Lautenberg’s Overblown Doomsday Rhetoric

Some people rate a reply from Senator Lautenberg, others don’t. Read the Senator's letter posted below and decide if his financing method for fixing the “challenges” facing Social Security would be in the best interest for the majority of his constituency. We will post our opinion in a later post.

Until then, just a few observations:

If anyone’s “doomsday rhetoric is overblown”, it’s Lautenberg’s

Some folks must be ashamed to associate themselves with New Jersey. The Giants and Jets come to mind, but the recipient of the Lautenberg letter, indicates she lives near New York City. Must be a prestige thing. Or perhaps she believes her readers haven't a clue where New Jersey is located.

From: Sen. Frank Lautenberg

Subject: Responding to your message

Date: Tue, 01 Feb 2005 16:33:20 -0500

February 1, 2005

Thank you for contacting me with your thoughts about President Bush's proposals to privatize Social Security. Please be assured that I will oppose any attempts to gamble with Social Security money in risky investments.

Social Security has worked extremely well for nearly 70 years to reduce poverty among senior citizens. Without Social Security, half of all seniors would be living in poverty, while today only ten percent are. To risk this safety net on the vagaries of the stock market would be to jeopardize the very essence of the program – providing retirement security in good times and bad. Instead of guaranteed benefits based on an individual's work history and, in part, on need, benefits would vary greatly depending on an individual's investment skills and luck. Economic risks would be borne by individuals rather than shared across society.

While Social Security faces some challenges that should be addressed, the doomsday rhetoric we hear from some quarters is overblown. The current system, without any changes, is projected to be able to cover Social Security benefits for next forty years at the least. I support changes to the program to keep it running for our children and grandchildren, but we must not destroy Social Security under the guise of “saving” it.

Instead of promoting policies which give tax breaks to the wealthy, I support dedicating funds to strengthen and protect Social Security and Medicare; I did so when we enjoyed a surplus, and I still consider it a top priority. I will continue to work toward this goal.

Thank you for your comments.

Thank YOU, Senator.