Gephardt Challenges GOP on Social Security
On Feb. 28, House Minority Leader Richard Gephardt (D-Mo.) called on Republicans to bring their Social Security privatization schemes to the House floor for debate before the November election. He ridiculed the House GOP leadership for planning to bring up a bill that calls for the government to send certificates, at a cost of $10-12 million, to people over the age of 62, telling them that their benefits will never be cut. He called on Republicans instead to "get to the real matter," and bring up their privatization bill. He vowed that if they fail to bring it up, he intends to force its introduction by a discharge petition drive "so that we have that fair and full debate" on the House floor.
Gephardt said, "A year ago, we were talking about surpluses and paying down the back debt and using that to stabilize and strengthen Social Security." Instead, with the Bush economic plan, "we've got deficits as far as the eye can see."
Bush's proposal would introduce personal savings accounts that would be invested in the private financial markets. He included a pension reform proposal that would loosen the control that firms have over their employees' retirement plans.
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