Hoosier Seniors Tell Todd Young: Social Security is NOT a ‘Ponzi scheme.’
FOR IMMEDIATE RELEASE CONTACT: Randy Tackett, 812-323-8981
August 25, 2010
Hoosier Seniors Tell Todd Young: Social Security is NOT a ‘Ponzi scheme.’ Time to Take a Stand on a REAL Scheme: Privatization
Bloomington, IN – On the heels of the 75th anniversary of Social Security and as Todd Young, candidate for Indiana’s 9th congressional district, celebrated his own birthday at a fundraiser, Hoosier seniors and Social Security advocates gathered outside Young’s campaign headquarters Tuesday to deliver a birthday cake with a special message: “Hands Off My Social Security!”
Young raised eyebrows in June when he derided Social Security as a ‘Ponzi scheme.’ Hoosier seniors want to help Mr. Young understand that the cherished safety net has operated successfully as the same pay-as-you-go system it has every day since FDR signed the Social Security Act into law 75 years ago this month – keeping generations of seniors, survivors and disabled Americans out of poverty. Rather than committing to keeping the promise of Social Security to future generations of Hoosiers, Todd Young outrageously likens it to fraud.
Meanwhile, for weeks Young has drug his feet on taking a stand on a real scheme that would turn Social Security’s guaranteed benefits into a guaranteed gamble on Wall Street: privatization. 45 days ago, Young’s campaign ducked questions about a detailed Republican plan on the table to privatize Social Security put forward by U.S. Rep. Paul Ryan (R-WI), the ranking Republican Member of the House Budget Committee. “Right now we’re looking at the Paul Ryan plan…If we can verify that they are good numbers…then he could sign on,” Young’s campaign manager said then. 45 days later, Hoosier seniors are still waiting for answers on whether or not the aspiring Congressman would turn over the Social Security trust fund to the same Wall Street bankers that crashed the economy. Hoosier seniors want to know how Todd Young would vote, because privatization would mean huge benefit cuts and trillions of dollars in new debt for our grandchildren.
Earlene Floyd (orange shirt), Retiree Secretary-Treasurer, AFSCME Council 62: "As a person that is retired after working for 41 years I'd really like to tell Todd Young that Social Security is anything but a "Ponzi" scheme and that I'm not impressed with him ducking the question every chance he gets. If he really believes that social security is a scheme he needs to come out and tell that to all of us who have worked and paid into social security all our lives. It's not a scheme. Privatizing social security is the real scam. He wants the same people who drove our country into a ditch to be in charge of our retirement. I came here hoping for an answer, and I'm still waiting."
Randy Tackett, from Bloomington (holding the cake): "We showed up to deliver Mr. Young a birthday cake reminding him that we think Social Security is important and that we wanted to ask him what exactly he really wants to do with Social Security. I just wanted to pass along the message to Mr. Young that we're going to keep on asking him about Social Security until he can give us a real answer."
Washington Post’s Ezra Klein calls the ‘reforms’ detailed in Ryan's budget proposal “nothing short of violent.” Indeed, according to an in-depth analysis by the Center on Budget and Policy Priorities: “The Ryan plan proposes large cuts in Social Security benefits — roughly 16 percent for the average new retiree in 2050 and 28 percent in 2080 from price indexing alone — and initially diverts most of these savings to help fund private accounts rather than to restore Social Security solvency. Because the plan would divert large sums from Social Security to private accounts, it would leave the program facing insolvency in about 30 years, just as under current law.”
-30-