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Committee on Ways and Means
 Subcommittee on Social Security

For Immediate Release
Contact: Press Office 202-225-8933
July 12, 2002

WASHINGTON, D.C.-- Today, Democrats called for adding personal retirement accounts alongside traditional Social Security benefits. Rep Clay Shaw (R-FL) agrees.

According to Sen. Daschle, " Everyone agrees we need to reform Social Security, but we need to do it the right way. Private accounts should augment people's monthly Social Security checks, not replace much of the Social Security guaranteed monthly benefit."

"My proposal does exactly what Sen. Daschle is calling for - add personal retirement accounts along side traditional Social Security benefits to save the program for current and future retirees. Where he's wrong is that no Republican plan that has been offered "privatizes" Social Security. In fact, my plan leaves Social Security totally intact. It also adds the opportunity for workers to choose ownership and control of a personal account while guaranteeing current law benefits regardless of the account's investment performance," said Shaw.

"Where they are also wrong is that Democrats are not opposed to spending taxpayer dollars to fund personal accounts, as long as Social Security's $25 trillion cash shortfall remains intact. Clearly, Democrats are offering a plan to strengthen Social Security is tax increases and benefit cuts," he added.

In December, House Republicans and Democrats voted to strengthen Social Security in a 415 to 5 vote. That resolution called for saving Social Security as soon as possible without cutting benefits, raising taxes, or ignoring the special needs of women and minorities.

Shaw said, "The discharge petition is another in a long line of political gimmicks intended to scare seniors. Democrats are unwilling to offer their OWN solutions because they don't have any viable ideas. They simply demagogue our proposals and waste precious time. Under their 'do nothing' plan, benefits will be cut by a third, payroll taxes will increase by over half, or we will face either crippling debt or unimaginable spending cuts.