Posted on 08/01/2005 7:03:04 AM PDT by Tumbleweed_Connection
....The cost over 10 years would be $75 billion. Democrats say the money will come from tax increases on the wealthy.
"Well, we certainly in the Ways and Means Committee have a very attractive group of high income people that are getting a tax cut that they didn't ask for and the budget doesn't need, and we will be able to pay for everything that we have in the plan," said Rep. Charles Rangel, D-N.Y., the ranking member on the House Ways and Means Committee.
Democrats say their plan does nothing to alter Social Security financing or benefits.
That means, like the Republican plan, it does not address the retirement program's long-term solvency woes.
"This is not about privatization in any respect. This is about giving Americans who work hard, play by the rules, a match so that they can achieve greater retirement security above and beyond the baseline that we seek to protect, which is Social Security in its solvency," said Rep. Robert Menendez, chairman of the House Democratic Caucus.
House Republicans say it is time Democrats recognize the value of private investment accounts, but they argue the Democrats' plan doesn't help cash-strapped workers.
"The problem with that is, you've got to have $1,000. You've got to have disposable income. They are doing absolutely nothing to help the poorest of the poor who live from paycheck to paycheck,"said Rep. Clay Shaw (search), R-Fla.
(Excerpt) Read more at foxnews.com ...
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