Deficit Comm. Chairs' Social Security Cuts Mean Seniors Pay for Wall Street Instead of Their Own Retirement, Says Bob Weiner, Ex-House Aging Committee Chief of Staff

COMMISSION CHAIRS' "MARK" MISSES MARK ON SOCIAL SECURITY—SYSTEM HAS NO DEBT FOR 30+ YEARS AND ADDS NOT DIME TO NATION'S DEBT, SAYS WEINER; ELECTION WAS NOT ABOUT CUTTING SOCIAL SECURITY

WASHINGTON, Nov. 10, 2010 /PRNewswire-USNewswire/ -- The Deficit Commission "Chairmen's Mark" proposal today for Social Security cuts, including raising the retirement age and reducing the cost of living, means that "Seniors will be paying for Wall Street instead of their own retirement, will be forced to work longer, and will be squeezed into poverty, despite the fact that the Social Security system has no debt for 30+ years based on what seniors have paid into it," says former House Aging Committee Chief of Staff Robert Weiner. 

"Social Security adds not a dime to the national debt for at least 30 years.  What is really happening is cuts advocates are using the Social Security funds literally paid for by seniors to reverse other federal programs that do have deficits or are unpaid, and to pay for the tax breaks for the wealthy," Weiner continues.

"The 'Chairmen's mark' (by co-chairs Erskine Bowles and Alan Simpson) has missed the mark because Social Security does not contribute a dime to the national debt and won't at least for 30 years.  It's paid for by the premiums and taxes already in place now and the future.  NO change is needed.  The letter seniors receive each year from the Social Security Trustees says that in over 30 years the system will then, and only then, become 25% short. That's fixable at that time with 1/3 of the annual cost of the Iraq-Afghanistan wars—which we assume will not be ongoing then—or the Bush tax cuts. Yet if America's economy grows, there may not even be a problem.

"One thing the 2010 election was NOT about was cutting Social Security—if anything, Democrats won points by citing Social Security cuts proposed by some Republicans.  In 2006, President Bush LOST 10% in each location he spoke advocating Social Security privatization and benefit cuts.  This is an issue Democrats have owned historically and they should not now cede it to Republicans by playing on the same ground.  Speaker Pelosi has rightfully said, 'First, do no harm,' and Leader Reid has likewise been forceful in opposing Social Security cuts.  The full Deficit Commission and the Congress should oppose the ill-conceived Deficit Commission Chairmen's Mark on this issue."

Since leaving the White House staff in 2001, Weiner has written dozens of op-eds in major papers on Social Security, Medicare, and health care including recently "Hands Off Social Security: There are Better Ways to Cut the National Debt" (June 26, 2010, Palm Beach Post): http://www.weinerpublic.com/20100626.doc.  

Additional op-eds: http://www.weinerpublic.com/opeds.html.

CONTACT: Bob Weiner/Gavriel Swerling 301-283-0821/202-306-1200

SOURCE Robert Weiner Associates