NYSDC Sounds Alarm over Long-Term Impact of McCain-Bush Style Plan to Privatize Social Security

New report finds Social Security privatization would make 548,000 New York seniors vulnerable to poverty

Date: August 7th, 2008

NEW YORK, NEW YORK - The New York State Democratic Committee today responded to the staggering findings of a new report detailing the long-term impact of Social Security privatization on New Yorkers. According to research done by the Campaign for America's Future, McCain-Bush Style Social Security privatization would leave 548,000 New York seniors vulnerable to poverty.

"Currently, there are 3,097,330 New Yorkers relying on Social Security, the most effective anti-poverty program in our country since its inception," said June O'Neill, New York State Democratic Committee Chair. "Diverting money away from the Social Security Trust Fund and gambling it in the stock market takes the guarantee out of guaranteed benefits for them and for future retirees."

Privatizing Social Security would cut guaranteed benefits by $383,709 over the course of a single recipient's lifetime and place the financial burden of health care, nutrition and housing for retirees and others beneficiaries on New York and its families. As the report from the Campaign for America's Future explains, McCain's privatization plan would endanger the $38.8 billion in annual funds from Social Security recipients upon which local businesses and the state government rely.

"Senator McCain's plans would place our families in financial jeopardy. New Yorkers deserve better than that," added O'Neill. "We need a President like Senator Obama, who will work with Congress to protect Social Security and give New Yorkers a secure future."

The full report by the Campaign for America's Future can be found here.