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Sen. McEachin, Del. Hall join Richmond Seniors to Oppose McCain/Bush Social Security Privatization

Posted by Greg on Friday, August 08

FOR IMMEDIATE RELEASE:
August 8, 2008

Sen. McEachin, Del. Hall join Richmond seniors to oppose McCain/Bush-style Social Security privatization

New study shows privatization could put 181,000 Virginian seniors in poverty

RICHMOND - Senator Donald McEachin and Delegate Frank Hall joined Richmond senior citizens Friday at the State Capitol to discuss the importance of protecting Social Security and the potential impact of McCain/Bush-style privatization plans.

According to a study released this week, 181,000 Virginia seniors - a figure nearly equal to the population of Richmond - could fall into poverty under privatization. Under signs that read "Hands Off My Social Security," and "My Social Security is Not a 'Disgrace,'" McEachin and Hall discussed the importance of protecting benefits for senior citizens and for future generations.

"Social Security is a sacred trust between the government and the people," said Del. Frank Hall (D-Richmond). "Virginia seniors have worked hard and built their lives around Social Security benefits. Diverting money away from the Social Security Trust and gambling it in the stock market takes away the certainty that working men and women depend on. If John McCain manages to privatize Social Security, Virginia's seniors will pay the price."

According to a report released this week by the Institute for America's Future, the average Virginia senior citizen receives $1,067 per month from the Social Security program - just enough to stay above the federal poverty line of $867 per month. If Social Security were privatized, 181,000 Virginia seniors would be at risk to fall below the poverty line.

"More than half of my money each month is from Social Security," Joyce Libron of Henrico County told Del. Hall and Sen. McEachin on Friday. "If I were to lose it, I don't know what I'd do."

Sen. McEachin (D-Richmond) expressed his dismay with attempts to take money out of the Social Security system.

"In 2005, Senator McCain went to bat for George Bush and his scheme to privatize Social Security," McEachin said. "And now he's offering more of the same failed Bush economic policies that hurt Virginia families. This is nothing more than John McCain trying to bail out Wall Street by forcing seniors to bet on the stock market. Virginia seniors deserve better."

The full report by the Institute for America's Future can be found at http://www.ourfuture.org/report/2008083204/perils-privatization

A summary of the report's facts and figures is below.

###

THE PERILS OF PRIVATIZATION:
BY THE NUMBERS

 

  • 200,123: Population of Richmond
  • 181,000: Number of Virginians who could be thrust into poverty under a McCain/Bush-style privatization of Social Security.
  • $1,071: Average monthly Social Security check for individual retirees in Virginia
  • $867: Amount in dollars each month needed to stay above the federal poverty line.
  • 1,180,114: Number of Virginians who count on their earned Social Security benefit each month.
  • 309,000: Number of Virginia seniors who rely on Social Security checks for at least half of their total income.
  • 708,568: Number of Virginians living in poverty in 2006 according to the U.S. Census Bureau
  • $13,900,000,000: Amount in dollars that flows in Virginia's economy from Social Security each year.
  • $250,686: Lifetime benefit cut that the average Virginia senior would see under a McCain/Bush-style privatization of Social Security.


Sources: Institute for America's Future, Census Bureau

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