Letter to Kerry: Stop Bush's Privatization of Social Security
I'm writing to urge you and the Democrats to take action against the President's plan
to privatize part of social security. Democrats must not only show a united front
against it, but offer their own realistic alternatives or I'm afraid the
President may get his way. He's already planning a major PR campaign to promote his plans, so Dems better have one of their own soon.
Looking at some of the possible tax ideas the Bush team is proposing, I
don't see how they can put a percentage of current payroll tax in private
accounts and still pay for the retirees who are promised benefits without
creating more massive debt.
At 32 years old I am worried about the solvency of Social Security, however
it seems to me we already offer similar retirement privatization programs:
401K's and IRA's. While they are not mandatory, they are more in line with Bush's
own "Ownership Society" thinking, as you can choose how much to contribute, and have thousands of options to invest in vs. the few that may be offered should Bush's privatization plan become law.
I advocate for a modified SS plan that adjusts benefits and/or payroll
taxes, but keeps the program functioning mostly as is. This could be done
in conjunction with more 401K and IRA perks and incentives to encourage people to contribute to their individual retirement accounts, (especially younger people). Additional changes might allow early withdrawal options for 401k's/IRA's to offset any future increase in the minimum retirement age for Social Security.
Senator, I hope you will lead the Democratic fight on this issue. We're counting on you.
Independents For Kerry