WASHINGTON, Dec. 18 (UPI) -- Social Security is not going broke -- it will be fully solvent at least for the next 40 years, said Rep. Loretta Sanchez, D-Calif., Saturday.
"Bush is planning to privatize Social Security, cutting guaranteed benefits, while driving up the national debt," said Sanchez, in the Democratic radio address.
The administration's privatization scheme -- Bush is planning to privatize Social Security, cutting guaranteed benefits, while driving up the national debt -- is premised on an unfounded distortion of facts, said Sanchez.
Even after the next 40 years, Social Security will pay 80 percent of benefits without any changes, she said.
"Three quarters of the Latino population over age 65 rely on Social Security for half or more of their total income," Sanchez said. "However, without the guaranteed benefit provided by Social Security, more than half of Latino seniors would live under the poverty rate."
Democrats are working to reduce the deficit to protect the Social Security Trust Fund, to secure pension benefits and to make it easier for workers to save for retirement.