Mike Levin: “It would not only weaken it; but one last point, it would in the end shrivel it next to nothing and mean its demise…”

“It would not only weaken it; but one last point, it would in the end shrivel it next to nothing and mean its demise because of the cuts in benefits and what is called the claw-back which would be an offset against your Social Security of what is in your private accounts and that would be for younger workers, about 70 percent of what was left in your Social Security benefits. So in the end the younger worker in most cases would end up less in both, end up with less in both than if Social Security had not been destroyed. And the Social Security part of it would be so small that it would no longer be sustainable. And that is why this privatization by diversion of Social Security monies is essentially a path to the dismantling of Social Security.”