{"database": "press", "table": "releases", "rows": [["https://lee.house.gov/news/press-releases/congresswoman-barbara-lee-criticizes-house-bush-commission-report-on-privatizing-social-security", "CONGRESSWOMAN BARBARA LEE CRITICIZES HOUSE BUSH COMMISSION REPORT ON PRIVATIZING SOCIAL SECURITY", "2001-07-24", "2001", "2001-07", "Democrat", "House", "CA", "Barbara Lee", "L000551", "lee.house.gov", null, null, "legacy", "07.24.01\n\t\t\t CONGRESSWOMAN BARBARA LEE CRITICIZES HOUSE BUSH COMMISSION REPORT ON PRIVATIZING SOCIAL SECURITY \n\t\t\tWashington, DC - In anticipation of the Bush Commission on Social Security recommending the privatization of Social\r\n   Security, Congresswoman Barbara Lee today voice her strong disapproval of any attempt to privatize the program. Approximately 45 million Americans receive Social Security\r\nbenefits. Over 4 million are residents of California. Social Security\r\nis\r\nthe principal source of retirement income for two thirds of elderly\r\nAmericans, representing 90% of the annual income for 29% of\r\nall seniors over the age of 65. \"Now that the Bush Administration has passed a $1.6 trillion tax\r\ncut that primarily benefits the wealthy, they need to find other  \r\n   methods of paying for Social Security due to the lost revenue, but the proposal to privatize Social Security does absolutely  \r\nnothing to extend the life of the program or save it,\" said Lee. \"For\r\nmillions of Americans Social security is the only protection  \r\nagainst the shackles of low lifetime earnings, the financial hardships\r\nrelated to death or disability, the danger of poverty in old  \r\nage, and the uncertainty of inflation. Privatization undermines these\r\nprotections and adds one more risk that workers would have\r\nto worry about  individual financial risk.\" Under privatization, Social Security benefits would no longer be\r\ndetermined primarily by a worker's earnings and the payroll tax\r\ncontributions made over the span of a career. Benefit levels would\r\ninstead be determined by the whim of the stock market and\r\nby the timing of his or her decision to retire. \"Between March 2000 and April of this year, the S & P 500 fell\r\nby 28%. If Social Security had been privatized, retiring workers\r\nwho had their individual account invested in a fund that mirrored the S\r\n& P 500 would have 28% less to live on for the remainder of their\r\nlives,\" said Lee. \"Social Security provides guaranteed, life-long\r\nbenefits. No matter what the stock market does the day\r\nyou retire or in the months leading to up to your retirement, your\r\nbenefits would be unaffected.\" Congresswoman Lee concluded by pointing out that young workers would also be negatively affected by privatizing Social  \r\nSecurity. According to Social Security experts, if 2% of the current\r\n12.4% payroll tax were diverted into individual retirement  \r\n   accounts, Social Security benefits would have to be cut by 54% for workers aged 30 and younger by 2002 in order to restore\r\nSocial Security's long-term solvency. \"The Congress has an obligation to strengthen Social Security,\"\r\nsaid Lee. \"It is the most sacred and fundamental safety net for  \r\n   all Americans.\"\r\n###\r\n\t\n\t  \n\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\n \n\t    \t  \n\t\t    \n\t\t    \tNext Article", 1, "2026-03-30T12:14:52Z", "2026-03-30T12:14:52Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://lee.house.gov/news/press-releases/congresswoman-barbara-lee-criticizes-house-bush-commission-report-on-privatizing-social-security"], "units": {}, "query_ms": 1.7895230557769537, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}