08.02.06

Schumer: Dramatic Setback for Presiden't Social Security Privatization Plan

It has been reported today that economist and Bush Social Security Committee member, Bob Pozen, criticized Bush's Social Security privatization proposal. He said the president's insistence that individual accounts come out of Social Security is a bad idea that Democrats wont support and he advised the president to say they arent a required part of his Social Security plan. In reaction, Sen. Chuck Schumer, a member of the Senate Finance Committee and point person on Social Security for the Democrats released the following statement:

"This is amazing news that represents a huge setback for the Presidents privatization plan. One of the few experts and Democrats they actually acknowledge approvingly has said that he's against private accounts out of Social Security. The President ought to heed the cry from one end of the country to the other to drop privatization," Schumer said. Democrats want to work with the President to make Social Security solvent for this generation and future generations the President makes that impossible with his insistence on privatizing Social Security and increasing the debt and dramatically reducing benefits to middle class Americans.



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