Bush Plan Cuts Social Security Benefits, Offers No Solutions for Economic Woes, Rising Gas

Campaign for America's Future: Bush Plan Cuts Social Security Benefits, Offers No Solutions for Economic Woes, Rising Gas Prices

4/29/2005 4:43:00 PM

To: National Desk

Contact: Toby Chaudhuri or Andrea Miller, 202-955-5665, both of Campaign for America's Future

WASHINGTON, April 29 /U.S. Newswire/ -- Campaign for America’s Future co-directors Robert Borosage and Roger Hickey said last night's White House news conference illustrated that President Bush's solutions to the nation's problems would only make things worse for Americans. In his prime time address, President Bush called for steep benefit cuts for Social Security beneficiaries and failed to address the economy or real solutions for the nation's energy problems.

Hickey urged the president to abandon his unpopular and destructive Social Security privatization plan.

"Bush's attempt to give his unpopular Social Security campaign a shot in the arm last night has effectively shot him in the foot," said Hickey. "The bottom line is that Bush will continue his unpopular push to create risky Wall Street private accounts by diverting funds from Social Security taxes and the trust fund."

Borosage said the president failed to address two real problems facing the American people: the slow economy and the lack of sustainable energy. He noted that the economy is slowing, wages are stagnant, and the Republican Congress is stained by scandal.

"The president needs to address the real crisis facing Americans by investing in sustainable solutions to our energy and economic problems," said Borosage. "The president calls for energy independence, but offers a program that leaves us more dependent on foreign oil. We're four years into the supposed economic recovery and Mr. Bush's plan has produced a net loss of private sector jobs. The only thing growing in our economy is our trade deficit and foreign debt."

The Social Security plan President Bush outlined last night would cut benefits by 28 percent for workers earning $37,000 per year, according to the House Democratic staff. Workers earning $58,000 would suffer a 42 percent cut, and someone earning $90,000 would face a benefit cut of 49 percent.

Recent polls show that public support for the president's privatization plan at an all time low. Only 31 percent of Americans approve of the president's handling of Social Security, according to a Hart Research poll released yesterday.

The president's energy bill would increase the price of gas at a faster rate, and would increase the nation's dependence on imports, according to the Energy Information Administration. Less than $500 million of the $8 billion outlined in the bill would be invested in renewable energy and efficiency programs. Sixty-two percent of Americans disapprove of the administration's handling of the nation's energy problems, according to a recent Associated Press-AOL poll.

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