March 24, 2005

LANSING – Governor Jennifer M. Granholm today announced her opposition to President Bush’s plan to privatize Social Security.
 
“I support keeping Social Security strong,” said Governor Granholm.  “It is a vital source of income for 47 million Americans, including more than 6 million disabled workers, nearly 5 million widows, and 4 million children.  While we should work together to make some adjustments to ensure the vitality of the program, President Bush’s plan to carve out private accounts will dangerously weaken Social Security and create trillions of dollars of new debt for the nation.”
 
Governor Granholm said she opposes President Bush’s plan because it would weaken Social Security by diverting money from the Social Security Trust Fund and increase the national debt to pay for private accounts.
 
“Even if we accept the President’s argument that Social Security will face a shortfall in 2041, his plan for private accounts does nothing to help solve this problem,” said the Governor.  “In fact, the President’s plan would create a huge new budget deficit that could undermine not only Social Security, but our nation’s economy as well.”