Jon S. Corzine: “today, along with Senator Daschle, Senator Baucus and Senator Durbin, I am submitting a resolution that calls on the…”

“today, along with Senator Daschle, Senator Baucus and Senator Durbin, I am submitting a resolution that calls on the Congress to reject Social Security privatization plans, including those that require deep cuts in guaranteed benefits, such as the proposals by President Bush's Social Security Commission. For nearly 70 years, Social Security has reflected the best of America's values. Social Security promises Americans that if you work hard, pay your taxes, and play by the rules, you will be able to retire and live in dignity. Social Security benefits are far from lavish. The average retiree receives only about $900 a month. That doesn't go far in many parts of the country--certainly not in New Jersey. Unfortunately, even the benefits promised under current law are now at risk. President Bush says he wants to move toward privatization. But what he does not say is that shifting funds from the Social Security Trust Fund into privatized accounts almost inevitably leads to deep cuts in guaranteed benefits. To appreciate the depth of the cuts that flow from privatization, one need only consider the privatization plans developed by President Bush's own Social Security Commission.”