WASHINGTON - Today, U.S. Rep. Pete Stark (D-CA, 13th) released a Congressional report showing a quarter of a million employees making more than $20,000 per year in California’s 13th Congressional district would have their Social Security benefits cut under the President’s proposed changes to the program.
The burden of Bush’s Social Security cuts on the middle class would be disproportionately high, as nearly three-fourths of the $21 billion total cuts will fall on those earning between $30,000 and $90,000.
“This report demonstrates what we’ve said all along: the President’s proposal will slash benefits for the middle class,” Stark said. “The President’s push to privatize Social Security will result in benefit cuts to more than 75% of wage earners in the 13th district. Social Security is fundamental to the retirement security of every American, young and old. I will keep fighting against any plan which would cut the only guaranteed source of income for so many retirees.”
The report, compiled at Stark’s request by the Committee on Government Reform’s Special Investigations Division, examined the impact of Bush’s proposed changes to Social Security on Stark’s 639,088 constituents. Its conclusions were ominous, as wage earners between the ages of 35 and 55 would see average benefit cuts of $2,760 per year. For younger wage earners, the average benefit cut would be $7,220 per year.
“I was a member of Congress in 1983 when a Democratic Congress worked with President Reagan to fix Social Security’s funding problems,” Stark added. “My colleagues and I are willing to discuss any number of potential solutions to solidify Social Security with the President and those in the Majority. However, Bush’s insistence on private accounts that cut benefits and do nothing for the long-term solvency of Social Security will continue to draw my opposition.”
You can access the full report by clicking here.
