House Democratic Leader Nancy Pelosi
APRIL 15, 2005
1:01 PM
CONTACT: House Democratic Leader Nancy Pelosi 
Brendan Daly or Jennifer Crider, 202-226-7616
Pelosi Statement on Social Security Changes Considered by White House

WASHINGTON -- April 15 -- House Democratic Leader Nancy Pelosi released the following statement today on recent comments by the President's top economic advisor, Allan Hubbard, on possible changes to Social Security being considered as part of President Bush's privatization plan:

"The President's top economic advisor has confirmed that the White House is exploring raising the retirement age as a way to pay for risky private accounts.

"We already know that privatization will add trillions of dollars of debt and slash benefits by more than 40 percent. Now it appears that the White House is exploring additional benefit cuts to fund its privatization plan, which is unnecessary, unaffordable, and unwise.

"Millions of hardworking Americans have spent their careers paying into Social Security with the assurance that a lifetime of work has earned them a guaranteed stream of retirement income. Now the White House is talking about changing the rules so that it can push through its misleading privatization plan.

"Democrats are committed to strengthening and safeguarding Social Security. We urge the White House to drop privatization and come to the table without any preconditions so that we can ensure that American workers receive the benefits they have earned."