Security: Critics question effect on those with disability, survivor benefits
Continued from page 1
of benefits that will be available in
the system will never fall below in
adequate levels.
“Even without a trust fund in
2042, even with only getting
70-something percent of the prom
ised benefits, you guys, your gener
ation, is still going to get more mon
ey than your grandparents are
getting right now, and that’s
supposed to be a crisis,” Bloom
said.
The President said last week his
plan would not solve the Social Se
curity system’s projected financial
problems but added that doing
nothing would do even more harm.
Fischer said many people have
been disillusioned by the seemingly
corporate control of the stock mar
kets and are worried Bush’s plan for
private, personal accounts would
benefit investment advisers like him
self. But Fischer said the accounts
would be controlled by the govern
ment, leaving no room for invest
ment advisers to benefit from them.
However, Bloom said the problem
with investing money rather than
contributing to the Social Security
trust fund is that it will accelerate
the fund’s rate of depletion and al
low for risky investments that could
jeopardize an individual’s retire
ment savings.
“It’s inherently more risky.
Nobody knows what the stock
market is going to do between
now and four years from now,”
Bloom said.
The cost of setting up these
private accounts is also up for
debate. Critics have also questioned
how private accounts will affect
those dependent on Social Security
for disability and survivor benefits.
Bush has not said how diverting
money from the fund will affect the
amount of benefits available to
those dependents, DeFazio said.
The debate over Social Security is
expected to rage for many months as
the President continues to unveil his
plan. DeFazio vowed to hold more
town hall meetings after Saturday’s
meeting drew more attendees than
any previous town hall meeting.
Fischer said he is hopeful both
parties can forgo their political
ideologies to examine the state of
the system and form a game plan
for the future.
“Instead of Bush out there
supporting the PRAs at this point
and DeFazio saying we don’t have a
problem, we need to start from
square one,” Fischer said.
meghannciiniff@ dailyemerald, com
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