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Social Security Calculator
As you may know, I am adamantly opposed to any efforts to privatize a portion of Social Security benefits. Democrats in the House recently unveiled a Social Security calculator designed to demonstrate the amount of money individuals could lose under the President's proposal. We have included a link to this calculator and encourage you to check out the numbers.
The Center on Economic and Policy Research has reviewed the current Social Security proposals and determined that the average worker in their early twenties would lose an estimated $152,000 in benefits over their lifetime. This is why I cannot support attempts to subject Social Security to the ups and downs of the stock market.
Social Security is supposed to be an insurance policy for all Americans when they reach retirement age. With private accounts, many retirees will lose money in the market, leaving them with very little for their senior years. Furthermore, the plan that the President is talking about will likely result in a benefit cut for all Social Security recipients, and even greater cuts for those with private accounts. The President's plan also requires massive new government borrowing - more than $2 trillion dollars. This further increases the federal deficit, which is already at record levels.
I encourage you to click on the calculator and do some of the math so you can learn how much you might lose under the President's plan.