Nancy Pelosi: "It's Time for Republicans to Take Privatization Off the Table"

As the Bush Administration begins a new round of misleading ads to sell his expensive, benefit-slashing Social Security privatization plan, House Democratic Leader Nancy Pelosi released this statement....

This week's trust fund report reaffirms one clear fact: Social Security does not face the "crisis" the Administration has claimed to justify its risky privatization plan. Despite the President's urgent call to dismantle it, Social Security will be able to pay full benefits until 2041, and even after that will be able to pay 74 percent of benefits.

The President's plan to privatize Social Security will require massive borrowing and major benefit cuts that will jeopardize retirement security for millions of Americans and do nothing to address the solvency of Social Security. This report makes clear that we have the time to make sure that American families receive the secure retirement they have earned.

It is time for the Republicans to take privatization off the table and work in a bipartisan way to strengthen, not weaken Social Security. "

Remember, there is no crisis in Social Security.