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To allow all U.S. workers to put part of their earnings into private investment accounts would definitely erode the Social Security system and cause uncertainty for new investors.

Grace Napolitano

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Grace Napolitano
Age: 88
Born: 1936
Born: December 4
Politician
U.S. Representative
Brownsville
Texas
Private
Earning
Cause
Investors
Security
Uncertainty
System
Investment
Causes
Accounts
Social
Workers
Part
Definitely
Erode
Would
Allow
Earnings

More quotes by Grace Napolitano

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Even without reforms, the Social Security fund will be able to meet 100 percent of its obligations until 2042.
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Because Social Security is specifically designed to boost the retirement income of low earners with a progressive benefit formula, the program has played an enormous and necessary role in keeping Latinas out of poverty.
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There is a need for Social Security reform to ensure its stability, and Congress must act.
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A Congressional Budget Office report released as recent as June 2004 says the system will be able to pay full benefits until 2052, and 80 percent after that.
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For people who have for been putting their hard-earned money into the system for years, the president's idea would replace their safety net with a risky gamble with no assurance of a stable return of investment.
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President Bush has consistently used rhetoric, and that is not convincing given his past record.
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The president's claim that Social Security is going broke is misleading at best. The sky is not falling, although there is no doubt that the system needs to be strengthened.
Grace Napolitano
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Because of my own experience with market fluctuation, I recognize the great risks one takes on investments. This converts the Social Security safety net into a risky proposition many cannot afford to take.
Grace Napolitano
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Because of their low earnings and family obligations, Latinas would not be putting much money into private investment accounts. An average Latina could wind up losing thousands of dollars under this proposal.
Grace Napolitano
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We must explain the truth: There is no free lunch.
Grace Napolitano