By Daniel Marans (Contact)
To be delivered to: Former Senator Alan Simpson, Co-author of Bowles-Simpson Plan
My name is Daniel Marans. I am 24 years old and I specialize in retirement security issues.
I have seen my parents’ employers cut back on their retirement benefits, even as the value of their 401(k) and investments has plummeted. I also worry about my peers with student loans who are still struggling to find a job.
That is why I realize that Social Security is more critical for young people than ever. We deserve a plan to close Social Security’s modest funding gap that reflects the economic reality we face, rather than just make Social Security solvent for solvency's sake.
The Bowles-Simpson plan would pull Social Security apart brick by brick. Its change to the benefit formula would turn Social Security into more of a welfare-style program, undermining the very fairness that has made Social Security so successful and popular.
In fact, for some young workers, the Bowles-Simpson plan would cut benefits more than if Congress took no action whatsoever.
For me this would mean a cut of $2,000 a year. Assuming that I earn the average wage over a 35-year career, my benefits would be cut more than 13 percent at whatever age I choose to claim benefits.
Now, former Senator Alan Simpson, a co-author of the Bowles-Simpson plan, is claiming his plan would help young people – and calling old people who oppose his plan “greedy geezers.”
Senator Simpson thinks pitting young against old will distract attention from his plan’s drastic Social Security cuts. But no amount of bullying or bigotry can silence those of us who are concerned about what his plan’s Social Security cuts would do to Americans of all ages.
If the Bowles-Simpson plan is so good for young people, Simpson should be able to explain it to us in person, where the public can judge for itself.
I am leading a group of 40 Social Security experts under the age of 40 in challenging Senator Simpson to a public discussion of his plan.
At first Simpson agreed to a public discussion – but now he’s backing out. What is Simpson so afraid of?
Together we can tell Senator Simpson – and any other politician who wants to cut Social Security – that we will not be bullied into silence.
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