HARTFORD, CONN. – Congresswoman Rosa. L. DeLauro (Conn.-3) today joined Citizens Organized to Save Social Security Today (COST) to take the AFL-CIO pledge to strengthen Social Security. The pledge calls for Members of Congress to oppose privatization proposals, which would weaken Social Security. COST and its affiliated organizations, the Alliance for Retired Americans, AARP, and Concerned Citizens Action Group joined DeLauro at a press conference in Hartford.

“This pledge is about protecting Social Security, not undermining it as privatization would,” said DeLauro. “Social Security is the most successful and efficient middle-class retirement program. The program connects one generation to the next, which is why any changes Congress makes to Social Security today should strengthen it for future generations.”

DeLauro pledged to oppose any Social Security privatization proposals that would:

· Require cuts in guaranteed benefits to pay for private accounts.

· Weaken the system by diverting money from the Social Security Trust Fund to pay for private accounts.

· Increase the federal deficit to pay for private accounts.

· Increase the retirement age.

One plan suggested by the President's Commission on Social Security would cut future benefits by 45 percent for children born today, even after possible gains from private accounts were taken into consideration, according to the non-partisan Congressional Budget Office. Additionally, the average private account would be taxed at 70 percent through monthly deductions from Social Security checks. This privatization tax would come on top of the benefit cuts that will affect all Social Security beneficiaries.

Two-thirds of seniors rely on Social Security for a majority of their income. A cut of more than one third from promised benefits would result in $426 less per month for an average Connecticut beneficiary. This is a total benefit of only $6,000 per year, which is $2,300 less than the poverty level. Nearly 120,000 residents in DeLauro’s district rely on Social Security.