Republicans Continue 70 Year Tradition of Attacking Social Security

Washington, DC – Today marks the 70th anniversary of the very first Republican attempt to dismantle Social Security. President Bush continues this hallowed Republican tradition today as he visits South Carolina to sell his scheme to privatize Social Security – a plan that will threaten the long term health of Social Security, add trillions of dollars to the debt and cut benefits that are essential for millions of American seniors.

HISTORY LESSON: April 18, 1935

70 Years of Republican Attempts to Kill Social Security

On April 18th 1935 Allen Towner Treadway (R-MA), ranking Republican on the Ways and Means Committee, (the Bill Thomas of the Roosevelt era) became the first Republican to attempt to kill Social security. Treadway introduced an amendment to the Social Security Act that would have killed the old age benefits provision of the Democratic Social Security Act. While debating the bill Treadway vowed to oppose Social Security at "every opportunity," a commitment that continues with today's Republican Party.

1935 The Commitment Is Made:

Treadway Attempted to Kill Social Security Before it was Law. On April 11th 1935 debate began in the US House of Representatives on the Social Security Act HR 7260. On April 18th 1935 Allen Towner Treadway (R-MA) offered an amendment to strike the sections of the law that created the "old age benefits provision" (Article 2) and the revenue system (Article 8). Treadway was the ranking Republican on the influential Ways and Means committee at the time. Treadway's amendment was defeated in a 49-125 vote. [CRS, Major Decisions in the House and Senate on Social Security, 3/26/01]

Treadway and Other Republicans Vowed to Oppose Social Security at "Every Opportunity". During debate on the Treadway amendment, Mr. Jenkins (R-OH), a supporter of Treadway's, called the social security program "compulsion of the rankest kind." During debate on the bill Treadway vowed to "vote most strenuously in opposition to the bill at each and every opportunity. [CRS, Major Decisions in the House and Senate on Social Security, 3/26/01]

70 Years Later Bush/Republicans Keep the Commitment:

Bush Plan Will Destroy Social Security. Republican Privatization Proposal Threatens our Economic Security and Creates Trillions in New Debt. The Republican plan to establish private accounts requires borrowing more than $4 trillion over the next 20 years, with much of the borrowing coming from countries like China and Japan. [Knight Ridder, 2/10/05; Center on Budget and Policy Priorities; Seattle Times, 2/16/05; National Public Radio, Marketplace, 12/15/04]

The Bush Individual Accounts Hurt the Solvency of Social Security by more than 50 percent. According to independent analysis, the individual accounts in Bush's Social Security Commission Model 2, which is similar to the set of principles recently outlined by the White House, would add more than 50 percent to the cost of saving Social Security for 75 years. The only reason the Social Security actuaries say that this plan extends the solvency of Social Security is because of the deep cuts in guaranteed Social Security benefits and the trillions of dollars in general revenue transfers. [Peter Diamond and Peter Orszag, "An Assessment of the Proposals of the President's Commission to Strengthen Social Security," Contributions to Economic Analysis & Policy, Volume 1, Issue 1, 2002]

Bush Plan Supporter Called Social Security "Lousy Program." "Said Grover Norquist, president of the conservative advocacy group Americans for Tax Reform: 'Social Security should be reformed not because the system is going broke but because it's a lousy program.'"[Los Angeles Times, 12/12/04]

Norquist is a Key Organizer of Pro-Privatization Efforts. Since Bush Took office, Grover Norquist has raised money to push for Social Security privatization. He has also met with White House officials and organized meetings between various conservative interest groups that also push for Bush's plan. He sits on a number of pro-privatization boards including For Our Grandchildren. [National Journal, 9/1/02; http://www.forourgrandchildren.org/aboutus.php ]