Thursday, May 05, 2005
Barbara Boxer Punches Holes in the "Texas Plan"
From the Senator's web site:|
SOCIAL SECURITY PRESS CONFERENCE
April 26, 2005
Thank you all for coming here.
Today, I am releasing a new report -- prepared by my office with technical assistance from the non-partisan Congressional Research Service -- that should be a wake-up call to anyone who still thinks privatizing Social Security would be good for the American people.
As this study shows, privatization is a real loser.
In 1981, three counties in Texas decided to opt out of Social Security and instead provide their public employees with a system of privatized accounts.
This study compares two sets of families in three different income brackets. We show what happens to their retirement in 2005 under Social Security and under the Texas plan.
The bottom line is that Americans are clearly better off with Social Security’s guaranteed, inflation-protected retirement benefit.
And, minor children are protected with Social Security’s survivor benefits and completely left out in the Texas plan.
(Full press release HERE)