http://finance.senate.gov/press/Bpress/2005press/prb020105.pdf
Today, U.S. Senator Max Baucus said that a Social Security proposal being seriously considered by the Bush Administration would have pushed seven million seniors into poverty this year, had the plan been in effect since the Social Security program began in 1940. Baucus is ranking member of the Senate Finance Committee, which has jurisdiction over the Social Security program. This information was contained in a new report Baucus requested from the non-partisan Congressional Research Service (CRS).
Currently, there are 3.5 million seniors who are living in poverty in the U.S. The report indicates, however, that 10.5 million seniors would be in poverty this year if the plan being seriously considered by the White House had been initiated in 1940, the first year in which Social Security benefits were issued.
Baucus noted that, currently, about 10% of our seniors are living in poverty. If this proposal had been in place since 1940, 30% of our seniors would now be in poverty.
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