“What wasn’t salable was the fundamental argument that we make Social Security stronger for our children and grand children by diverting money out of it: putting it into private accounts, running up trillions of dollars of debt in the interim and it will all be okay in 2094,” he said. “That was a losing argument.”
But Senator Brownback is now rolling full steam ahead with yet another Social Security private accounts bill. He told an Iowa campaign audience it will be ready this week. While this might surprise you (why continue to push the same failed approach, over and over again? you ask) it really shouldn’t. For privatizers, who don’t believe in the value of Social Security in the first place, private accounts are their number one priority.
That’s why we’re especially grateful to the 134,000 National Committee members and supporters who flooded Congress this week with letters reminding them that the privatization of Social Security and Medicare is still not an option. Private accounts may not be making headlines right now, but as we’ve seen with the President’s budget, last week’s Budget amendments (see 3/22 post) and legislation like Senator Brownback’s, efforts to privatize Social Security have not ended.
"This amendment creates a reserve fund for 'Social Security reform' that among other things would [provide] participants with the benefits of savings and investment while permitting the pre-funding of at least some portion of future benefits. This carefully crafted amendment opens the door to privatizing Social Security."
And we agree. The amendment failed 45-52 on the Senate floor. You can read the full text of the amendment and see a vote breakdown here.
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