top
San Francisco
San Francisco
Indybay
Indybay
Indybay
Regions
Indybay Regions North Coast Central Valley North Bay East Bay South Bay San Francisco Peninsula Santa Cruz IMC - Independent Media Center for the Monterey Bay Area North Coast Central Valley North Bay East Bay South Bay San Francisco Peninsula Santa Cruz IMC - Independent Media Center for the Monterey Bay Area California United States International Americas Haiti Iraq Palestine Afghanistan
Topics
Newswire
Features
From the Open-Publishing Calendar
From the Open-Publishing Newswire
Indybay Feature

Hands off Social Security!

Date:
Tuesday, January 18, 2005
Time:
11:30 PM - 1:30 AM
Event Type:
Protest
Organizer/Author:
Location Details:
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

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
Added to the calendar on Fri, Jan 7, 2005 9:24AM
We are 100% volunteer and depend on your participation to sustain our efforts!

Donate

$55.00 donated
in the past month

Get Involved

If you'd like to help with maintaining or developing the website, contact us.

Publish

Publish your stories and upcoming events on Indybay.

IMC Network