Dick Durbin: “I rise to speak to an issue important to every American, certainly important to more than 40 million who are on Social…”

“I rise to speak to an issue important to every American, certainly important to more than 40 million who are on Social Security. Buried deep in the President's 2,349-page budget are three proposals relating to Social Security. Some of them come as a surprise. First, President Bush recommends spending more than $700 billion to create Social Security private accounts. If we thought this was an issue that had gone away, obviously the White House does not want to abandon it. They are talking about $700 billion to push for Social Security privatization. Second, the President wants to reduce benefits to future Social Security beneficiaries. And third, he calls for eliminating the $255 death benefit awarded to families of people who passed away. The American people have made it clear to the President they are not interested in this privatization scheme. The more the President traveled across America, the more he spoke about it, fewer people supported it. It is an indication that people have genuine concerns about it and for good reason. First, they know this privatization scheme is going to make Social Security's long-term funding problems worse, not better. Second, the President's proposal will force deep cuts in guaranteed Social Security benefits for future retirees, even if they don't choose a private account. Third, partially privatizing Social Security adds trillions of dollars to our national debt by taking money out of the Social Security trust fund.…”