Keep the Promise of Social Security Campaign
Victory!
Senate leadership are now saying that Bush's Social Security privatization scheme won't be raised again until 2009, if then!
Thanks to all of you who have participated in our Keep the Promise of Social Security Campaign. We have helped to keep Social Security as a promise from one generation to another, guaranteeing the security of stable retirement income. Contrary to Bush administration claims, Social Security is not in crisis. Bush wanted to privatize part of the system which would result in benefit cuts of up to 45% and $1–$2 trillion dollars of borrowing on top of already astronomical deficits. If this scheme is raised in the future, we must be ready again to do everything needed to keep the promise of Social Security.
Use our Social Security Privatization Calculator (opens in a new window) to see how much you would lose under the Bush plan.
Resources to Download:
- Bush Privatization Plan Would Devastate New Jersey’s Economy
- PRIVATIZATION = $152,000 Cut in Social Security Checks for Typical New Jersey Worker
- President's Privatization Plan Cuts Social Security Checks by $327,542 for a Typical New Jerseyan
NJ Senate Passes Resolution Against the Bush Social Security Plan
On June 23, 2005, the NJ Senate PASSED SR94, the state resolution against the Bush plans to privatize Social Security, cut benefits, and borrow trillions of dollars! NJCA would like to thank Senator Barbara Buono (D-18) for her steadfast support of this issue!
Earlier in 2005, the NJ Assembly PASSED a resolution (AR245) opposing Bush's Social Security plan, and the state Senate version of the resolution (SR94), sponsored by Senator Buono, has now been introduced!
As part of the overall effort to protect Social Security, some states are passing state resolutions opposing the Bush plans to privatize Social Security, increase borrowing to finance the transition, and cut benefits.
Join NJCA's Keep the Promise of Social Security Campaign
The privatization forces are in full swing and we don't have a moment to lose. Become part of NJCA's Keep the Promise of Social Security Campaign. Download NJCA's Campaign endorsement (48k MS Word document), fill out the form and email it to mike@njcitizenaction.org. Or print out a copy and and fax it back to Mike Olender at 732-214-8385. You will receive Action Alerts on upcoming meetings and events including town hall meetings, legislative accountability sessions, press conferences and protests. The time to ACT is now!
Social Security Facts
Social Security provides vital benefits that have prevented more than 40 percent of older Americans from living in poverty.
Social Security provides guaranteed economic security for more than 47 million grandparents, parents and children nationwide.
In New Jersey, there are currently more than 1,363,814 people receiving Social Security benefits.
According to the bi-partisan Congressional Budget Office (CBO), if no changes to Social Security are made, benefits will be able to be paid out in full until the year 2052, at which point benefits could continue at 75–80 percent. In adjusted terms, that benefit is more than what beneficiaries currently receive.
According to the National Women's Law Center, in 2002 nearly $15 billion poured into New Jersey's economy in the form of cashed Social Security checks. According to the same study, the president's privatization plan would cut New Jersey income by $6.7 billion each year – even including White House estimates of income from private accounts. Here is an explanatory chart:
From Dean Baker and David Rosnick, "Basic Facts on Social Security and Proposed Benefit Cuts/Privatization," Center for Economic and Policy Research.