FOR IMMEDIATE RELEASE: MAY 16, 2002
CONTACT: LINDA MACIAS/PAUL TODD (202) 225-6161

Baca to Congress: "Privatization will hurt our seniors"

WASHINGTON, D.C. - Representative Joe Baca (D-Rialto) today blasted the Republican plan to privatize Social Security from the floor of the House of Representatives chamber.

"Mr. speaker, our country is aging," Baca said. "The baby boom generation, which I am a part of, will be retiring soon and, more than ever, social security will become a necessity for most seniors."

The Republicans have proposed a budget than spends hundreds of billions of dollars from the Social Security Trust Fund on other programs, including paying for a massive corporate tax break. Democrats say that the Republican budget would force benefit cuts, make secure pensions insecure, and increase the retirement age.

"Republicans are trying to bankrupt social security so we will have no choice but to privatize," Baca said. "But privatization forces benefit cuts, increases risk, and removes the guarantee that social security will be there when seniors need it."

Baca said that seniors, especially seniors who are women or minority, would be disproportionately impacted by the social security privatization plan because they tend to earn less money in their lifetimes, and would have less to invest for retirement.

"Privatizing social security would be especially hard on women, minorities, and blue collar folks who have less savings," Baca said. "It is time we start caring about the 95 percent of the population that don't have trust funds or hedge funds."

"I believe that working families have earned a secure retirement. Privatizing social security breaks a promise to working families that if you work hard and pay into the system - no matter how rich or poor - you will be able to retire."

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