BEGIN:VCALENDAR VERSION:2.0 X-WR-CALNAME:www.indybay.org PRODID:-//indybay/ical// v1.0//EN BEGIN:VEVENT UID:Indybay-54853 SEQUENCE:54853 CREATED:20050107T172400Z DESCRIPTION:HANDS OFF SOCIAL SECURITY! Social Security for Our Future, Not for Wall Street Profits! Join us in a March on Tuesday., Jan. 18, 2005 at 11:30 AM to The Pacific Stock Exchange, 115 Sansome (at Bush Street) Near the Montgomery Street BART Station Then on to the San Francisco Chamber of Commerce 235 Montgomery Street (Between Bush and Pine) Then to Senator Dianne Feinstein’s Office 1 Post Street (Corner of Market We'll be there with banners, signs, costumes, skits, music! HANDS OFF SOCIAL SECURITY! President Bush is trying to cut back on our Social Security and line the pockets of his Wall Street friends. We must stop him now! Our Social Security is really not in danger, but Wall Street wants to tell us that it is doomed. Wall Street wants use our money to build corporations, slash our retirement benefits, and slash our kids' retirement benefits. Wall Street would pocket almost a trillion dollars in fees they would charge you in this private pension system. This would not be Social Security! More than 47 million retired workers, disabled workers, worker's families, widows, and their children depend on Social Security to keep them from poverty. For the last 70 years, our social insurance has operated efficiently and reliably. It is based on the idea that we want to help take care of each other and protect each other from the risks of living and dying. Right now, Social Security is there for us and our children. It has more than 1.5 trillion dollars in its reserve that is growing every year. Most economists believe that Social Security can pay out today's benefits until at least the year 2042, but only 73% of benefits after that. But today's benefits could be continued by having those with more than $88,000 a year paying their fair share. If Wall Street has its way, tomorrow's workers will be cheated four ways: 1. Workers would get less pension in the future--workers retiring 50 years from now would have their retirement income cut by 40%. OUR CHILDREN would have to repay 1 to 2 trillion dollars that BUSH borrowed for transition costs. ThIS EXTRA MONEY would be needed for the next ten years, because 2. Social Security would be paying out today's full benefit payments, but would only take in 2/3 of its payroll taxes: 1/3 would go into A PERSON'S PRIVATE retirEment account. 3. The fees that financial managers would POCKET from PRIVATE retirement accounts ARE 20-30 times Social Security's operating costs. THE fees would BE PAID OUT OF our SOCIAL SECURITY income. Wall Street's stock brokers and financial managers would CLEAN UP more than $900 billion in fees over the next 75 years. 4. .The safety of private pension accounts is very uncertain. From 1999 to 2003, the value of 401(k) accounts owned by people near retirement dropped by an average of 25%. Now Wall Street wants our money to solve problems it created. The government has a high budget deficit because of corporate tax cuts, and the Iraq war. The US imports 5 billion dollars more in goods each month than it exports, because it moved manufacturing to countries with cheap labor. Our dollar's value is falling. Wall Street's policies threaten to collapse the economy, and they want to use Social Security to bail themselves out. No way! Social Security began in 1935 because of strikes and street demonstrations by millions of working people who lost everything after the 1929 stock market crash, which triggered the Great Depression. Many older people were left in poverty because their stock market funds were lost. This is the very system that Wall Street and the Bush administration wants us to return to. We won't go back there! Contacts: SF: 415-215-7575, mlyon01@comcast.net East Bay: 510-548-9696, GrayPanthersBerk@aol.com See: http://graypantherssf.igc.org/socsec1-18.htm\n https://www.indybay.org/newsitems/2005/01/07/54853.php SUMMARY:Hands off Social Security! LOCATION:Tuesday., Jan. 18, 2005 at 11:30 AM to The Pacific Stock Exchange, 115 Sansome (at Bush Street) Near the Montgomery Street BART Station Then on to the San Francisco Chamber of Commerce 235 Montgomery Street (Between Bush and Pine) Then to Senator Dianne Feinstein’s Office 1 Post Street (Corner of Market URL:https://www.indybay.org/newsitems/2005/01/07/54853.php DTSTART:20050119T073000Z DTEND:20050119T093000Z END:VEVENT END:VCALENDAR