Current and future Social Security recipients came together today to sound the alarm on the long term economic impact the McCain-Bush style privatization plan for Social Security would have on North Carolinians.

According to a report from the Campaign for America’s Future released today, McCain’s privatization plan would place an incredible burden on North Carolina’s communities and families to provide for the basic necessities Social Security now provides.

“Senator McCain has been quite clear, offering more of the same failed Bush economic policies and saying that he believes that the way Social Security works is a disgrace,” said Reva McNair, president of Senior Democrats of North Carolina.

“Well, the people of North Carolina disagree,” McNair said. “We are here to say no to the same old politics that put Wall Street profits ahead of our families. We can work together to ensure that Social Security will continue to be a strong and vital component of American life, but privatization is the wrong thing to do.”

This issue is particularly important for North Carolinians. By 2030, the population of North Carolinians who are age 65 and older is expected to increase 123 percent.

The percentage of North Carolina seniors over the age of 85 is expected to grow by 146 percent during that same time period, according to Jerry Cooper, executive director of the North Carolina Assisted Living Association.

“The solution is to strengthen the existing structures, not to reinvent or privatize them,” Cooper said. “Senator Obama completely opposes privatization. Instead, he has said he would ask those making $250,000 to contribute somewhat more as part of a reform to help keep Social Security solvent and strong for years to come.”

More than 1.5 million of North Carolina’s seniors count on their earned Social Security benefit every month. On average, they receive $1,064 a month to pay bills, mortgage or rent, food and medicine.

For women and minorities, Social Security is terribly important. They are less likely to have retirement or pension plans and so they are more likely to rely on Social Security benefits.

“Understanding the Social Security program, what it is and what it could become is important to all generations,” Reaves said. “Today’s policy decisions affect tomorrow’s retirees, children, women, minorities and the disabled. In other words, Social Security is ‘social’ but is it secure?”

Just as they did in 2005, conservatives are working hard to convince Americans that Social Security is in a crisis. The facts do not bear out any sort of crisis, and Social Security will remain solvent and paying full benefits until at least 2040 even if no changes to the program are made.

While Senator Obama and other Democrats would work to extend Social Security’s solvency, the real crisis would be having young Americans gamble away their retirement security in the stock market while jeopardizing the amount being paid into the Social Security trust fund for current retirees.

The full report by the Campaign for America's Future can be found at North Carolina Report.