Ruppersberger Reacts to State of the Union Address

(Washington, D.C.)-  Congressman C.A. Dutch Ruppersberger (D-MD) released the following statement in response to the State of the Union Address delivered by President George W. Bush on Wednesday, February 2nd, 2004.

"I believe we need to modernize social security but I do not believe the Bush Privatization Plan is the answer. I am incredibly concerned about the estimated one to two trillion dollars that it will take to set up the private accounts. This will drive our nation even deeper into debt and continue to make the deficit spin out of control. I am a former County Executive and I was forced to balance the Baltimore County budget for eight years. I believe we need to take the same tactic in Washington, DC.

Private accounts do not address the problem of social security's insolvency. Social security is in trouble because the government has been taking money out of the social security trust fund. In essence, the government has been raiding the cookie jars of Seniors all across the country for years without ever paying it back. I believe this practice needs to stop. Social security is a benefit that is earned. It is not a handout. People pay into it while they are working and they deserve to get their money back when they retire.

I believe we need to build up social security not tear it down and roll the dice on Wall Street. I believe we should consider increasing tax incentives for IRA's and 401K's. I think we should also consider layering small personal investment accounts on top of the existing Social Security system rather than diverting taxes and reducing the guaranteed benefit. One plan that I've heard of allows workers to contribute an additional one percent of their earnings into an investment account that they control. The contribution would also be matched by the federal government using tax revenue.

Finally, I join the President and millions of Americans who applaud the tremendous courage of the Iraqi people who cast their vote Sunday in the first democratic election in more than fifty years in that country. I also salute our men and women in uniform risking their lives to make this historic day possible. Whether you are for or against the war, the fact is we are in Iraq now and we must support our troops. I believe we must work aggressively to train the Iraqi people to protect their own country so we can bring our military servicemen and women home. I was hoping the President would lay out a clear exit strategy and would lay out a plan to bring together an international coalition of countries to help shoulder the burden in Iraq.

I look forward to working with the Administration and my colleagues in Congress to modernize social security and complete our mission of securing democracy in Iraq."

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