http://institute.ourfuture.org/issues_featured/social+security/%2A/%2A Issue Features (L-shape) en http://institute.ourfuture.org/report/2008083204/perils-privatization <div class="img_float_right"><img src="/files/social-security-number-card2.gif" width="240" alt="social-security-number-card2.gif" /></div>An idea to radically change Social Security that has already been soundly rejected by the American people—privatization—is being resurrected. If its proponents succeed, 8.6 million older Americans would lose a safety net that keeps them from falling into poverty, according to research released by the Institute for America's Future. <br /> <p>Three years ago, President Bush declared that Social Security faced a financial crisis, and his solution was privatization — taking payroll taxes we all pay into the system and investing a portion of those funds in private stock market accounts. </p> <p>Now Senator John McCain is bringing the idea back. In March 2008, <a href="http://online.wsj.com/public/article_print/SB120451614688707083.html">McCain told the Wall Street Journal</a>, "As part of Social Security reform, I believe that private savings accounts are a part of it — along the lines that President Bush proposed." The idea became more concrete in July 2008, when McCain named economist Martin Feldstein, <a href="http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2005/06/05/ING9QD1E5Q1.DTL">the "chief intellectual force behind privatization,"</a> as a surrogate on his campaign. </p> <p>In a town-hall event on July 7, 2008, when McCain was asked about the future of Social Security, McCain criticized the fundamental design and structure of the program. <a href="http://www.youtube.com/watch?v=ugN8Rn5baqM">He said: </a>"Americans have got to understand that we are paying present-day retirees with the taxes paid by young workers in America today, and that's a disgrace, it's an absolute disgrace and it's got to be fixed," he said. </p><p>This report updates research previously published by the Institute for America's Future. It estimates the reduction in Social Security benefits that a typical United States resident can expect and the number of seniors exposed to poverty if Social Security were privatized. The main findings are that for future generations, Social Security privatization would: </p> <ul> <li>Cut lifetime benefits by $240,264 </li> <li>Make 8.6 million senior citizens vulnerable to poverty.</li> </ul> <p><strong>Read the </strong><a href="http://assets.ourfuture.org/documents/perils-of-privatization/united-statesa.pdf">United States report.</a></p> <p><strong>Read reports on the impact on: </strong><a href="http://assets.ourfuture.org/documents/perils-of-privatization/women.pdf">Women</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/african-american.pdf">African Americans</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/hispanic.pdf">Hispanics</a></p> <div style="width: 100%;"> <p><strong>Read the state reports:</strong></p> <div style="width: 45%; float: left;"> <ul> <li><b>Alabama</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/alabama.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/alabama-news.pdf">News Release</a></li> <li><b>Alaska</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/alaska.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/alaska-news.pdf">News Release</a></li> <li><b>Arizona</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/arizona.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/arizona-news.pdf">News Release</a></li> <li><b>Arkansas</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/arkansas.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/arkansas-news.pdf">News Release</a></li> <li><b>California</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/california.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/california-news.pdf">News Release</a></li> <li><b>Colorado</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/colorado.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/colorado-news.pdf">News Release</a></li> <li><b>Connecticut</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/connecticut.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/connecticut-news.pdf">News Release</a></li> <li><b>Delaware</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/delaware.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/delaware-news.pdf">News Release</a></li> <li><b>Florida</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/florida.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/florida-news.pdf">News Release</a></li> <li><b>Georgia</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/georgia.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/georgia-news.pdf">News Release</a></li> <li><b>Hawaii</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/hawaii.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/hawaii-news.pdf">News Release</a></li> <li><b>Idaho</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/idaho.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/idaho-news.pdf">News Release</a></li> <li><b>Illinois</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/illinois.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/illinois-news.pdf">News Release</a></li> <li><b>Indiana</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/indiana.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/indiana-news.pdf">News Release</a></li> <li><b>Iowa</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/iowa.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/iowa-news.pdf">News Release</a></li> <li><b>Kansas</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/kansas.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/kansas-news.pdf">News Release</a></li> <li><b>Kentucky</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/kentucky.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/kentucky-news.pdf">News Release</a></li> <li><b>Louisiana</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/louisiana.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/louisiana-news.pdf">News Release</a></li> <li><b>Maine</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/maine.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/maine-news.pdf">News Release</a></li> <li><b>Maryland</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/maryland.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/maryland-news.pdf">News Release</a></li> <li><b>Massachusetts</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/massachusetts.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/massachusetts-news.pdf">News Release</a></li> <li><b>Michigan</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/michigan.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/michigan-news.pdf">News Release</a></li> <li><b>Minnesota </b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/minnesota.