[Congressional Record (Bound Edition), Volume 147 (2001), Part 18]
[Extensions of Remarks]
[Page 25920]
[From the U.S. Government Publishing Office, www.gpo.gov]



  DANGER AHEAD: SOCIAL SECURITY PRIVATIZATION IS BREAKING THE PROMISE

                                 ______
                                 

                       HON. JANICE D. SCHAKOWSKY

                              of illinois

                    in the house of representatives

                       Tuesday, December 11, 2001

  Ms. SCHAKOWSKY. Mr. Speaker, I am pleased that the House is 
considering a resolution stating our commitment to maintain the promise 
of Social Security by guaranteeing lifetime, inflation-proof benefits 
to current and future beneficiaries.
  I am not surprised that we feel the need to do so tonight in light of 
today's dangerous recommendations by the President's Social Security 
Commission, that we feel the need to reaffirm our commitment to Social 
Security on the same day that the Commission is suggesting that we 
break that promise.
  We should assure Americans--current retirees, future retirees, 
persons on disability, survivors and dependents--that we will not 
abandon them, cut their benefits, raise their retirement age, change 
benefit formulas, reduce COLAS, or take any other step that jeopardizes 
their financial security.
  We should assure Americans that we will reject the recommendations of 
the President's Social Security Commission.
  We all know that this Commission was handpicked to include only those 
who favor privatization and individual accounts. It does not include 
representatives of seniors'groups, women's groups, or consumer groups. 
It held closed-door sessions in subcommittee meetings'' designed to 
circumvent government in the sunshine requirements. But even this 
Commission agrees that you cannot have privatization without cutting 
benefits.
  Two weeks ago, I had the opportunity to meet with members of the 
Commission at an event sponsored by the Women's Caucus. At that 
meeting, we were told that the Commission's recommendations would not 
guarantee current benefits to all current and future retirees. We were 
told that only those 55 years or older would be guaranteed current 
benefits. For everyone else, benefit levels could be lower.
  In fact, the Commission's recommendations would lower Social Security 
benefits for future beneficiaries by between 30 percent to 48 percent. 
Who would be hurt? Persons with disabilities, children, low-wage 
workers, persons of color and women.
  As we know, Social Security is of special importance to women, who 
are 60% of all recipients. Without Social Security, over half of older 
women would live in poverty. Women understand that value of Social 
Security, we know that we must protect it now and in the future.
  Therefore, we should listen to what women's groups have to say about 
the Commission's recommendations issued today.
  Martha Burk, chair of the National Council of Women's Organizations, 
says that ``The President's Social Security Commission proposes major 
cuts in guaranteed benefits that will not be made up by the stock 
market gains from individual accounts.''
  Heidi Hartmann, head of the Institute for Women's Policy Research, 
says that the recommendations ``risk the future economic security of 
younger workers, particularly women.
  They are joined in opposing these recommendations by groups like the 
Older Women's League, the National Organization for Women, the American 
Association of University Women, and Business and Professional Women, 
USA.
  In light of the widespread public opposition to privatization, I am 
not surprised that the Republican leadership is bringing up a 
resolution that distances this body from the Commission's 
recommendations.
  I only hope that we will do more than voice our commitment to the 
future of social Security. I hope that we will put privatization 
proposals to rest for good.

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