USW Local 2-232

formerly PACE 7-232

Representing  employees at Briggs & Stratton Corp. and Strattec Security Corp. in Milwaukee, WI

Season's Greetings 

* * * * * * * * * * * * * * *

Membership Meeting 

Sunday January 18, 2009

Frank Monreal's El Matador

9155 W. Bluemound Rd. Milwaukee 

9:30a.m.

Nomination and Election will take place for Recording Secretary to fill the vacancy of Karen Clark, who is retiring January 1, 2009

Nominations will take place for the following positions:

Trustee at Large, Strattec Grievance Rep, Briggs Grievance Rep, 2 Briggs Bargaining Committee Members

   Members are urged to Attend this Meeting.

Where Will the Next President Stand on Social Security?

           Larry Lindsey, a key economic adviser to Republican presidential candidate George W. Bush, noted in a May 15 interview that he wouldn't play the stock market with his personal funds. As Lindsey put it: "I hate losing money."

          That same day, his boss advocated taking part of the money every working American pays into Social Security to earn guaranteed benefits and putting it into private accounts dependent upon the stock market.

Workers lose guaranteed benefits under Bush proposal

          Bush's scheme would privatize Social Security by diverting between 16 percent and 24 percent of Social Security's payroll tax revenue into privatized, individual accounts. Diverting funds would require cuts in guaranteed Social Security benefits—29 percent for older workers and 54 percent for workers 30 and younger-according to a study released in June by the nonpartisan Century Foundation.

          The study notes that even under the best market conditions, returns on the individual accounts would fall far short of making up the reduction in guaranteed benefits. In fact, "the reductions in Social Security benefits for future retirees are so substantial that they raise questions about the viability of protecting benefits for current retirees, older workers, disabled workers and survivors," the report says.Bush also has said he will consider raising the retirement age; Vice President Al Gore opposes raising the retirement age.

          While Bush will subtract from Social Security's guaranteed defined benefits to fund risky private accounts, Gore will leave guaranteed benefits alone and add new "Retirement Savings Plus" accounts on top of promised benefits to boost retirement for low and moderate-income families.

          Under Gore's plan, working families could contribute a certain portion of their income to the 401(k)-like accounts and the government would match the contribution on a sliding scale; the lower the income, the larger the match. Eligibility for "Retirement Plus Savings" tops off at $50,000 for a single person and $100,000 for a couple.

Bush plan would leave country in debt

          For working families, there are other critical differences between the two plans.

          Gore will increase benefits for elderly widows and provide family service credits for parents who take time out of the workforce to care for children. Bush has offered no benefit improvements for women and the elderly.

          Gore will extend the life of the Social Security trust fund until 2054; Bush will shorten the life of the trust fund by at least 14 years, causing it to run out of money in 2023.

          Funding the Bush scheme would leave the country permanently in debt, with public debt equal to $2.5 trillion in 2012.

          Gore will completely pay off the public debt by 2012 and supports setting aside two-thirds of the projected budget surplus to ensure Social Security and Medicare remain strong for our children, grandchildren and beyond.