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/minnesota-news.pdf">News Release</a></li> <li><b>Mississippi</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/mississippi.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/mississippi-news.pdf">News Release</a></li> <li><b>Missouri</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/missouri.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/missouri-news.pdf">News Release</a></li> </ul></div> <div style="width: 45%; float: right;"> <li><b>Montana</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/montana.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/montana-news.pdf">News Release</a></li> <li><b>Nebraska</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/nebraska.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/nebraska-news.pdf">News Release</a></li> <li><b>Nevada</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/nevada.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/nevada-news.pdf">News Release</a></li> <li><b>New Hampshire</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/new-hampshire.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/new-hampshire-news.pdf">News Release</a></li> <li><b>New Jersey </b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/new-jersey.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/new-jersey-news.pdf">News Release</a></li> <li><b>New Mexico </b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/new-mexico.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/new-mexico-news.pdf">News Release</a></li> <li><b>New York </b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/new-york.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/new-york-news.pdf">News Release</a></li> <li><b>North Carolina </b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/north-carolina.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/north-carolina-news.pdf">News Release</a></li> <li><b>North Dakota</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/north-dakota.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/north-dakota-news.pdf">News Release</a></li> <li><b>Ohio</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/ohio.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/ohio-news.pdf">News Release</a></li> <li><b>Oklahoma</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/oklahoma.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/oklahoma-news.pdf">News Release</a></li> <li><b>Oregon</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/oregon.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/oregon-news.pdf">News Release</a></li> <li><b>Pennsylvania</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/pennsylvania.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/pennsylvania-news.pdf">News Release</a></li> <li><b>Rhode Island</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/rhode-island.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/rhode-island-news.pdf">News Release</a></li> <li><b>South Carolina </b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/south-carolina.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/south-carolina-news.pdf">News Release</a></li> <li><b>South Dakota </b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/south-dakota.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/south-dakota-news.pdf">News Release</a></li> <li><b>Tennessee</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/tennessee.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/tennessee-news.pdf">News Release</a></li> <li><b>Texas</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/texas.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/texas-news.pdf">News Release</a></li> <li><b>Utah</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/utah.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/utah-news.pdf">News Release</a></li> <li><b>Vermont</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/vermont.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/vermont-news.pdf">News Release</a></li> <li><b>Virginia</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/virginia.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/virginia-news.pdf">News Release</a></li> <li><b>Washington</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/washington.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/washington-news.pdf">News Release</a></li> <li><b>West Virginia</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/west-virginia.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/west-virginia-news.pdf">News Release</a></li> <li><b>Wisconsin</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/wisconsin.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/wisconsin-news.pdf">News Release</a></li> <li><b>Wyoming</b>&emsp;<a href="http://assets.ourfuture.org/documents/perils-of-privatization/wyoming.pdf">Report</a> | <a href="http://assets.ourfuture.org/documents/perils-of-privatization/wyoming-news.pdf">News Release</a></li> </div></div> <div style="clear:both"> </div> <p><a href="http://ourfuture.org/makingsense/alert/conservative-plan-social-security-absolute-disgrace"><img src="/files/images/MakingSense-logo-xsmall.gif" width="113" height="48" alt="MakingSense-logo-xsmall.gif" style="float:left; margin-right:10px" /></a> More facts are in our <a href="http://ourfuture.org/makingsense/alert/conservative-plan-social-security-absolute-disgrace">Making Sense alert</a> on Social Security privatization. Also browse the <a href="/socialsecurity">Social Security</a> section of our website.</p> Social Security 501c(3) Privatization Mon, 04 Aug 2008 15:08:08 -0400 OurFuture.org Staff 27319 at http://institute.ourfuture.org http://institute.ourfuture.org/why-social-security <p>Every worker yearns for a dignified retirement after decades of labor. But for too many, this hope is a fading dream. Low wages and high costs make it difficult to save, corporate pensions are being eliminated and Social Security is under attack from conservatives. Backed by Wall Street financial houses, President Bush started his second term by trying to privatize Social Security. Privatization is the centerpiece of the conservative “ownership society,” which essentially shifts risk from society as a whole to individuals. </p> <p>Americans took a good look at the program—and rejected it. A broad coalition formed in 2005 to dig for the facts, crystallize the message and carry that message to the American people. The attack on Social Security was turned back. But we have a long way to go before all Americans can count on dignified rest after years of hard work.</p> Social Security 501c(3) Fri, 07 Dec 2007 16:53:05 -0500 Scott Laczay 10970 at http://institute.ourfuture.org