Charlie Melancon: “let me just say, first, before I start, you are doing a wonderful job this morning. Mr. Speaker, last week, we learned…”

“let me just say, first, before I start, you are doing a wonderful job this morning. Mr. Speaker, last week, we learned how determined the majority party is to approve any Social Security reform bill as long as it includes privatization. Despite the fact that the American people have already rejected President Bush's privatization proposal, it appears that the Congressional Republicans are not willing yet to let privatization die. The American people should know that this latest proposal is similar to the President's plan in several respects: First, the new proposal would divert payroll contributions that are now being held for future beneficiaries into these risky, private accounts. By merely diverting Social Security funds, the plan would still force large benefit cuts on today's seniors and tomorrow's beneficiaries. And, just like the President's plan, the Republican legislative proposal does nothing to address the real issue facing Social Security, and that is solvency. Mr. Speaker, the American people have seen what can happen to pensions and the stock market and how important a guaranteed Social Security benefit is to their retirement security. It is time that our Republican colleagues realize that privatization just is not going to fly, no matter how you package it. ____________________”