implemented 70 years ago, 50 percent
of older Americans lived in poverty. Today, that number is down
to 10 percent. But the program has not only protected seniors
from poverty, it has also served as a safety net for millions
of disabled people, widows, widowers, and children whose parents
have passed away.
You have said that the Social Security program is in crisis. In your State of the Union address, you claimed that Social Security would be “exhausted and bankrupt” by 2042. However, the Social Security Board of Trustees estimates that the program can pay 100 percent of its promised benefits until 2042, even if no changes are made to the program. After 2042, recipients would continue to receive 73 percent of their benefits for the next three decades without any changes to the existing program.
Changes to Social Security are needed, but privatizing the program will worsen its financial problems and weaken this source of retirement and disability income that so many Americans depend on. With half of all American workers not covered by retirement plans, your plan could seriously jeopardize the retirement security of millions of Americans. In fact, the Center for Economic and Policy Research estimates that the average retiree will lose more than $152,000 in benefits over the course of a 20-year retirement if your plan is enacted.
Americans must do more to prepare for retirement, but we can make changes without fundamentally dismantling the Social Security program.
Sincerely,
Dianne Feinstein
United States Senator
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