Print
E-mail
Comment
Rate
Bush plan criticized by Baldwin
 |
By Jessie Waldheim
Daily News staff writer
U.S. Rep. Tammy Baldwin, D-Madison, stopped at Beloit City Hall Monday to speak against President George W. Bush's proposal to allow younger workers to divert a portion of their Social Security contributions into private investment accounts.
The plan hurts everyone, but puts women particularly at risk, Baldwin said to a group of constituents gathered for her listening session in the City Hall Forum.
Women on average have lower incomes and less time in the workforce than men do, she said, but tend to live longer. The private savings accounts, which offer people with lower earnings less of a return than Social Security, would have to stretch out for more years after retirement, Baldwin said.
Social Security also supports widows, disabled workers and their families. A third of all beneficiaries are not retirees. But private accounts would not have the same death and disability protections that traditional Social Security has.
The ideal retirement is like a three-legged stool, supported by savings, Social Security and a pension, Baldwin explained.
"I'm a big fan of savings accounts," she said, but added not if they are the sole means for support after retirement.
Lisa Furseth asked if Baldwin had seen any proposals involving privatization that don't cause a negative impact on women.
Baldwin said she had seen several privatization proposals, but not one that had dealt with people who have gaps in their work history, become disabled or have worked low-wage jobs.
Les Nystrom said he was worried about the future ratio of workers to those collecting Social Security.
When he retired there were 13 to 15 workers paying the cost of his Social Security benefits, while his baby-boomer children will have only one or two workers paying theirs.
Baldwin said America already has weathered that storm. The ratio of workers to dependents, including children, was worse in Social Security when it was first instituted, she explained.
And society would be better off if only one worker who made $40 per hour paid the cost of one person's Social Security benefits, she said, rather than having five or six workers making minimum wage.
George Olson thought Bush should try investing some Social Security funds in the stock market or savings accounts to see if it pays.
"If it works we'd have a workable program," he said.
Bob Houck called the government's use of Social Security funds to balance budgets "abominable," and asked about the opinion in Washington.
Baldwin said when she witnessed Bush's State of the Union address she noted no Democrats and only about half the Republicans in Congress stood when he talked about privatization of Social Security.
"It was a signal to me that he had a lot of work to do to convince his own Republican soldiers," Baldwin said.
The plan hurts everyone, but puts women particularly at risk, Baldwin said to a group of constituents gathered for her listening session in the City Hall Forum.
Women on average have lower incomes and less time in the workforce than men do, she said, but tend to live longer. The private savings accounts, which offer people with lower earnings less of a return than Social Security, would have to stretch out for more years after retirement, Baldwin said.
Social Security also supports widows, disabled workers and their families. A third of all beneficiaries are not retirees. But private accounts would not have the same death and disability protections that traditional Social Security has.
The ideal retirement is like a three-legged stool, supported by savings, Social Security and a pension, Baldwin explained.
"I'm a big fan of savings accounts," she said, but added not if they are the sole means for support after retirement.
Lisa Furseth asked if Baldwin had seen any proposals involving privatization that don't cause a negative impact on women.
Baldwin said she had seen several privatization proposals, but not one that had dealt with people who have gaps in their work history, become disabled or have worked low-wage jobs.
Les Nystrom said he was worried about the future ratio of workers to those collecting Social Security.
When he retired there were 13 to 15 workers paying the cost of his Social Security benefits, while his baby-boomer children will have only one or two workers paying theirs.
Baldwin said America already has weathered that storm. The ratio of workers to dependents, including children, was worse in Social Security when it was first instituted, she explained.
And society would be better off if only one worker who made $40 per hour paid the cost of one person's Social Security benefits, she said, rather than having five or six workers making minimum wage.
George Olson thought Bush should try investing some Social Security funds in the stock market or savings accounts to see if it pays.
"If it works we'd have a workable program," he said.
Bob Houck called the government's use of Social Security funds to balance budgets "abominable," and asked about the opinion in Washington.
Baldwin said when she witnessed Bush's State of the Union address she noted no Democrats and only about half the Republicans in Congress stood when he talked about privatization of Social Security.
"It was a signal to me that he had a lot of work to do to convince his own Republican soldiers," Baldwin said.
 |
 |
|
| Aftermath of the fire | Frito-Lay package OK'd |
Article Rating
Reader Comments
The following are comments from the readers. In no way do they represent the view of beloitdailynews.com.
Submit a Comment
Login below to post your comment. |
Not yet a member? Use the form below to register. |
