Ruining Social Security

You've probably heard what George W. Bush and his Washington Republican friends are saying: By the time you retire, Social Security won't exist. Of course, only a fool blindly believes that.

The truth is that the nonpartisan Congressional Budget Office numbers say the program is solvent until 2052. Even at that point, with no reforms, Social Security will meet 80 percent of its obligations.

Rather than real reform, the Bush administration is proposing a full-course triage and amputation solution. George W. Bush calls his plan "personal accounts" because privatization doesn't sound quite as safe. And he proposes allowing young private citizens like ourselves to divert money from Social Security based on the idea that this will result in a higher rate of returns.

But his plan would cost nearly $5 trillion over the first 20 years. This is money that hasn't been budgeted anywhere. That money would need to be paid off eventually, which usually means higher taxes, slower economic growth, and, higher interest rates on those pesky credit cards and student loans.

Privatization would slash benefits by more than 40 percent by changing the way Social Security benefits are calculated, even for those who do not choose to open a private account. A young worker today would lose about $152,000 in benefits under the leading privatization plan.

But even this misses the real threat of privatization. Privatization would weaken Social Security by gutting the guaranteed benefit. As we all know, private accounts are not 100 percent stable. Just ask the employees of Enron.

Social Security isn't a promise of lavish riches upon retirement. It is a promise that none of our elderly be denied the dignity they deserve after a lifetime of labor. It is a guaranteed benefit that helps seniors maintain a basic standard of living.

Don't let George W. Bush cut Social Security's benefits; instead, let's fight to keep the promise of Social Security alive for our generation and the generations to come.