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D e bb i e Was s e r m a n S c h u lt z

due diligence takes research that’s often very time-consuming. What happens when you have a stock market crash or just a long, stubborn bear market? What happens if we have volatility like we’ve had recently? If you’re very near retirement and your portfolio suffers a downturn, then you are potentially facing no income for the rest of your life. What happens then? The Republicans don’t really have an answer. The bottom line is that Social Security works. There’s nothing wrong with investing some of your disposable income in stocks, bonds, and other securities. But when it comes to retirement savings, a wise investor realizes the value of a guaranteed return on investment. As a representative of a congressional district with one of the highest percentages of seniors in the nation, I know only too well that seniors are the population most frequently victimized by con artists. I’ve held numerous anti-fraud senior workshops in my congressional district to minimize the likelihood of my constituents falling susceptible to these scams. Unfortunately, there are roughly five million cases of financial exploitation of the elderly in the United States each year totaling more than $2.9 billion annually. Encouraging seniors to privately invest their Social Security funds would make them even more inviting targets. As for current workers who would allegedly have more to gain from the private accounts, they would also have more to lose. Americans who are already spending long hours at their job shouldn’t be required to also spend time researching investment funds, trying to identify one that will yield a rate of return at least equal to or greater than what they already have with Social Security. The message from American voters is unambiguous: Social Security is a critical program that should be protected, not dismantled.

Of course, Republicans haven’t only focused on dismantling Social Security as we know it; they’ve also set their sights on Medicare and Medicaid, two programs on which millions of seniors and children rely. During the debate over health-care reform, Republicans used their media machine to traffic the myth that the Affordable Care Act would

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8/24/13 1:15 AM

For The Next Generation (Ch. 1)  

Congresswoman and Democratic National Committee Chair Debbie Wasserman Schultz challenges the nation to resolve tough issues for future gene...

For The Next Generation (Ch. 1)  

Congresswoman and Democratic National Committee Chair Debbie Wasserman Schultz challenges the nation to resolve tough issues for future gene...