Himes speaks out on Social Security
Stamford Times, Tuesday, September 09, 2008
By CHASE WRIGHT
STAMFORD -- Democratic congressional contender Jim Himes went on the attack Monday against U.S. Rep. Christopher Shays, R-4, for his support of privatizing America's Social Security system.
Outside the Government Center, Himes stood alongside a handful of elderly constituents, who each held blue and white posters that bore his name.
"Our congressman has shown a degree of fiscal irresponsibility and has been negligent," said Himes, citing Shays' support for a series of national budgets that have raised the national debt and resulted in a $500 million deficit in the upcoming fiscal year.
The ultimate solution to the nation's Social Security crisis cannot include private accounts, said Himes, adding that the system should not be subjected to the same risks that have led former brokerage firm Bear Stearns and currently troubled mortgage lender Fannie Mae and Freddie Mac to the ground.
On Sunday, the Bush administration seized control of the mortgage giants in an effort to stabilize the housing market that has aided in leading the economy astray.
Himes called the federal government seizure of Fannie and Freddie a burden the American taxpayer shouldn't have to bear. He called for a series of middle-class tax cuts to revive the sluggish economy.
"When we fix the economy, a lot of these problems will be easier," he said. America's growing unemployment rate has only fueled the social security crisis, said Himes.
"When people are unemployed, they're not paying into the social security system and that hurts the system," he said.
Last week, the Department of Labor released its employment report for August, which showed an additional loss of 84,000 American jobs and an unemployment rate of 6.1 percent -- the highest that percentage has been since September of 2003.
According to the report, the economy has lost jobs for eight straight months, with a total of 605,000 American jobs lost this year.
Himes refused to speak specifically on his plans to address the national Social Security crisis, insisting instead that there are several things that could be altered within the current system to change things for the better, which may include raising the retirement age and the income cap.
Himes called for a blue ribbon committee, similar to the one formed in the '80s under the Reagan administration, made up of people who understand the financial services sector to monitor the economy and the variables that affect Social Security.
Himes said the best hope for fixing the Social Security crisis is working with the system in place, rather than changing it completely.
"Chris Shays is an explicit supporter of the notion of private accounts," said Himes. "The privatization of Social Security is a terrible idea at any time. It shouldn't even be an idea when our economy is as insecure as it is right now."
One supporter of Himes, George Aziotakis, 77, spoke to reporters outside the Government Center about his personal experience with brokers and financial advisors.
Aziotakis, a resident of Stamford for the past 18 years, lost nearly 40 percent of his savings in 2001 after following bad advice given by his financial advisor.
"What my experience should tell people is that even the experts make mistakes," he said. "Under those circumstances I just can't defend privatizing social security."
