New Report: Young Louisiana Residents Will Lose $152k Each In Social Security Benefits With Privatization

BATON ROUGE, LA. – A typical 20-year-old Louisiana resident will lose $152,000 during retirement if the president’s Social Security privatization plan is enacted, according to a report released today by the Campaign for America’s Future. It would also mean a 10 percent benefit cut for a 55-year-old Louisiana worker today, a 15 percent benefit cut for a 45-year-old worker and a 25 percent benefit cut for a 35-year-old worker.

The report shows that there are currently more than 731,500 people in Louisiana who depend on Social Security’s safety net. More than 372,800 of these beneficiaries are workers, retired after a life of work. The typical retired worker in Louisiana received a Social Security check for $830 each month in his or her mailbox in 2003.

The Campaign for America’s Future released a report and ran a series of ads in Shreveport last month questioning who would benefit the most from the decisions that Rep. James McCrery, R-La., will make as chair of the Social Security Subcommittee. Citing his ties to securities and commercial banking industries, the ads pointed out that McCrery does not "work for" Louisiana residents.

The Campaign for America’s Future and Americans United to Protect Social Security — a new coalition led by the Campaign for America’s Future, AFL-CIO, AFSCME, US Action and 200 other organizations, is countering President Bush’s Social Security privatization blitz with daily news conferences, grassroots mobilization and advertisements across the country. 

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**NOTE: Media representatives interested in a copy of the Campaign for America’s Future Louisiana Social Security report should visithttp://www.ourfuture.org/docUploads/sotu-ss_LA.pdf.**

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