Jan 27, 2005
Musgrave’s Website Says Social Security is in Jeopardy…
Jan 27, 2005
Musgrave's Website Says Social Security is in Jeopardy...
Congresswoman Marilyn Musgrave's website declares that Social Security's financial standing is shaky. However, Musgrave is supporting the riskiest and most costly Social Security proposal to borrow trillions of dollars and gamble it on Wall Street.
Musgrave's website says, "The program's financial future is in jeopardy and many in Congress have proposed options that reduce the promised benefits made through a lifetime of paychecks...and [Congresswoman Musgrave] intends to fight in Congress to preserve the benefits seniors rightly deserve." [http: //www.house.gov/musgrave]
Yet, Musgrave is one of only four Members of Congress to support a plan that puts four times as much Social Security funds at risk in the stock market as the Bush Administration has proposed. Musgrave's plan would drain the Social Security Trust Fund, putting three-quarters of the funds Americans pay into the fund at risk on Wall Street. [Washington Post, 6/20/04].
According to AARP, Social Security would face $2 trillion in added debt, benefit cuts, and new taxes to enact President Bush's privatization plan. [www.aarp.org]. Musgrave's borrow-and-gamble scheme would cost far more.
"A family facing debt doesn't take out a loan to bet in a casino. So if Marilyn Musgrave believes Social Security is in jeopardy, why is she supporting a plan that borrows and gambles trillions of dollars, putting the program on shakier financial ground?" asked DCCC Chair Congressman Rahm Emanuel (IL).