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Thursday, March 10, 2005

Rock the Vote tackles Social Security Debate 

Rock the Vote is gearing up for a large national campaign on an issue of serious importance to young Americans. The effort is aimed at giving young people a voice in the debate on Social Security.

Rock the Vote chastised politicians in an email sent to supporters. The group said:

"...if you think that Social Security is going to disappear one day, you're falling for it. You see, a lot of politicians and special interests are trying to convince you that you'll never get yours. Fact is, they just don't want to pay your benefits. They want to spend the money on something else."

The group charges that some politicians simply want to phase out and end social security, rather than ensuring its longevity. In a statement on their website, Rock the Vote concludes that getting rid of Social Security in favor of private investments is not a good idea.

Rock the Vote also stated that the current Social Security tax, left alone, brings in enough money to pay 100% of benefits for the next 40-50 years. The group cites the Social Security Administration and the Congressional Budget Office as sources for that data.

Citing the Wall Street Journal, the group's website warns: "The White House, in a private memo to conservative allies, strongly argues that Social Security benefits paid to future retirees must be significantly reduced. The memo disputes those on the right who insist that creating private investment accounts is all that's needed to fix the retirement system. To fail to make benefit cuts while diverting payroll taxes to workers' personal accounts, the memo argues, would be irresponsible and 'have serious short-term economic consequences.'" (WSJ, 01/06/05) Translation: please look at the private investment account over here so you don't notice the benefit cuts over there!"

Rather than privatize the system, Rock the Vote is advocating that we build investments on top of Social Security, not raid or replace it. The group also states it would make any changes to the system in a way that fairly balances the interests of working and retired Americans, both today and in the future.

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