Schumer, Dems Display New Soc. Sec. Calculator, Shows Average American Loses Big In Bush Privatization Plan

U.S. Senator Charles E. Schumer, Senate Leaders Harry Reid, Dick Durbin, and Debbie Stabenow today unveiled a new Social Security calculator that demonstrates to Americans what they could lose under the Bush Privatization Plan. The calculator is now available on the websites of most Senate Democrats. The Democratic Leadership team also announced that Senate Democrats are going to take it back to their states as a tool to be used during public events and meetings throughout the upcoming Senate Recess in a new campaign to expose the cuts to Social Security that Americans would face under the Bush Privatization Plan.

Schumer stated, Beginning today, Democrats are opening the second front in the battle against Bushs risky privatization plan, which is to show the American people that their benefits get cut under the Bush plan. Pure and simple. He continued, While Republicans go back home with their corporate PowerPoint presentations, weve got an easytouse and easytounderstand website for every American to see how much they lose under this privatization scheme.

Sen. Reid said, As Democrats, we have been saying for weeks that we are concerned that the presidents privatization plan will cut benefits. Now all Americans can log onto our website and find out how true this is.

Sen. Durbin said, Anyway you slice it, under the Bush privatization plan, you lose," Durbin said. "It's no wonder President Bush is having a hard time filling the seats at his madeforTV Social Security privatization events."

The Social Security calculator, which can be accessed through a button on Schumers website, www.schumer.senate.gov, allows Americans to simply plug in their average annual salary and year of birth and see a sidebyside comparison of the benefits between the Bush Privatization Plan and the current Social Security system. The calculator shows the expected annual benefits under both systems, the difference between the two plans as well as the percent reduction that Americans will face under the Bush Privatization Plan.

The calculator will be available on the websites of many Democratic Senators and they will use it as a tool when they return home next week for Presidents Day recess. Throughout the week, Senators will travel throughout their states to speak to constituents and hold town hall meetings and other events to highlight the cuts to Social Security benefits that Americans will face under the Bush Privatization Plan.

All numbers are annual benefits adjusted for inflation. Calculations are based on Congressional Budget Office (CBO) economic assumptions. The President has said that individual accounts would do nothing to restore longterm solvency and that further benefit cuts are necessary. Since he has not made a specific proposal, these estimates assume that benefits are price indexed, a proposal made in Plan 2 of President Bushs Social Security Commission. The calculator also incorporates the Privatization Tax that Senate Democrats discussed last week.

Please see attached document for complete explanation of calculations and assumptions How the Social Security Calculator Works.

Social Security Calculator: www.schumer.senate.gov/calc