New Report: Private Accounts Would Cut Benefits [View All]

[kerrygoddess]

New Report: Private Accounts Would Cut Benefits, Increase Costs for Small Businesses
15 June 2005



Sen. Byron L. Dorgan, Chairman of the Democratic Policy Committee and Sen. John F. Kerry, Ranking Member of the Small Business and Entrepreneurship Committee, today held a roundtable discussion and unveiled a new report highlighting the detrimental impact Social Security private accounts would have on small businesses.

Dorgan, Kerry Host Roundtable to Present Findings

“Increased costs. Benefit cuts. More red tape. Lower profits. This report clearly shows the disastrous effects privatization would have on America’s small businesses. Yet the President continues to promote a Social Security proposal that will drag America’s small businesses and their employees backward. Private accounts won’t work for Social Security and they won’t work for small business," Kerry said.

The report shows that the President’s Social Security privatization plan would cut benefits for small-business owners and employees, many of whom rely on Social Security as their sole source of retirement income, and would burden small-business owners with costly administrative requirements to establish and maintain private accounts.

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