I told you last week that the GOP was out to undermine the American Social Safety Net.
Didn’t believe me?
Here you go.
Look at the date. They’ve been planning this for awhile. We’ve been telling you what they intended to do.
Inside Paul Ryan’s Plan To Privatize Social Security
By Sahil Kapur
Published August 14, 2012
One of Rep. Paul Ryan’s many past proposals to remake the federal safety net included a sweeping plan to privatize Social Security and risk the program’s solvency in attempting to save it. He championed the idea as recently as 2010 but pushed it under the rug the following year. Mitt Romney, who recently selected Ryan to be his vice presidential nominee, is steering clear of the plan.
The proposal was in Ryan’s 2010 “Roadmap For America’s Future,” a broad blueprint to remake the federal budget which elevated the little-known congressman into the Republican Party’s visionary. It involved shifting Social Security funds to private retirement accounts as well as reducing benefits and gradually raising the age of eligibility.
Over time, the Congressional Budget Office said, Social Security payouts would “be more uncertain, despite the guarantee, because returns on stocks and corporate bonds are risky.” The plan seeks to protect against market fluctuations by guaranteeing seniors a rate return at least equal to the rate of inflation, and by shifting near-retirees’ money from stocks to government bonds. But funding losses from stock market swings could endanger the solvency of the program.
The Roadmap was the precursor to Ryan’s budgets that passed the House with overwhelming GOP support in 2011 and 2012. But unlike his Medicare and tax provisions, the Social Security reforms were dropped after Republicans won the House.
The plan would allow workers to invest more than one-third of their Social Security taxes into private retirement accounts. Wall Street would likely enjoy a huge windfall from the private account investments. The eligibility formula changes mean benefits would be cut for the top 70 percent of recipients, according to the liberal-leaning Center on Budget and Policy Priorities.
“Rep. Ryan described his plan as strengthening Social Security,” said Paul Van de Water, a Social Security expert at CBPP. “In fact, however, it would have made deep cuts in guaranteed Social Security benefits and impaired the program’s solvency by diverting a large portion of payroll taxes into private accounts that would primarily benefit high earners.”
We have to fight. These jackals have just been waiting for this moment, and we have to fight, and face them to own up to what they want to do. Don’t give them any cover. Make them come for the American Social Safety Net in the daylight.
1.866.297.3817, is a toll free number to the Capitol Switchboard. Free & easy way to get through to Congressional Representatives.