Democratic lawmakers say "no" to privatizing Social Security

OKLAHOMA CITY (AP) Democratic state lawmakers called on Oklahoma's congressional delegation Wednesday to oppose the Bush administration's plan to privatize Social Security, an idea they described

Thursday, March 31st 2005, 5:48 am

By: News On 6

OKLAHOMA CITY (AP) Democratic state lawmakers called on Oklahoma's congressional delegation Wednesday to oppose the Bush administration's plan to privatize Social Security, an idea they described as risky.

Flanked by Social Security recipients and members of the American Association of Retired Persons, Rep. Ryan Kiesel, D-Seminole, said the plan to divert funds from Social Security to private accounts ``will weaken Social Security.''

``We should not gamble away benefits that Oklahomans have worked so hard for,'' Kiesel said. He said 98,000 Oklahomans 65 or older receive 90 percent of their income from Social Security.

Bob Bristow, president of AARP Oklahoma, said the state's AARP members are overwhelmingly opposed to privatizing Social Security.

``They want a guarantee, not a gamble,'' Bristow said. A total of 614,530 Oklahomans receive Social Security benefits, including almost 79,000 disabled workers and more than 52,000 children, according to the AARP.

Retiree Bill Hill of Tulsa said he has to work to make ends meet because his Social Security check does not pay all of his living expenses.

``I get a Social Security check that barely pays my rent,'' Hill said.

``We don't want a solution that is worse than the problem,'' Bristow said.

Bush has proposed personal Social Security retirement accounts which might include stocks or mutual funds. Social Security trustees say the retirement program will begin paying out more than it takes in by 2017 and its trust accounts will be depleted by 2041.

Bush wants to allow younger workers to set up private investment accounts with part of their Social Security taxes. The president also is calling on Congress to approve a permanent fix to Social Security's solvency problems, something he has acknowledged private accounts will not accomplish. He has not specified what benefit cuts or other changes he supports to address the program's long-term fiscal ills.

``It sounds great to put money in the stock market,'' said Sen. Kenneth Corn, D-Howe. But the cyclical nature of the stock market could wipe out personal retirement accounts.

``I think the administration proposal is risky at best,'' Corn said. ``We have a moral obligation when it comes to Social Security.''

Rep. Richard Morrissette, D-Oklahoma City, said the proposal is being driven by Wall Street brockerage houses who he said stand to make $1 billion in transaction fees from private retirement accounts.

Kiesel said Social Security is facing a financial crisis because Congress is borrowing money against the program to pay for government operations.

``I think private accounts is exactly the wrong way to go,'' he said.