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Congressman Brad Sherman

Representing the 30th District of CALIFORNIA



Mar 22, 2005
Press Release

Sherman Oaks, CA. - Today, Congressman Brad Sherman (D-Sherman Oaks) hosted a Town Hall Meeting on Social Security with special guest, Max Richtman, Executive Vice President of the National Committee to Preserve Social Security and Medicare (NCPSSM).

Over 450 people attended the community meeting at the ONEgeneration Center in Reseda, where Sherman and Richtman spoke about the current and future health of Social Security. 

œAll Americans should seek a comfortable retirement including IRAs, 401(k)s and similar accounts, said Sherman.  œHowever, any sound retirement plan starts with an inflation-adjusted lifetime annuity “ a monthly check for life that you cannot lose, and you cannot outlive.  This is what Social Security provides “ and it thus guarantees a base level of income, even if all else fails.

Richtman, one of the nations foremost experts on Social Security, discussed how partial privatization of the program would affect current and future retirees. His organization, the National Committee to Preserve Social Security and Medicare, works to protect, preserve, promote, and ensure the financial security, health, and the wellbeing of current and future generations of maturing Americans.

œThere is no free lunch in privatizing Social Security. Diverting money out of Social Security will create an even larger solvency problem, said Richtman. œThe privatizers fill part of this funding gap by dramatically cutting Social Security benefits for younger generations. They cover the rest by borrowing more money, thereby increasing the burden on young taxpayers by trillions of dollars over the next half-century.

After Sherman and Richtmans opening remarks, attendees were allowed to make comments and ask questions. Audience members concerns were numerous, but focused mainly on the solvency of Social Security. There are over 136,000 San Fernando Valley residents who receive Social Security benefits.

In light of the recent publicity on living wills, Sherman made available forms that a person can use to appoint a durable power of attorney for health care decisions. He also included instructions on how to complete the forms and where to go for free and low-cost legal assistance. In addition, members of Congressman Shermans staff were on hand to help constituents with any problems they may have with Social Security, Medicare and other federal agencies.