Today, three new studies were released examining the impact of Republican Social Security privatization plans. All three reports find privatizing Social Security and turning it over to the whims of Wall Street, would cut Social Security benefits for seniors.
According to the Chief Actuary of Social Security in a report for Congressman Earl Pomeroy (D-ND), Chairman of the Ways & Means Social Security Subcommittee, Republican proposals—including those by Budget Committee Ranking Member Rep. Paul Ryan (R-WI) and House Republican Leader John Boehner (R-OH)—would result in Social Security benefits cuts ranging from 10% to as high as 50%, with workers losing nearly 30% of their Social Security benefits on average. Read the report»
The Center on Budget and Policy Priorities analysis confirms and builds on those findings—showing that the Ryan plan would cut benefits for 70% of Social Security recipients, just by basing benefits for new retirees on changes in prices rather than changes in wages. Social Security benefits for a medium-earning retiree would be cut $350 a month (someone earning $43,000 in today’s terms–once the plan is fully phased-in, in 2080):
And that does not include the Ryan plan’s proposal to increase the full retirement age, which cuts benefits for all Social Security beneficiaries even further. Read the report»
Finally, a report released by Joint Economic Committee Chairwoman Carolyn Maloney (D-NY) finds that two central elements of the Social Security proposals put forth by Republican lawmakers—privatization and progressive price indexing—would result in benefit cuts for millions of middle-income workers, jeopardize the solvency of the Social Security Trust Fund and undermine the program’s ability to keep millions of Americans from living in poverty. And with privatization, retirees’ benefits will be subject to fluctuations in the performance of the stock market:
Read the report»
For the last week, French unions have organized strikes at French petroleum refineries and fuel suppliers, creating major difficulties in transportation with a shortage of gasoline in more than 1,500 gas stations, where huge lines of cars were observed in the last few days.
Truck drivers have joined the movement and made the fuel refinery strikes worse by blocking access to fuel storage tanks in the western part of France—such as in the cities of Rouen and Caen—before French police used force to remove the blockade.
In Le Mans, a high school was totally destroyed by a criminal fire during the night of Monday, Oct. 18, only one hour after angry students had built barricades to prevent its opening the next day. In Lyon, cars were burned and several shops were destroyed during student protests.
Though fewer strikers may have been counted in the main sectors, such as public transportation, the movement has turned more radical in the last few days, making it the largest opposition movement in France in the last 15 years.