FIRST I WANT TO THANK THE OLDER WOMEN’S LEAGUE AND ALL OF THE OTHER COMMUNITY COALITION MEMBERS FOR MOBILIZING TODAYS FORUM.

I’M VERY HONORED TO BE HERE AND I THANK YOU FOR INVITNG ME TO JOIN YOU.

I ATTEND MANY, MANY HEARINGS ON CAPITOL HILL, AND I LISTEN TO HUNDREDS OF HOURS OF TESTIMONY, EACH YEAR.

THE EXPERT WITNESSES THAT WE JUST HEARD FROM, WERE TRULY OUTSTANDING.

PLEASE JOIN ME IN GIVING THEM ANOTHER ROUND OF APPLAUSE

I WANT TO LEAVE PLENTY OF TIME FOR YOUR QUESTIONS, SO I’M GOING TO TRY AND SIMPLIFY THIS ISSUE, AS I SEE IT.

THERE IS NO CRISIS IN SOCIAL SECURITY.

THE REAL CRISIS…IS A
TRUTH DEFICIT CREATED BY THE PRESIDENT AND THE REPUBLICAN LEADERSHIP.

AFTER FOUR YEARS OF WORKING WITH THEM, I’M SORRY TO REPORT THAT THIS ADMINISTRATION SIMPLY HAS A PROBLEM WITH THE TRUTH.

WE SAW THAT IN IRAQ.

WE SAW THAT IN THE PHONY PRESCRIPTION DRUG BILL.

WE SAW THAT IN THE EXPLODING BUDGET DEFICIT, AND NOW;

WE’RE SEEING THEIR BIGGEST SHELL GAME…

SOCIAL SECURITY PRIVITAZATION.

DEPENDING ON WHICH STUDY YOU REFER TO;

IF CONGRESS DOES ABSOLUTLEY NOTHING TO SOCIAL SECURITY, THE TRUST FUND WILL RUN OUT OF MONEY SOMETIME BETWEEN 2041 AND 2052.

AT THAT POINT, SOCIAL SECURITY WOULD STILL BE ABLE TO PAY OUT APPROXIMATELY 70% OF THE CURRENT LEVEL OF BENEFITS.

OF COURSE, CONGRESS WILL CLOSE THAT LONG-TERM FUNDING GAP BY MAKING SOME MINOR ADJUSTMENTS THAT WILL TAKE CARE OF THE PROBLEM OVER TIME.

BUT THE PRESIDENT’S PRIVITAZATION PLAN ISN’T REALLY ABOUT CLOSING THAT FUNDING GAP.

IN FACT, RECENTLY, THE WHITE HOUSE FINALLY ADMITTED THAT PRIVATE ACCOUNTS WON’T SOLVE THE LONG TERM FUNDING PROBLEM.

THIS IS NOT ABOUT FIXING SOCIAL SECURITY, IT’S ABOUT A BLIND ALLEGIANCE TO AN EXTREME, RIGHT-WING IDEOLOGY.

IT’S ABOUT CHIPPING AWAY AT THE FOUNDATION OF THE NEW DEAL THAT HELPED CREATE AMERICA’S MIDDLE CLASS.

IT’S ABOUT ADVANCING A RADICAL, RECKLESS PUBLIC POLICY THAT WOULD CREATE TWO AMERICAS…

ONE WITH WEALTH AND SECURITY, AND ONE THAT LIVES WITH HARDSHIP AND FEAR.

I WON’T STAND FOR THAT, AND YOU SHOULDN’T EITHER.

PRIVATIZATION WOULD BE A HUGE MISTAKE FOR EVERY WORKING AMERICAN.

AND IT WOULD BE ESPECIALLY DAMAGING TO WOMEN.

WITHOUT THE GUARANTEED BENEFITS OF SOCIAL SECURITY, HALF OF ALL SENIOR AMERICAN WOMEN WOULD LIVE IN POVERTY.

TWO OUT OF THREE SENIOR WOMEN RELY ON SOCIAL SECURITY FOR AT LEAST HALF OF THEIR INCOME.

AND THAT PERCENTAGE IS EVEN HIGHER AMONG BLACK AND LATINO SENIORS.

TODAY’S FORUM IS ESPECIALLY INTERESTING BECAUSE WE HAVE MEMBERS OF SEVERAL GENERATIONS PARTICIPATING.

SO CONSIDER THIS;

IF YOU’RE CURRENTLY A 28-YEAR OLD WOMAN AND YOU PLAN TO RETIRE IN 2042 AT THE AGE OF 65;

UNDER THE PRESIDENT’S FORMULA, BENEFITS WOULD BE CUT BY 26%, WHEN COMPARED TO THE CURRENT PLAN.

IF YOU’RE A LITTLE GIRL WHO WAS BORN IN 2005, AND YOU PLAN TO RETIRE IN 2075, AT THE AGE OF 70, THE PRESIDENT’S PLAN WOULD CUT YOUR BENEFITS BY 46%.

SIMPLY PUT…YOU CAN’T AFFORD TO TRADE A GUARANTEED BENEFIT FOR A GUARANTEED BENEFIT CUT.

PRIVATIZATION WOULD OFFER YOU NO PROTECTION AGAINST INFLATION;

NO PROTECTION AGAINST OUTLIVING YOUR MONEY;

AND NO PROTECTION FROM MANAGEMENT FEES THAT WILL MAKE WALL STREET EVEN RICHER, AT YOUR EXPENSE.

SOCIAL SECURITY CURRENTLY PAYS OUT 99% OF ITS FUNDS IN DIRECT BENEFITS.

I CHALLENGE ANYONE WHO WORKS IN THIS BUILDING TO SHOW ME A MUTUAL FUND OR AN INDEX FUND THAT CAN OFFER AN UNBROKEN, 70-YEAR TRACK RECORD OF STABLE DIVIDENDS, THAT ARE PROTECTED AGAINST INFLATION, AND STILL ONLY CHARGES A 1% MANAGEMENT FEE.

SO YOU SEE, THE TRUTH BEHIND THIS WHOLE STORY, IS THAT THIS ADMINISTRATION IS NOT REALLY CONCERNED ABOUT A CRISIS IN SOCIAL SECURITY.

THEY’RE OFFENDED, BECAUSE SOCIAL SECURITY IS SUCH A STUNNING SUCCESS.

SOCIAL SECURITY HAS ALWAYS BEEN THE BIGGEST TARGET FOR EXTREME RIGHT WING POLITICIANS WHO REFUSE TO ADMIT THAT WE ARE ALL IN THIS TOGETHER, AND THAT WE ALL HAVE A SHARED RESPONSIBILITY TO SAFEGUARD OUR FUTURE.

AND NOW, THEY’VE TEAMED UP WITH SOME SPECIAL INTERESTS WHO SEE AN OPPORTUNITY FOR HUGE NEW PROFITS.

THAT THE BOTTOM LINE ON WHAT’S REALLY GOING ON HERE.

AS AMERICANS, WE HAVE A CONTRACT WITH EACH OTHER.

AND WE HAVE A SACRED CONTRACT BETWEEN THE GENERATIONS.

I CAN ASSURE YOU THAT I WILL DO EVERYTHING IN MY POWER TO MAKE SURE THAT WE CONTINUE TO HONOR THAT AGREEMENT.

THANK YOU.