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| A Weekly Dose of Reality on Social Security Reform June 21st |
Senate Democratic Policy Committee Wrong on Small Business and Social Security
Leaders of the Small-Business Community Refute Report’s Incorrect Claims
Last week's Senate Democratic Policy Committee report on Social Security reform and small business was filled with incorrect claims and erroneous assumptions about benefit cuts and administration costs that distort the effects of the President's plan on Main Street businesses, according to two business leaders who really understand the concerns and needs of small businesses.
"Real problems require real solutions, not political pandering,” said Dan Danner, Executive Vice President of the National Federation of Independent Business. “If the claims of some Democrats are going to hold any water when it comes to Social Security, then they'll have to act accordingly when it comes to all of the other issues that threaten the profitability and prosperity of small-business owners. Otherwise, the claims of these Democrats are all wet."
- A March 2005 NFIB member survey shows that 71 percent believe Social Security should be reformed to allow individuals to invest in personal retirement accounts.
- Small businesses understand the financial problems of the Social Security system and that inaction now could mean a hefty payroll tax increase for them in the future. As far back as 1998, NFIB research shows that at least 90 percent of their members view the problem as very serious (60 percent) or somewhat serious (32 percent).
“Small-business owners all along America’s Main Street understand the importance of fixing Social Security now, and their top concern is that payroll taxes not be increased in the name of reform,” said Bruce Josten, Executive Vice President of the U.S. Chamber of Commerce. “They know that unless Congress steps up to the challenge of reforming Social Security now, both employers and employees will be facing payroll tax increases in the future.”