conservatives in the Republican Party are proposing that Congress privatize Social Security, turning it over to Wall Street, even though Social Security will be solvent at least until 2034. Privatization in many parts of government has simply gone too far. The purpose of public prisons, for example, is to protect the public, to punish and to rehabilitate. The purpose of privatized prisons is to maximize profit by reducing staff and too often cutting back on security. The purpose of public medical systems is to provide the best health care possible to all people. The purpose of privatized medical systems is to maximize profit, often meaning that the quality of care is compromised. The purpose of a public pension system, a public Social Security system is to provide a bedrock source of income for the elderly to keep them out of poverty. A privatized Social Security system would end that guaranteed income. Mr. Speaker, we must not privatize Social Security. Let us keep Social Security the very important public program that it has been for 60 years.
On the recordApril 27, 1999
Source
govinfo.govEditor's note · Context
Addressing the proposal to privatize Social Security during a House floor speech.
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