Tucson, AZ Urging US Congress to Reject Privatization of Social Security

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Tucson, AZ, US

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Type: Resolution

Status: Failed adoption on 5/17/05

Vote: In Favor - 3 Opposed - 4

Source File: http://www.ci.tucson.az.us/clerks/minutes/2005/MN%2004-19-2005.pdf

Text:

RELATING TO SOCIAL SECURITY; URGING THE UNITED STATES CONGRESS TO REJECT THE PRIVATIZATION OF SOCIAL SECURITY AND TO RETAIN GUARANTEED BENEFIT LEVELS.

TO THE CONGRESS OF THE UNITED STATES:
YOUR MEMORIALIST RESPECTFULLY REPRESENTS AS FOLLOWS:

WHEREAS, Social Security provides crucial, and often indispensable income protection for forty-seven million individuals with one of every six Americans receiving benefits; and

WHEREAS, Social Security’s income protections of guaranteed, lifelong benefits, cost-of-living adjustments to guard against inflation, increased benefits for families, greater income replacement for low-income workers, and disability and survivor benefits are the backbone of retirement security and family protection in the United States; and

WHEREAS, Social Security is the nation’s most successful and most important family income protection program, but has long-term funding needs that must be addressed; and

WHEREAS some policymakers propose to address these needs by draining resources from the Trust Fund into private accounts, thereby increasing the federal deficit; and

WHEREAS, some policymakers have suggested that the federal government not pay back the money that it has taken from the Social Security Trust Fund over the past twenty years and used for other purposes; and

WHEREAS, privatizing Social Security may cut guaranteed benefits for young workers, thus denying benefits they have earned and imperiling their economic security; and

WHEREAS, cutting guaranteed benefits will hurt the elderly because Social Security is the only secure source of retirement income for most Americans; and

WHEREAS, cutting guaranteed benefits will also hurt all people who are likely to rely on Social Security for the majority of their retirement income; and

WHEREAS, diverting resources from Social Security to fund private accounts will threaten guaranteed survivor and disability benefits, thus harming working families; and

WHEREAS, privatizing Social Security will burden state and local governments, as cuts in guaranteed benefits will increase state and local demands for public assistance;

NOW, THEREFORE, YOUR MEMORIALIST, THE MAYOR AND COUNCIL OF THE CITY OF TUCSON, ARIZONA, PRAYS:

  1. That the United States Congress commit to repaying the Social Security Trust Fund all of the money that has been borrowed from it and utilized for other purposes;
  2. That the United States Congress carefully study a variety of potential changes that will address Social Security’s problems while ensuring that the program will continue to meet its purpose of providing income protection and economic security for America’s families;
  3. That any changes adopted by Congress to the Social Security System strengthen Social Security’s family income protections without cutting guaranteed benefits or increasing the federal deficit; and
  4. That the United States Congress reject proposals to divert money out of Social Security to fund private retirement investment accounts.
  5. The City Clerk is authorized and directed to send a copy of the Memorial to each member of the Arizona Congressional Delegation.
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