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Congressional Response: Senator Byron Dorgan (D, ND) Responds to Your Social Security Reform Petition
Thank you for expressing your concerns about the Bush administration's plans for Social Security reform. I know that Social Security faces some financial challenges as the baby boomers retire in the years ahead. We may need to adjust the program to ensure that workers get the full benefits they earned during their working years. However, I do not agree with those who say that Social Security is confronting a crisis that requires us to begin dismantling this hugely successful program by creating private accounts. I am concerned about proposals that would allow individuals to set up private Social Security accounts and invest in the stock market. President Bush and some in Congress have suggested private accounts that would cost trillions of dollars and could dramatically cut some benefits. I do not think the stock market provides the kind of stability and certainty we need for the management of the Social Security program. Social Security is intended to provide what its name suggests -- security. It is the foundation of the retirement system, and the part that people can count on, come rain or shine. In my judgment, President Bush and some others in Congress have been succumbing to the call of Wall Street by wanting to take a large portion of the retirement security program and put it in private accounts in the hope that they will generate higher returns. I don't agree, and I am not going to be supportive of that. I have been working with my Senate colleagues to develop a positive agenda in order to ensure the well-being of the Social Security trust fund. I think we should start by rejecting the idea of private accounts within Social Security that would divert trillions of dollars away from Social Security and make matters worse. We should also stop using Social Security surpluses for unrelated spending and pay back the surpluses that we have already used. In addition, I have previously suggested that Social Security's long term financial problems could be fixed by repealing the Bush Administration tax cuts for those earning over $500,000 annually. Frankly, I think the current system has served us well for many years and will continue to do so if we make some minor adjustments. I am willing to work with my Senate colleagues, on both sides of the aisle, for appropriate reforms to extend the life of the Social Security trust fund and ensure that future generations can rely on Social Security. Thanks again for contacting me. October 2005 | ||||||||
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