Bush Privatization Plan Would Devastate State Economies

Because Social Security is such an important part of the economic well-being of older Americans, the benefit cuts included in the president's privatization plan would increase senior poverty dramatically. A new generation of poor seniors would place unprecedented demands on already stretched state budgets — squeezing out funds for top state priorities. This would likely lead to higher state taxes to pay the price of providing these new poor seniors with the healthcare, nutrition and housing they can no longer afford themselves.

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