Social Security Correction
Wednesday, February 9, 2005(Metropolitan Washington Council, AFL-CIO)
The Bush proposal to “save” Social
Security will actually cost the average worker
$152,000 in retirement benefits, according to
the Center for Economic and Policy Research
(CEPR); we neglected to cite our source in
Monday’s report (Destroying Social
Security To "Save" It 2/7/05). The CEPR
also questions the Bush proposal to privatize
Social Security since the current program is
"extremely efficient. The Administrative costs
of Social Security are just 6 cents of every
dollar" versus the 15 cents per benefit dollar
that it costs British citizens for their system
of private accounts. CEPR is a DC-based think
tank created in 1999 that "conducts both
professional research and public education" so
that "the public is better prepared to choose
among the policy options." It is funded
primarily through foundation grants. Take
action and stop the Bush scheme to privatize
Social Security: sign
the Working Families’
petition here.