Doris Matsui: “It is very interesting, because Martha McSteen is the chair of the National Committee to Save Social Security and…”

“It is very interesting, because Martha McSteen is the chair of the National Committee to Save Social Security and Medicare. Martha McSteen had been a Social Security administrator for 39 years before she retired in 1986. She was the acting administrator of the entire Social Security program from 1983 to 1986, just before she retired. Believe it or not, that was under the Reagan administration. They put together this report to look into the whole concept of whether or not we should privatize Social Security. In other words, allow private accounts of either 2 percent or 5 percent or 4 percent, maybe 3 percent, whatever it might be, or maybe all of it. They have concluded, in their very comprehensive study, that in terms of winners and losers almost every American alive today will be losers under this program of private accounts, private individual accounts. The only winners will be single males born in the year 2025, 25 years from now and beyond.”