Privatizing the Social Security system would expose current and future retirees and their families to great risk and endanger the safety net on which they will rely in their golden years. Under a privatized system, Social Security benefits would no longer be determined primarily by a worker’s earnings and the contributions made over the course of an individual’s career. Further, it has become clear in light of the recent economic downturn that the stock market can be extremely risky for investors. America’s seniors deserve to be confident in the knowledge that their retirement savings will be available in the future, and not subject to the whims of the financial markets.
In addition, all seniors should be treated fairly when it comes to retirement benefits, regardless of whether they have performed government service during their careers. I support elimination of both the Government Pension Offset (GPO) and the Windfall Elimination Provision (WEP) to ensure that retirees are not penalized simply because they may also be eligible for a government pension in addition to Social Security. Social Security is a commitment to all Americans, and the government must not let them down.
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