Democrat Pans Private Accounts for Social Security

WASHINGTON -- President Bush's proposal to change Social Security by creating retirement investment accounts for younger workers would shatter the New Deal-era program and burden future generations with debt, a Michigan congressman said Saturday, according to The Associated Press

"This would have dire consequences including major borrowing and massive benefit cuts. It would mean the dismantling of Social Security as we know it," Rep. Sandy Levin, the senior Democrat on the House Ways and Means Social Security subcommittee, said in the Democratic Party's weekly radio address.

Levin said his constituents have raised concerns about the changes. Those nearing retirement have "doubts that diverting nearly $5 trillion over 20 years would not impact their Social Security."

For younger workers, Levin said, the overhaul "saddles future generations with massive debt and requires major benefit cuts for everyone, even for those who do not choose a private account."

Levin said Democrats were "ready and willing" to start work on a bipartisan plan to consider the challenges that Social Security will face in the future.

-- NYSSCPA.org News Staff

Posted on 3/28/05