Monday, August 4, 2008

Press Conference: Save Social Security

SAVANNAH, Ga. - Leaders from the Democratic Party of Georgia and Chatham County Democratic Party, as well as First Congressional District Democratic candidate Bill Gillespie are holding a Press Conference Thursday, August 7, to discuss a report released yesterday by the Institute For America's Future that analyzes the impact on Georgia of privatizing Social Security. The Press Conference starts at 11:00 a.m. in Savannah's Johnson Square off Bull Street. Media and the public are invited to attend. Speakers include Gillespie, Democratic Party of Georgia 12th Congressional District Chair Tony Center, and Chatham County Democratic Party Chair Karen Arms.

The report from the Institute For America's Future says there'll be dire consequences for Georgians if plans to privatize Social Security become law. It says privatization would cut lifetime benefits by as much as $229,019 per person, and make 217,000 senior citizens vulnerable to poverty in Georgia. The report also says that 1,305,000 people in Georgia depend on their earned Social Security benefit every month, according to the Social Security Administration. Thousands of businesses and the state government also depend on the program. More than $15.1 billion flows into the Georgia economy from Social Security each year, says the report.

To read the report click here.

At the Press Conference, Democratic Party leaders will detail the report's findings, and discuss the importance of saving Social Security from being privatized by Republican Presidential candidate John McCain and others. 'Privatizing' Social Security is the process of diverting payroll taxes from the Social Security fund into private stock market accounts.

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