Social Security assets belong to us! sign now

We the undersigned Americans ask all Members to oppose social security reform proposed by President Bush. The President is reckless and irresponsible in his cavalier approach to the facts, analysis, logic and integrity that are required to generate a thoughtful debate on this important subject.

American workers have paid a portion of their hard-earned salaries into a government sponsored disability and retirement fund that is held in trust until need arises. That money is backed by the full faith and credit of the federal government and it is the obligation of Congress to preserve and protect the investment. It is, after all, our money and it does not belong to the government to do with it as it pleases. Each American's paycheck provides a F.I.C.A. deduction that is paid into the trust fund and a withholding tax deduction to be used for the various endeavors of the federal government. Clearly, F.I.C.A. is our investment in us and it belongs
to American workers, active, disabled, retired and beneficiaries thereof.

Privatization accounts for any purpose are patently reckless. Apart from the $2 trillion or so required to fund the transferance, and the catastrophic negative effect on domestic budget deficits, the scheme has already been tried and failed miserably. Argentina, Canada, Chile, Mexico, Peru, Sweden and the United Kingdom used the same rationale to bolster their retirement systems and all experienced investor losses that acutely jeopardized retirement pensions and necessitated federal bailouts to prevent undue hardship and suffering. Of course, the failure has resulted in current and future taxpayer liability that will not restore the losses but will be required to sustain what remains. The U.K. now looks to the U.S. model and concedes that it represents the best and most time-honored system for success and should be followed worldwide.

Whether we shall have a social security system or not has been determined and honored for nearly 60 years. Whether it should be tampered with to accomodate an opportunistic President whose only object is to arouse partisan fervor to promote a belief in privatization accounts that he has harbored since 1978 is neither necessary nor prudent. The transfer system of payments from working Americans to disabled or retired Americans is not bankrupt and can never be bankrupt, so long as there are working Americans.
It is utterly disingenuous to suggest otherwise.

What is at issue is the obligation of Congress to repay monies appropriated from the trust fund for purposes other than lawful entitlement payments. That practice is scandalous. In 2018, such monies must be repaid to the trust fund as a matter of law and that is at it should be. It can and should be done now and the process is simple-roll back the tax cut to wealthy Americans and without pain or sacrifice any issue of social security solvency can be resolved. Congress borrowed the money and must pay it back. We demand that you repay our money before you renege and try to scuttle the entire program.

We recognize that an army of special interests have been incorporated by the President to press for passage of social security reform that cannot possibly benefit any class of Americans, other than the rich and corporate sectors. We count on you to protect us and we hope and pray that you will be guided by honesty, integrity and honor in resisting reform that the vast majority of Americans do not favor. You must stand tall and at the side of working Americans and our families and resist any and all attempts to divest us of monies that we invested in ourselves and you hold for us in sacred trust. It is the right and moral responsibility of all Members to give this issue careful and forthright consideration. When you do, you will side with us and for that the public interest will be served and not the special interests that merit no concern.

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Adrian CarneyBy:
Politics and GovernmentIn:
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U.S. Congress


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