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.,_ CITY OF NORTH OLMSTED RESOLUTION NO. 2005 - 58 By: Council Member McKay A RESOLUTION CALLING ON THE CONGRESS OF THE UNITED STATES TO REJECT PLANS TO PRIVATIZE SOCIAL SECURITY BY CUTTING SOCIAL SECURITY'S GUARANTEED BENEFITS AND DIVERTING MONEY OUT OF SOCIAL SECURITY INTO PRIVATE INVESTMENT ACCOUNTS AND, FURTHER, CALLING ON CONGRESS TO COMMIT TO REPAYING TO THE SOCIAL SECURITY TRUST FUND THE MONIES IT HAS TAKENAND SPENT FOR OTHER PURPOSES, AND DECLARING AN EMERGENCY. WHEREAS, Social Security's income protections — guaranteed, lifelong benefits, cost -of- living adjustments to guard against inflation, increased benefits for families, greater income replacement for low- income workers, and disability and survivor benefits — are the backbone of retirement security and family protection in the United States; and WHEREAS, Social Security provides crucial, often indispensable income protection for the 47 million individuals — one of every six Americans — receiving benefits; and WHEREAS, Social Security is the nation's most successful and most important family income protection program, but it has long -term funding needs we should address; and WHEREAS, some policymakers propose to address these needs by cutting guaranteed benefits and privatizing Social Security, that is, diverting a third or more of workers' payroll tax contributions out of the Social Security Trust Fund and into private investment accounts; and WHEREAS, privatization will worsen Social Security's funding needs by draining resources from the Trust Fund into private accounts, increasing the federal deficit by $2 million over the first decade alone and more in the future and putting us in deeper hock to foreign creditors; and WHEREAS, some officials and members of Congress have suggested the federal government will not pay back the money it has taken from the Social Security Trust Fund over the past 20 years and used for other things, thereby denying working families the money they paid into Social Security and leading to further benefit cuts; and WHEREAS, privatizing Social Security will cut guaranteed benefits by 30 percent for young workers, even for those who do not participate in private accounts, costing them $152,000 over their retirements, denying them benefits they have earned and imperiling their economic security; and -.- .,:: � � .F� >.o n.:Y+?'?Kt�'*M'fi�+b+�M �mEP.it 2'S'rs '�✓k�'a. -. �::n wrx .�.ai.. .. - �..:... ,.. I