Social Security PrivatizationMeans Huge Cuts For Seniors

Diverting Social Security payroll taxes to individual accounts will make the long- term financing problems even worse and force huge cuts in benefits for future retirees. All middle class workers retiring in 2022 would have their benefits cut by almost 10 percent. Younger workers would have their benefits cut by 46 percent.

The percentage of pre-retirement wages that are replaced by Social Security benefits would be slashed from 42 percent today to only about 20 percent.