Hoyer: Trustee’s Report Demonstrates That Social Security Is Not in “Crisis”

Democratic Whip Says President Is Delaying Bipartisan Action by Pushing Private-Account Proposal

For Immediate Release:

March 23, 2005

Contact:Stacey Farnen Bernards
(202) 225 - 3130

WASHINGTON, DC – House Democratic Whip Steny Hoyer (MD) released the following statement today regarding the Social Security Trustees’ Report on the program:

“The Trustees’ report, once again, demonstrates that Social Security faces real long-term challenges that must be addressed in a bipartisan way, and it further undercuts the Republican Party’s claim that Social Security is in ‘crisis.’

“It is absolutely astounding that, given the Trustees’ report today, Republicans continue to push the President’s proposal to create private accounts within Social Security, even though they acknowledge that such accounts will not shore up the program’s solvency.

“Private accounts within Social Security clearly are not the answer to the program’s problems.  Such accounts will force the government to borrow nearly $5 trillion over the next 20 years and will cause benefit cuts of an estimated 40 percent.

“I urge the President to set aside this private account proposal – a so-called ‘solution’ that solves nothing – and to suspend his continuing campaign to sell this proposal to the American people.  They simply are not buying it.  In fact, it is clear that the more the American people learn about the proposal, the more they oppose it.  Every day that the Republican Party continues this ill-fated sales campaign is a day that they have delayed real bipartisan compromise on this critical issue.”

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