Dems attack GOP Social Security plan

Democratic Congressional Campaign Committee Chairman Steve Israel (N.Y.) on Tuesday predicted that House Republican plans to let workers opt out of Social Security would fail as voters realize how it will threaten their retirement.

"Seniors who have paid into Social Security through a lifetime of hard work shouldn't end up in a risky privatization scheme to gamble their retirement on Wall Street," Israel said. "The public has rejected this kind of Social Security privatization in the past and will again."

Israel accused Republicans of looking to resolve the government's fiscal crisis by scaling back Medicare and Social Security while ignoring higher corporate taxes.

"Everyone agrees we need to tighten our belt, but why do out-of-touch Republicans insist on tightening it around our retirees without asking Big Oil companies for one dime of sacrifice?" he asked.

Rep. Pete Sessions (R-Texas) and other Republicans on Friday introduced a bill that would allow workers to immediately have 6.2 percent of their wages sent to a new account, taking it away from the contribution they are now required to make to Social Security. After 15 years, the employer's matching 6.2 percent payment could also be made to the new account.

Sessions said this transition away from Social Security is needed because the Social Security Trust Fund last year paid out more in benefits than the revenue it took in. Sessions said not giving workers the option of a private retirement savings option could put the retirement plans of millions at risk.